Israel's Shimshon reservoir estimated to have 550 bcf of natgas

TEL AVIV Tue Oct 2, 2012 6:34am EDT

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TEL AVIV Oct 2 (Reuters) - The Shimshon reservoir off Israel's southern Mediterranean coast has the potential for about 550 billion cubic feet of natural gas, Modiin Energy said on Tuesday.

According to an evaluation prepared by Texas-based consultants Netherland, Sewell & Associates, 550 bcf is the best estimate of gross contingent resources for the reservoir while 277 bcf is the low estimate and 912 bcf the high estimate.

The Shimshon license is located 92 km west of the coastal city of Ashkelon and was declared a gas find in August.

ATP Oil & Gas Corp holds a 40 percent working interest in the well, Modiin Energy owns 10 percent and Isramco 29 percent.

Isramco is also a partner in the much larger Tamar field, located further north, which has estimated reserves of 9.7 trillion cubic feet of gas.

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