NEW YORK, April 13, 2011 /PRNewswire-FirstCall/ -- Energtek Inc. (Pink Sheets: EGTK) , a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that the company has completed the required preparation of plans for an explorative drilling in the block licensed to Energtek in Southern Israel. The completed plans have been submitted to the relevant local authorities for obtaining the permissions to execute the drilling.
As previously reported, the company is progressing in its plans towards drilling a shallow gas well (800 feet) in the licensed block. This well targets a reservoir with estimated recoverable gas resources of approximately 1.7 BCF (Billion Cubic Feet). At the reservoir there is already penetrated a well that enables a stable production of small gas quantities.
The geological team has similarly identified three additional natural gas reservoirs in the licensed block. The prospective gas resources from the identified reservoirs may total 4 BCF, a quantity that would be valued over 15 millions of dollars at current market prices. The geological team advances in the work for identification of such additional reservoirs in the block.
Energtek plans to sell the natural gas extracted from the reservoirs on an ongoing basis to industrial consumers in the area, utilizing its proprietary mobile-pipeline system.
In parallel, Energtek continues works addressing the oil reservoirs, the work-plan including further analysis of geological data and preparation of prospects for drilling of deep oil targets. Previous assessments have estimated that recoverable oil resources may total approximately 20-40 million barrels. Such a quantity could be valued around $ 2-4 billion at current market prices.
"Energtek continues working to obtain maximum quantities of natural gas from its own sources, which will then be sold to local industrial energy consumers using Energtek's mobile transportation and supply solutions," said Lev Zaidenberg, CEO of Energtek. "We believe that this process that will lead towards the generation of revenues in Israel, in addition to our ongoing revenue generating activities in other countries."
About Energtek (EGTK)
Energtek develops and applies innovative low-pressure mobile transportation solutions for industrial consumers and fleets of small vehicles. The company is also involved with oil and gas exploration in Israel. Energtek operates subsidiaries in North America, Europe, Asia and the Middle East. To learn more about Energtek, visit http://www.energtek.com
This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of Energtek and its technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and other matters set in Energtek's filings. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.
Contacts: Investor Relations IR@energtek.com +1-212-999-6202
SOURCE Energtek Inc.