January 18, 2018 3:32 AM ET

Company Overview of Afek Oil and Gas Ltd

Company Overview

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Israel

Key Executives for Afek Oil and Gas Ltd

Afek Oil and Gas Ltd does not have any Key Executives recorded.

Afek Oil and Gas Ltd Key Developments

Afek Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017

Afek reported unaudited earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported loss from operations of $1.0 million against $42.7 million a year ago. Adjusted LBITDA was $1.0 million against $1.6 million a year ago. For the nine months, the company reported loss from operations of $3,612,000 against $46,281,000 a year ago. Adjusted LBITDA was $3,386,000 against $5,146,000 a year ago.

Afek Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017

Afek reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported loss from operations of $1.3 million against $1.8 million a year ago. Adjusted LBITDA was $1.2 million against $1.8 million a year ago. For the six months, the company reported loss from operations of $2,601,000 against $3,615,000 a year ago. Adjusted LBITDA was $2,423,000 against $3,552,000 a year ago.

Afek Oil and Gas Ltd. Receives Extension of License from Israeli Ministry of Energy and Water

Afek Oil and Gas Ltd. has received an extension of its license from the Israeli Ministry of Energy and Water through April 9, 2017. Afek is conducting a multi-well oil and gas exploration program pursuant to that license which was initially granted for a three-year period that expired on April 9, 2016. Afek concluded a well flow test on one of its completed wells (Ness 3) and has developed preliminary results after analysis of the available data. The preliminary findings confirmed the presence of gaseous hydrocarbons and other compounds. However, Afek did not encounter the expected levels of liquid hydrocarbons and, as a result, could not confirm the current commercial viability of the resource. Low pressure conditions within the zones and degraded well integrity at Ness 3 may have impacted the reliability of the flow test results. Afek is operating under tight conditions imposed by regulatory authorities that limit the length and operation of the tests. Afek has begun a more comprehensive test regimen at its completed Devorah well (Ness 2). The well flow test program may involve testing multiple wells in order to gain a greater understanding of the resources identified during the exploratory drilling conducted over the past fourteen months. Afek remains optimistic that the ongoing exploration program will ultimately confirm the presence of a commercially viable resource within the license area.

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