The Submarine Areas Law stipulates that the territory of the State of Israel shall include the sea floor and underground of the submarine areas adjacent to the shores of Israel that are outside Israel territorial waters, to the extent that the depth of the superjacent water permits the exploitation of the natural resource situated in such areas
The term in years required to deplete the company’s proved oil and gas reserve base at current production rates.
A site on which a development well can be drilled consistent with spacing rules for purposes of recovering proved undeveloped reserves.
When used with respect to oil and gas reserves, present value is the estimated future gross revenue to be generated from the production of proved reserves, net of estimated production and future development costs, using prices and costs in effect at the determination date, without giving effect to non-property related expenses such as general and administrative expenses, debt service and future income tax expense or to depreciation, depletion and amortization, discounted using an annual discount rate of 10%.
An energy company, usually in the exploration and production segment of the industry and generally, with no marketing, transportation or refining operations.
A non-integrated producing company in the oil industry.
A well drilled in addition to the number of wells permitted under normal spacing regulations to accelerate recovery or prevent loss of reserves.
The capital costs associated with finding and developing oil and gas reserves.
