JERUSALEM, July 17 (Reuters) - Modiin Energy said on Wednesday there could be more natural gas and oil than previously thought at its Yam Hadera well off Israel’s Mediterranean shore.
The company’s stock jumped 23.5 percent after it raised the estimate of gas reserves by 146 percent to about 3.4 trillion cubic feet and oil by 57 percent to 208 million barrels.
Modiin, which is controlled by IDB Development and businessman Tzahi Sultan, received the estimates for Yam Hadera, located 30 km (19 miles) west of the coastal city of Hadera, in a resource report by consultants Netherland, Swell & Associates.
“These are excellent results that indicate a greater potential than in previous estimates,” said Ron Maor, chief executive of the Modiin partnership. (Reporting by Ari Rabinovitch)