Avenue Group Inc. Announces Heletz Field Production Updateadmin
Wednesday, August 20th 2008
Avenue Group, Inc. announce that it has produced over 3,200 barrels of oil from its 50% owned Heletz-Kokhav License, part of the Heletz Field in southern Israel.
Since restarting production in June, four wells have been returned to production, with total daily production currently exceeding 65 Barrels of Oil Per Day (32.5 BOPD net to AGI).
Three additional wells are currently awaiting the delivery and installation of downhole pumps in preparation to returning them to production.
Avenue Group, Inc. owns a 50% interest in the Heletz-Kokhav License and a 25% interest in the Iris License which together encompass the Heletz oilfield. The Heletz Field, Israel’s only producing oil field, was discovered in 1955 and has produced over 17 million barrels of oil to date.