Petroleum Supervisor Dr. Yaakov Mimran has extended the licenses of Israel Land Development Company Energy Ltd. (TASE: IE) and Modiin Energy LP (TASE:MDIN.L) to the Myra and Sarah fields until July 13, 2012, on the basis of the company's work plan.
Under the terms of the extension, the partners must present to the Petroleum Supervisor their final prospects to the Myra and Sarah licenses by August 1, begin drilling the first well by February 1, 2012, and drill a second well, after completing the first well.
Last week, the partners hired a rig to drill a well at the licenses.
ILDC Energy owns 54.2% of both the Myra and Sarah licenses. Its partners are Israel Petroleum Company Inc. (IPC), Modiin Energy LP (TASE:MDIN.L), and operator GeoGlobal Resources Inc. (AMEX: GGR). ILDC Energy also has options to buy stakes in the Benjamin and Shmuel licenses.
In a separate development, Mimran last week rejected ILDC Energy's request to purchase 10% of the Daniel East and Daniel West offshore licenses from Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) in exchange for a giving Isramco an option to buy 5% of the Sarah license.
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2011
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