Gulliver and Zerah in uranium prospecting agreement

Gulliver will have the right to mine metals in Zerah's Maya license in the Dead Sea area.

Gulliver Energy Ltd. reported to the Tel Aviv Stock Exchange yesterday that it was examining the possibility of an agreement with Zerah Oil And Gas Explorations LP (TASE: ZRAH). Gulliver's new chairman is former Mossad chief Meir Dagan, who was appointed to the post about a month ago.

Under the agreement being formulated, Zerah will grant Gulliver the right all the information that it possesses, or that it will possess in the future, concerning the Maya license (in the Dead Sea area), for the purpose of mining and production of metals, including uranium, by Gulliver in the area of the license.

Metals are not included in oil and gas exploration, and therefore the Zerah partnership is not allowed to prospect for them. Gulliver will have the exclusive right to mine and produce metals in the Maya license.

Zerah will be entitled to a 10% royalty from Gulliver on metals produced from the license area.

Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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