Have a read of the today's The Australian p.26, about a major new gas discovery in the Leviathan field, in deep waters offshore from Israel. The relevance will become clear...
"HUGE GAS FIND A BOON FOR ISRAEL"
"...This week, the frenzy received fresh fuel: Noble confirmed its earlier estimates that the field contained 16 trillion cubic feet of gas (16TCF) - making it the world's biggest deepwater gas find in a decade, with enough reserves to supply Israel's needs for a century."
"...Such a transformation could alter the geopolitical balance of the Middle East, giving Israel a new economic advantage over its enemies."
Wow. Exciting stuff! Such a massive find is causing more than its fair share of ruckus in the region. Soaring stock market prices, and diplomatic argy-bargy... to be expected.
Now, this discovery is in its very early stages, and it remains to be seen how much of that massive 16TCF is able to be produced economically. As with any discovery of this size, it will take many years of testing and establishing of markets for it realise its potential. But, even so. It is a discovery of such significance, of such value, that is threatens to alter the balance of economic power in the Middle East.
Now, the relevance to this thread...
This major Israeli gas discovery, the biggest offshore gas discovery in 10 years, has 16TCF of gas in place.
- ESG-controlled PEL 238 has 17TCF gas in place.
- 1.5TCF has already been certified as proven and probable 2P reserves.
- 9 TCF has already been certified in the 3P+3C category).
PEL 238 and ESG, like this newly discovered Leviathan field, are world class resources, that people will "die fighting for."
Yaq
ESG Price at posting:
80.5¢ Sentiment: Buy Disclosure: Held
