Genie Energy Ltd. (NYSE: GNE) said Oct. 8 it has struck significant quantities of oil and gas within its exploratory license area in Northern Israel.

The discovery is consistent with the company's prior public statements and disclosures, preliminary evidence from the exploratory wells drilled by its Afek subsidiary in the area.

The Newark, N.J. company does not yet have sufficient evidence to determine whether this or any part of the resource can be technically or economically produced. The resource does not constitute proved, probable or possible reserves.

The resource is present at multiple strata and in some of the explored portion of the license area is up to 350 m (1,148 ft) thick. This is consistent with the company's geological model.

The thickness of the resource is one of many factors considered in making a determination of the commercial potential of this or any resource.

The company remains optimistic given the results to date, said Howard Jonas, chairman and CEO of Genie Energy.

"In term of quantity, our log results indicate that this could be a significant find if analogous conditions are present over a significant portion of the license area," Jonas said in a statement.

The company is currently working to determine the production costs and total quantity of the resource, he said.

The company has completed drilling two exploratory wells within its license area and begun drilling a third pursuant to a 10 well exploratory program. Analysis of data obtained from these exploratory wells is ongoing, the release said.