Israeli energy exploration company Isramco Negev 2 Ltd.
Partnership (ISRAL.TV) said Sunday that signs of natural gas have
been found in its offshore Shimshon field.
Drilling has reached the well's target depth and Isramco said it
would begin production tests soon.
The Shimshon field contains an estimated 2.3 trillion cubic feet
of gas.
Isramco's share of the cost of the production tests, which will
cost a total of 33.7 million dollars and take about a month to
complete, will be $13 million.
Isramco owns 60% of the Shimshon field, and Houston-based ATP
Oil and Gas Corp. (ATPG) owning the rest.
Even though most of Israel's other natural gas fields are owned
partly by Delek Group Ltd. (DLEKG.TV) and its subsidiaries, as well
as by Houston-based Noble Energy Inc. (NBL.NYSE), Delek and Noble
are not involved in the Shimshon field.
At 1115 GMT, shares of Isramco were up 0.011 shekels, or 2.35%,
at ILS0.48 ($0.12) in a higher Tel Aviv market.
Write to Sara Toth Stub at resourcesdesklondon@dowjones.com