Shemen Oil and Gas Resources Ltd. (TASE: SMOG) today announced that the Atwood Beacon rig is due to arrive at the Yam 3 drill site, offshore from Palmachim, tomorrow. The rig is en route from Limassol, Cyprus, where it had been moored, pending a drilling permit from the Southern Regional Planning and Building Commission, which was granted yesterday. Drilling is scheduled to begin on November 25.
The Yam 3 well will be drilled to target strata at a depth of 5,800 meters and electric logs will be carried out.
Shemen Oil plans to raise $12 million to finance the drilling of the well through the sale of rights to the Shemen license. Shemen Oil owns 90% of the license, Zerah Oil And Gas Explorations LP (TASE: ZRAH) owns 5%, and well operator, Azerbaijan's Caspian Drilling Company Ltd., owns 5%.
Published by Globes [online], Israel business news - www.globes-online.com - on November 21, 2012
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