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AGR Group ASA Completes Drilling Well in Ishay License in Israel

Thursday, 3 Jan 2013 02:59am EST 

AGR Group ASA announced that the Well in the Ishay License in Isreal has reached a depth of 5,652 meters from sea level (including water depth of approximately 1,707 meters). Based on examinations performed during the drilling of the Well, signs of hydrocarbons (natural gas) were found in the lower Miocene sands. Depth of the target top: 5,187 meters below sea level. The thickness of the natural gas bearing layer is approximately 15 meters. The tests conducted at the Well included MWD (measurements while drilling) as well as Wireline Logs (including electrical, radioactive, magnetic and seismic tests), lithological tests (cuttings and side wall cores) and composition and pressure tests of gasses and fluids. The Operator has performed various tests as abovementioned and whose results attest that the said layers contain natural gas. These preliminary results and their analysis clearly indicate the existence of natural gas in the Well. The rig drilling the Aphrodite-2 well has completed drilling the Well and is expected to plug and abandon the Well in the upcoming two weeks. After completing the Well, the operator will perform processing and evaluation of the information collected while drilling and logging. 

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