World's Energy

03-03-2009 - Upstream OnLine - Avenue Energy Israel has agreed to pool its licences in the Heletz Field in southern Israel with Lapidoth-Heletz. Under the agreement, Avenue will contribute its 100% interest in the Heletz-Kokhav licence and its 50% interest in the Iris license and Lapidoth-Heletz will contribute its 50% interest in the Iris License into a pooling arrangement whereby Avenue will retain a 75% interest and Lapidoth a 25% interest in the combined licenses. Avenue will operate the field ``The pooling agreement is a win-win situation for AEI and L-H because it affords us the ability to focus on the optimal technical approach for the exploitation and development of the Heletz field,' Avenue head Levi Mochkin said. The Heletz field, discovered in 1955, is Israel's only producing oilfield.