re: Possible big oil discovery in Israel

Genie Confirms Find But Offers Some Big Buts

quote:

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The Company does not yet have sufficient evidence to determine whether this or any part of the resource can be technically or economically produced. The resource does not constitute proved, probable or possible reserves.

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Translation: This could be worth butkus. We just don't know. Just cuz there is oil there, even in a thick deposit, does not mean you can make money getting it out.

quote:

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"In term of quantity, our log results indicate that this could be a significant find if analogous conditions are present over a significant portion of the license area. We are now working diligently to determine the production costs and total quantity of the resource."

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Translation. We found a sweet spot. It could be tiny or it could be big. We just don't know. And until we know, we are not going to say much.

quote:

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The thickness of the resource is one of many factors considered in making a determination of the commercial potential of this or any resource.

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Translation: We either did not get core samples yet or we ain't though analyzing them. We are going off a log, and it is damned hard to tell real perm and porosity from a log when it comes to a shale.