Genie Energy launches drilling services company in Israel

Source: Genie Energy Ltd.

Genie Energy Ltd. is establishing Atid Drilling Ltd., an onshore drilling services venture based in Israel. Atid will pursue drilling opportunities for clients in a variety of fields including oil and gas exploration, water resource development and mineral exploration.

Genie Energy Ltd. is establishing Atid Drilling Ltd., (Atid), an onshore drilling services venture based in Israel.  Atid will pursue drilling opportunities for clients in a variety of fields including oil and gas exploration, water resource development and mineral exploration.

Atid has executed a binding MOU to purchase a drilling rig and associated drilling equipment.  The rig has successfully drilled five exploratory oil and gas wells in the Golan Heights over the past two years and recently completed a water well that is geared to help farmers in the Golan who are coping with an extended drought.

Atid anticipates partnering with international drilling services experts, including Rainmaker Ltd., a partnership of North American oil and gas drilling service providers based in Western Canada.  Rainmaker specializes in the management and execution and completion of oil and gas drilling projects and its focus has expanded over the last four years to include exploration and development of water resources in several countries in the Middle East. The engineers and staff at Rainmaker draw from decades of project management experience and expertise to assist their clients' global operations.

Geoff Rochwarger, who will serve as Atid's CEO, said, "Atid will provide drilling services to meet the growing demand of clients in diverse industries in the region. We are excited by the market opportunity and have been encouraged by the enthusiasm with which prospective clients have greeted Atid's anticipated launch."

"Atid will bring together an experienced operations team, international partners who will provide additional technical expertise in the planning and execution of projects, and a high capability drilling rig based in Israel and equipped to operate at depths up to 2000 meters," Mr. Rochwarger concluded.

Atid is expected to spud its first exploration well in early March for Afek Oil and Gas, the Genie Energy subsidiary that is conducting an oil and gas exploratory program in the Golan Heights.

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