PierMax completed Seismic Survey at Levant Basin
06/28/2012

The subsequent drilling phases included a first phase of multiple vertical wells to confirm the oil potential, followed by a second phase of horizontal drilling and completion thereafter.

Online PR News – 28-June-2012 – Manama,Bahrain – PierMax is pleased to announce that, its large 2D seismic survey at Levant Basin in Isreal has completed successfully. After US Geological Survey (USGS) released a report that the Levant Basin contains almost 1.8 billion barrels of recoverable oil and an estimated 122 trillion cubic feet of natural gas PierMax initiated this seismic program in order to select some drilling locations to evaluate the oil potential in this zone. After receiving proper government authorizations it started the initial drilling process in early 2011.

The subsequent drilling phases included a first phase of multiple vertical wells to confirm the oil potential, followed by a second phase of horizontal drilling and completion thereafter. The drilling process was conducted in both onshore and offshore and included most of middle and northern Israel and costal Lebanon and Syria.

PierMax says the survey process was very complex due to different landscapes which had to be covered. Most of the exploration was performed in the onshore to prepare for drilling. PierMax specialists finalized the acquisition of 871 Km 2D seismic survey. The survey included areas with different dynamite seismic in the onshore and offshore of the basin. The whole survey process was performed without a single incident.

It also said that the geological work was conducted to confirm the significant potential of Levant Basin and the exploration of both shallow and deep prospects. Due to a slight delay in the PSA ratification, now it anticipates that the first well should be spudded by the end of 2012 and the second phase of exploration will immediately follow completion of the first.