Israel and Stuff » Israel Strikes Oil Off Tel Aviv Coast: "The potential oil reservoir is 128 million barrels of oil, and the contingent reserves are an additional 120 million barrels.”
“Bottom line, there is oil. It’s 100 percent. Secondly, the quantities are commercial,” said Tzachi Sultan, controlling shareholder of Modiin.
The Gabriella license is near shore in shallow water. “At a time of soaring oil prices, this is good news for IDB, Modiin, Adira, said Chaim Gavriella, CEO of the IDB holding company that owns most of Gabriella’s shares."
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