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Israel’s Shemen Oil and Gas Resources (SOG) announced that it has made discoveries pointing to possible discovery of natural gas at the Yam 3 well.

The Yam 3 well is located off Israel’s port city of Ashdod. Shemen Oil owns 78% of the well. It is currently operated by Caspian Drilling Company.

Early estimates conducted by SOG’s engineers point to the possibility of the reservoir containing about 120 million barrels of oil.

The official statement said “Although drilling in the target strata has not yet been completed, preliminary analysis of the information gathered, including electrical logging, suggests that the upper target strata containing hydrocarbons are of a thickness of about 90 meters.”

Electrical logging is designed for deep-sea bedrock testing. By understanding the thickness of the stratum, evaluations can determine the possible quantity of natural gas that can be extracted from the rock.

The current investigations and testing is estimated to cost SOG US$3.3 million.