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Genie Energy fails to find commercial hydrocarbons at Israel test well

Apr. 12, 2016 1:49 PM ETGenie Energy Ltd. (GNE) StockGNEBy: Carl Surran, SA News Editor3 Comments
  • Genie Energy (GNE -6.7%) falls sharply on a day that most energy stocks are rising, as the company discloses in an SEC filing that it did not encounter expected levels of liquid hydrocarbons at its Ness 3 test well in Israel and could not confirm commercial viability.
  • At the same time, GNE says it received an extension of its license from the Israeli Ministry of Energy and Water to continue to conduct its multi-well oil and gas exploration program for another year, and that it remains optimistic it ultimately will find a commercially viable resource within the license area.
  • Now read Why not dream of Genie Energy?

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