Lapidoth Heletz LP. (TASE: LPHL), Modiin Energy LP (TASE:MDIN.L), and Ratio Oil Exploration (1992) LP (TASE:RATI.L) today announced that they will begin delivering drilling equipment to the 3A well in the Sarit license offshore from Ashdod, after obtaining the necessary permits. Drilling will begin as soon as the equipment is assembled on site.
Lapidoth Heletz owns 72.25% of the Sarit license, Ratio owns 15%, and Modi'in Energy owns 12.75%.
In late May, the partners announced that the Petroleum Supervisor at the Ministry of National Infrastructures approved delaying the start of drilling at the A3 well to June 14, due to delays in obtaining all the necessary permits.
In mid-May, Lapidoth Heletz announced that the founder of online gaming company Playtech Cyprus Ltd. (AIM:PTEC) was in advanced negotiations its controlling shareholder, Yaakov Luxembourg, to set up a group, which will bid for the Benjamin license, offshore from Hadera.
Lapidoth Heletz's share price rose 7.1% in morning trading today to NIS 0.213, giving a market cap of NIS 220 million. Ratio's share price fell 5.2% to NIS 0.218, giving a market cap of NIS 1.57 billion, and Modi'in Energy's share was unchanged at NIS 0.035, giving a market cap of NIS 478 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2010
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