ATP find off Israel

By Tom Darin Liskey

 05 July 2012 22:59 GMT

Houston-based ATP Oil & Gas has discovered natural gas at its Shimshon exploration well within the Levant basin off the Israeli coast.

If commercial, the ATP discovery will help to confirm the nation’s offshore gas potential, where rivals such as Noble have chalked up a string of exciting finds.

In this latest find, natural gas was discovered at a depth of 4403 metres beneath the seabed. The company added the well found about 19 metres of pay. The company did not comment on further plans for the well or any reserve estimates.

ATP’s shares rose in trading on 2 July, climbing about 10% to $3.70 per share.

ATP holds 40% in the project, while other minority…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index