Emanuelle Energy planned to hold a $60-70 million rights issue in October 2010, but never did.
Israel Land Development Company Energy Ltd. (TASE: IE) chairman Ofer Nimrodi will float subsidiary Emanuelle Energy Ltd., through which it holds part of the Myra and Sarah natural gas exploration licenses. Emanuelle Energy filed a prospectus for an IPO on the Tel Aviv Stock Exchange (TASE) yesterday - the day before the Myra and Sarah licenses announced that the fields have 6.5 trillion cubic feet of natural gas 1ith a 54% probability of geologic success and 150.7 million barrels of oil with an 18% probability of geologic success.
Emanuelle Energy did not disclose the amount of cash that it plans to raise. The company and its affiliate Emanuelle Energy Oil & Gas LP own 43.4% of the Myra and Sarah licenses. ILDC Energy's parent company, Israel Land Development Company (TASE: ILDC), directly owns 5% of the licenses.
Emanuelle Energy planned to hold a $60-70 million rights issue in October 2010, but never did. Now, following the gas discovery, the company's path to the TASE is open.
Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2011
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