Ness Energy's Wholly Owned Subsidiary in Israel, Modi'in
Energy, Ltd., to Increase its Stake in Offshore Venture
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL: April 18, 2005/PR
Newswire-First Call/ Ness Energy International, Inc. (OTCBB: NESS)
the parent of the general partner of, Modi'in Energy Limited
Partnership (TASE: MODI'IN L) announced that it will increase its
position and exercise its option to participate to .42 percent in
a new prospect, named the Nir North-West, contained in the
Med-Ashdod License, that is located in the Mediterranean Sea off
of the coast of southern Israel.
The main area within the prospect that will be targeted is the
Miocene sands that are located at depths of around, 8,200 feet.
Large quantities of gas were discovered in similar sand off of the
coast of Egypt. The reservoir area of the prospect is estimated to
cover over 2,600 acres; with its average net thickness of 400
feet. Our partner's in house engineers have estimated the gas in
place at 1.35 trillion cubic feet of gas. Based on $2.00 per
mcf in the ground, our engineer Richard Yeager has calculated
Ness's wholly owned subsidiary's value in the well at
approximately 11 million dollars. Currently, the first exploration
well is planned for July 2005, in water depth of 500 feet.
About Ness - The Vision
Ness Energy is an aggressive, emerging oil and gas company
building on deals that make sense. Ness energy operates interests
in the Ft. Worth Basin and the Coastal Plains regions of
Texas. Ness is also a very active player in the energy
industry in Israel, carrying out the Vision of The Company. Ness
Energy is building at a high-speed pace through Merger,
Acquisitions, Drilling, Re-Work and Re-Entry.
Certain Information
This press release may contain forward-looking statements that
involve risks and uncertainties and assumptions concerning both
Ness Energy and Modi'in Energy Limited Partnership. These
statements may differ materially from actual future events or
results and currently can not be verified or confirmed. Readers
are referred to the documents filed by Ness Energy International,
Inc. with the SEC, including the company's most recent report on
Form 10-KSB, which identify important risk factors that could
cause actual results to differ from those contained in the
forward-looking statements.
CONTACT:
Ness Energy International, Inc.
Tina Sbriglia - Investor
Relations
(817) 341-1477 or info@nessenergy.com
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