Israel Land Development Company Energy Ltd. (TASE: IE) chairman Ofer Nimrodi says that the company will announce the 3D seismic survey results of the Myra and Sarah offshore gas fields by the of the month, and that they are worth waiting for. He added that ILDC Energy will float a subsidiary on a foreign market.
Speaking at an economic conference in Tel Aviv, Nimrodi said, "Investors are impatient and so am I. The tests prove that it was worth ignoring the noise and waiting. The deeper we went into Sarah and Myra, we concluded that, like good food, it is better to cook slowly and not rush.
"After we completed the analysis, we sent them to Netherland, Sewell and Associates Inc., which made the estimate for Tamar and Leviathan. This is an independent company that provides very conservative estimates. We sent them the material a week ago and they promised to send us the report by the fourth week of June, i.e. this month. The news for investors is: the report will be published by the end of the month."
Nimrodi also disclosed - to the extent permitted - that ILDC Energy was working at a "dizzying pace" to head abroad, and that, "negotiations are at a very advanced stage with two countries with large natural gas reserves. I regret that I cannot say more now. ILDC Energy is heading overseas, and its subsidiary will be floated abroad."
Nimrodi concluded, "I am not a gas tycoon, but I hope that the operations we're undertaking will turn our investors into gas tycoons. I cannot promise oil or gas, but I can promise that we're making every effort to do our best work and to notify the public with the maximum amount of information possible."
ILDC Energy's share price rose 2.6% today to NIS 0.865, giving a market cap of NIS 708 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2011
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