Estimates Dead Sea reserves hold 20 billion barrels.
Ginko Oil Exploration is planning to raise NIS 130 million on the Tel Aviv Stock Exchange at the end of the month to finance its search for oil in the Dead Sea area. One half of the company’s shares, options, and bonds will be offered to foreign oil investors and the rest sold on the local exchange.
Ginko estimates the Dead Sea reserves’ capability at 20 billion barrels. The area’s geological structure is similar to that of Libya (with reserves of some 45 billion barrels), the Suez Canal (9 billion barrels), and Syria.
The company holds two exploration licenses covering the whole Dead Sea area and two temporary licenses in Northern Arava and along the Mediterranean coast. Headed by Yair and Rami Karni, Ginko employs two leading geologists Dr. Ilan Brond and Dr. Eli Tennenbaum.