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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: stevedhu who wrote (53801)	11/1/1999 10:01:00 AM
From: Wowzer	Read Replies (1) \| Respond to of 95453

ISRL, Does anybody follow this one? Low debt book value of $8, made a profit in 6/30/99, tons of insider buying, and has popped today based on this news: biz.yahoo.com BG discovers gas in its first Israeli well LONDON, Nov 1 (Reuters) - Britain's BG International Ltd (quote from Yahoo! UK & Ireland: BG.L) said on Monday it had discovered 21 million cubic feet of natural gas in the first well it has drilled off the coast of Israel. ''BG International has discovered gas in the Or-1 well, the first well it has drilled, which is in the Med Yavna block,'' a spokeswoman for BG International told Reuters, adding that the gas was of high quality. The discovery was BG's first since gaining a 50 percent stake in offshore drilling rights belonging to a consortium led by Israel's Isramco (NasdaqSC:ISRL - news) Inc on October 20. The rights involve five Israeli offshore exploration licences cover 2,000 sq km (770 sq miles) in the Mediterranean Sea spanning the blocks Med Yavne (Block 239), Med Tel Aviv (Block 240), Med Hadera (Block 241), Med Ashdod (Block 242) and Med Hasgaron (Block 243). BG International, a unit of BG Plc, said it would pay $10 million for the stake. The spokeswoman said BG would drill a second well in Med Yavna, Or-South, before moving on to the other fields. ''The Or-1 well has been tested and after we finish drilling there we are going to go on and drill another well, Or-South,'' she said. On Sunday, Isramco Inc and several other Israeli oil and gas exploration companies said the 21 million cubic feet represented a daily rate of flow. ''The results so far are positive and encouraging. However, it must be emphasised that all the tests have not been completed and only when they are completed will the rate of natural gas flow be determined,'' the statement said. Isramco surged 18.2 percent to 11.7 shekels ($2.75) in trading on the Tel Aviv Stock Exchange on Sunday.