Three groups will apply tomorrow for the government exploration license off the Ashdod coast.
The day before the Ministry of National Infrastructures deadline for submitting bids for oil exploration licenses for the Ashdod-Med field along the Mediterranean coast, the battle is heating up.
Yesterday Modiin Energy LP announced that it would lead a consortium to search for oil and gas off the Mediterranean coast near Ashdod. Moreover, sources inform "Globes" that two other groups will also battle for the license. Isramco Ltd. (Nasdaq:ISRL; TASE:ISRA.L) will also seek the license from the ministry together with Delek Group Ltd. (TASE:DLEKG). Ratio Oil Exploration Ltd. (TASE:RATI.L) is also considering seeking the license.
The group which will be given the license should be announced within a few months.
There have been indications from previous drilling that there is oil off the coast of Ashdod. Ashdod Med is 16 kilometers off the coast.
Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2010
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