The Modi'in Energy Exploration Partnership 3rd Q revenues: $ 1.13 million

The Modi'in Energy Exploration Partnership released its financial results for the third quarter of 2018 and reported a sharp jump in revenues from three producing wells to $ 1.13 million, compared with $ 355,000 in revenues from one producing well in the second quarter. Total revenues for the reporting period were $ 1.83 million.
Intelligence reports a net profit of $ 154,000, compared to a loss of $ 432,000 in the third quarter last year. The partnership's profits in the last quarter stemmed mainly from an increase in revenues from the sale of oil and the return of exploration expenses received from one of the partners in the Grapevine project.
The partnership carried out two drillings in a project in which a commercial discovery was announced. The first drill (Chardonnay) has been producing oil since October 2017. By the end of October 2018, 77,000 barrels of oil had been produced from the well at an average selling price of $ 70 per barrel. In the second drilling (Bordeaux) oil is produced regularly since last July. By the end of October 2018, about 30,000 barrels had been produced from the well, at an average selling price of $ 76.5 per barrel. The average quantity of oil barrels produced during the last 30 days of the project (2 wells at this stage) is 655 barrels a day.
The Partnership approved participation in an additional development drilling in the project area in the first quarter of 2019. In addition, the Partnership expects to publish a reserves report and a development plan for the project during the first half of 2019.