Category: Oil and Gas business

These are commonly layers of sedimentary rock separated by breaks called bedding planes. The sedimentary bed is the basic unit, or fundamental building block of stratigraphy. The lithologic composition of beds, their geometry, their trajectory, stacking patterns and hierarchies are used to interpret their depositional setting. Beds may signal a global process that acted over ten’s of thousand of years or may be very local products of events that acted over a matter of hours or days

The assumption that a recorded seismic trace was reflected by a point midway (horizontally) between the source and detector.

Day when oil prices reached an all time peak of $147.27/bbl

The chairman and CEO of Avenue Group is Levi Mochkin. Avenue Group won a license to carry out exploration activity in the Heletz Kochav field which spans 230 thousand dunam from Tel Aviv in the North to the Gaza Strip in the South, which is the only significant onshore oil field in Israel. The 60,000 acre licenses which were awarded in September 2007 (75% to Avenue and 25% to Lapidoth) contains Kochav, Barur and Heletz oil fields from which 17.2 million barrels of oil have been produced to date of the estimated oil in place of 94.4 million bbl (P50).). The Iris license is 8,000 acres and was awarded in February 2008 (75% to Avenue and 25% to Lapidoth). Heletz was the first oil field discovered in the Eastern Mediterranean and remains Israel’s most significant oil producing field. It was first discovered in 1955. In between 1955 and 1962 drilling of development and step out wells was carried out in the Heletz area and wells in the Brur area. Between 1962 and 1968 drilling of development and step out wells in the Kokhav area following the oil discovery of Kokhav 1. Between 1969-1997 step out and field extension wells were carried out. All in all 88 wells were drilled during the lifetime of the lease over an area of 4,500 acres, 60 of which were deemed producing wells. The first well (Heletz 1) was drilled to a depth of 4800 feet (1515 Meters) and recognized as a producing well on 12 October 1955. Peak production occurred between 1959-1967 when daily production was between 2,500 and 4,000 barrels of oil per day (“BOPD”). Heletz is said to have produced 17.2 Million barrels of oil to date out of an estimated 19.1 Million barrels of primary recoverable reserves and an estimated oil in place of 94.4 mm bbl and remains the most prolific oil field discovered onshore Israel. 4 wells were shut-in in August 2006. The field was restarted in June 2008.

Abandonment costs in the East Med are approximately 15% of the offshore development capex and 5% of the onshore development capex

Founded in 1994 by the Addax and Oryx Group, Addax Petroleum is an international oil and gas exploration and production company focused on Africa and the Middle East. Since 1994 they have grown to become one of the largest independent oil producers in West Africa, which is amongst one of the most prolific oil and gas regions in the world.