Myra and Sarah license-holder Modiin Energy LP (TASE:MDIN.L) today notified the TASE that the rig for the drilling of the exploratory wells at the licenses will become available in December, after the rig completes three other wells, two in Israel and one in Cyprus.
Earlier this month, Modiin Energy's partner in the licenses, Israel Land Development Company Energy Ltd. (TASE: IE) announced that drilling of the exploratory wells by the Noble Homer Ferrington, owned by Noble Corporation (NYSE: NE) well would probably begin in January or February 2012. Today, Modiin Energy said that this rig would be available from December 1.
The Myra and Sarah leases have a best estimate of 6.5 trillion feet of natural gas with a 54% chance of geological success, but the range between the high and low estimates are quite large.
Modiin Energy owns 19.3% of Myra and Sarah, ILDC Energy and its affiliates own 48.4%, drilling operator GeoGlobal Resources Inc. (AMEX: GGR) owns 5% through its Indian unit, Israel Petroleum Company Inc. (IPC) owns 13.1%, and Blue Water Oil and Water Exploration Ltd. owns 8.8%.
Modiin Energy's share price fell 2.1% in morning trading today to NIS 0.046, giving a market cap of NIS 902 million, but ILDC Energy's share price rose 2.4% to NIS 1.13, giving a market cap of NIS 932 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2011
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