Israel Opportunity Energy Resources LP (TASE: ISOP.L) today announced that Pelagic Explorations Company has begun the first stage of the 3D seismic survey at five of the six Pelagic offshore licenses: Aditya, Ishai, Lela, Yahav, and Yoad.
The 3D seismic survey is scheduled to take 25 days to cover the licenses' 1,039 square kilometers, and analysis will take five months. The estimated cost of the survey is $5.3 million.
Israel Opportunity, controlled by investment bankers Rony Halman and Uri Aldubi, has signed an agreement to acquire 10% of the six Pelagic licenses from US businessman Prentis Tomlinson for $2.5 million. Petroleum Supervisor Dr. Yaakov Mimran has to approve the deal. The deepwater licenses are located 170 kilometers west of Haifa, between the Leviathan structure and Cyprus' Block 12.
Pelagic Explorations was granted the licenses in March 2009 for three years.
Israel Opportunity's share price rose 3.2% to NIS 0.19 by early afternoon to NIS 0.19, giving a market cap of NIS 135 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 31, 2010
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