JERUSALEM, Sept. 19, 2016
JERUSALEM, Sept. 19, 2016 /PRNewswire/ -- Afek Oil and Gas Ltd., (Afek), holder of an exclusive oil and gas exploration license in Israel's Golan Heights, announced today that it is conducting drilling and related operations for the Mei Golan Water Cooperative - a water cooperative of agricultural settlements on the Golan Heights - to develop a water resource in the Golan Heights.
While pursuing its exploration program in 2015, Afek encountered high quality water during the drilling of Nes 12, an oil and gas exploratory well, at a relatively shallow depth (~150 meters). Upon completion of activities at the site, the company provided the National Water Authority with the right to access and utilize its well.
The Golan Heights has suffered from a sustained drought in recent years, and a new water resource would be welcome news for local farmers struggling to obtain sufficient water to meet their irrigation requirements.
Because of its extensive knowledge of the region's geology, equipment and drilling expertise, Afek was subsequently selected by Mei Golan as the lead contractor to drill and develop a water production well at the site.
"As we analyze the data collected from our exploratory drilling and well-flow tests and prepare for the next steps in our oil and gas exploration program, we are pleased to put our expertise and capabilities to work in an effort to bring more water to the people and farmers of the Golan Heights," said Geoff Rochwarger, CEO of Afek's Exploration & Production business.
"We remain keenly focused on our goal of developing a commercial oil and gas resource in the Golan Heights. Nevertheless, it is also clear that additional opportunities to utilize our capabilities will arise from time to time. We intend to undertake additional work when consistent with, and complementary to, our primary objective - as is the case here," Rochwarger added.
Afek's participation in the water development project is expected to continue for approximately 30 days, and is not expected to materially impact Afek's financial results.
Afek Oil and Gas Ltd., (Afek), is a subsidiary of Genie Energy Ltd., (NYSE: GNE, GNEPRA). Afek is conducting an oil and gas exploration project in Northern Israel pursuant to an exclusive exploration license issued by the government of Israel, along with other smaller operations. For more information, visit http://afekoil.co.il/en/#.
Forward Looking Statements:
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Genie Energy Ltd.'s filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, Genie Energy Ltd., assumes no obligation to update any forward-looking statements.
Genie Energy Investor Relations
P: (973) 438-3848
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SOURCE Afek Oil and Gas Ltd.