Modi'in, ILD win Sara, Mira permits

The offshore Sara and Mira permits are located south of the Dalit license, where a natural gas reservoir has been discovered.

Yitzhak Sultan-controlled Modiin Energy LP (TASE:MDIN.L), Nochi Dankner-controlled IDB Development Corp. Ltd., and Ofer Nimrodi-controlled Israel Land Development Company (TASE: ILDC) today announced that Petroleum Supervisor Ya'akov Mimran had approved the companies' applications for the Sarah and Mira permits, but rejected their application for the Michal permit.

The offshore Sara and Mira permits are located west of Netanya, and south of the Dalit license, where a natural gas reservoir has been discovered.

Israel Land owns 48.322% of the Sarah and Mira permits. Nimrodi said, "Registering the permits in the name of the consortium's companies is a happy milestone that marks the start of Israel Land's gas exploration activity, and the conclusion of hard work in recent months to clear the business and legal tangle related to these permits, which was sorted out. We're embarking on a new road with excellent partners, and a veteran geologist with great experience in the Middle East from Canada's GeoGlobal Resources Inc. (AMEX: GGR), which has a proven track record and modern work methods."

Yesterday, the Teddy Sagi-Yaakov Luxembourg group won the Benjamin East permit, part of the large, 1,865-square kilometer Benjamin license, which was divided into several separate permits.

Published by Globes [online], Israel business news - www.globes-online.com - on June 16, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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