Former Mossad chief Meir Dagan has been appointed chairman of Gulliver Energy Ltd., the new name of stock market shell Simcha Urieli & Sons Engineering & Construction Co, Ltd. (TASE: UREL), which was acquired by Ginko Oil Explorations LP. Former Bank Hapoalim CEO Zvi Ziv has been appointed a director of Gulliver.
The merger is scheduled for April 27, after which Ginko's shareholders will own 90% of Gulliver Energy, and Urieli's current shareholders will own 10%. Gulliver Energy owns 5% of Zerah Oil And Gas Explorations LP (TASE: ZRAH) on which Gulliver is eligible for 10-12.5% in royalties.
Ginko also owns rights in two onshore licenses - 100% of the Shahar license in the southern Dead Sea area and 50% of the Orly license in the Judean Desert - and a provisional license for the offshore Gulliver license, a shallow water strip paralleling the coast between Tel Aviv and Haifa.
Gulliver Energy has completed two seismic surveys of the Gulliver and Orly licenses, and it plans to make another seismic survey of the Orly license in order to complete the data processing and analysis. In the coming year, Gulliver Energy plans to Shachar 1 well to a depth of 3,300 meters, at a cost of NIS 7 million.
Urieli's share price rose 13% today to NIS 0.72, giving a market cap of NIS 13 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 22, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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