Onshore / Exploration
Envoi has been commissioned to assist Insight Exploration LLC (‘Insight’), the US Denver-based exploration company, in its search for a partner to join them in an exploration opportunity situated within the prolific Palmyra Rift trend, onshore Israel. This prospective area lies within a largely untested part of the proven producing regional play trend that extends from northern Iraq through Syria, across Israel and offshore into the Mediterranean Sea’s Levant Basin and Nile Delta province. The recent discoveries from the Golan Heights to the giant Zohr field, offshore Egypt, show how so much of the play trend remains unexploited. Insight’s new work using the legacy data available has defined a highly prospective area onshore Israel. Named as the ‘Two Olive Trees’ Play fairway, Insight’s very experienced international geoscience team has already identified large undrilled leads within this trend which now need new seismic data to better constrain the geology and define possible target locations for drilling.
Estimates based on their initial work suggest P50 potential of 60 million barrels recoverable with substantially bigger P10 upside potential for the leads so far identified.
Insight is seeking a partner to join them at an early stage of their new Israeli venture, earning up to half their opportunity through investment in their wholly-owned Israeli subsidiary that will fund the planned work programme, involving seismic acquisition followed by subsequent drilling. Combined, these are currently estimated likely to cost US$ 28.5 million.