Genie Energy Starts Drilling Services Company in Israel

Genie Energy, operator of multiline utilities, said it is establishing Atid Drilling Ltd., (Atid), an on-shore 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.

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