Afek, a subsidiary of Genie Energy, has started drilling its first exploratory well in the Golan Heights region of Israel.
The company expects to drill the well to a depth of 1,000m.
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Genie Energy chairman and CEO Howard Jonas said: "We are exploring an important potential natural resource that could lead to energy independence for Israel and provide a source of long term employment and prosperity.
"If our thesis is correct, our license area may hold billions of barrels of oil."
The company has worked with the Northern District council and all relevant authorities to develop an exploratory drilling programme in order to address the concerns of local residents.
In April 2013, Afek secured a petroleum exploratory license from the Government of Israel covering 396.5km² in the southern portion of the Golan Heights.
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By GlobalDataIn July 2014, the Northern District Committee for Planning and Building voted to approve the company’s application and issued permits for a ten-well, three-year oil and gas exploration programme.
Genie Energy comprises two divisions that include Genie Retail Energy and Genie Oil and Gas.
Genie Oil and Gas is an oil and gas exploration company with exploration and demonstration projects located in Israel, Mongolia and Colorado.
