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December 25, 2012
14:23 EDTGNEIsraeli Supreme Court rejects petition against IEI oil shale project
Israel Energy Initiatives,IEI, a subsidiary of Genie Energy, said that it was pleased by a favorable ruling issued by the Supreme Court of Israel. The Court’s decision clears a major legal roadblock and enables this nationally important project to move forward to the permitting phase. In its ruling, the Supreme Court of Israel rejected a petition filed by the Israel Union for Environmental Defense (the “Union”) against various ministries of the State of Israel, IEI and another Israeli oil and gas company, seeking to cancel the regulations governing the permitting process of oil and gas exploration, and seeking to cancel the exploration license granted to IEI. In October, the Court rejected a previous petition filed by the Union challenging the issuance of exploratory licenses, including IEI’s license, issued pursuant to those regulations. IEI said that it now looks forward to the issuance of regulations by the Ministry of Energy that will enable it to prepare the environmental documents needed to file its pilot test permit application with the Jerusalem District Planning Committee.
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July 28, 2015
08:41 EDTGNEGenie Energy Afek Oil & Gas completes drilling second exploratory well
Genie Energy announced that its Afek subsidiary has completed drilling at Ness 3, the second well of its exploratory drilling program in Northern Israel's Golan Heights. Preliminary results from the well are consistent with the assumptions underlying the exploratory program and the results encountered at Ness 5 -- the first well drilled in the program, which is located about 5 km to the northeast of Ness 3. Afek is conducting exploratory drilling program of up to 10 wells under an exclusive petroleum exploration license granted by Israel's Energy and Water Ministry and a drilling permit issued by Israel's Northern District Planning and Building Committee. The company is nearing completion of its analysis of the cores removed from Ness 5, as well as the logs and other information from that well, and is continuing its analysis of the cores and logging data obtained at Ness 3. The preliminary analysis indicates the presence of hydrocarbons in vertical sections in both locations.

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