Tshuva signed an agreement on a 50% share in drilling licenses at 2 sites
Yitzhak Tshuva’s oil companies are joining Ginko Oil Exploration Ltd investing in the oil exploration in the Dead Sea. The two companies, Delek Drilling Limited Partnership (TASE: DEDR.L), and Avner Oil and Gas (TASE: AVNR.L), yesterday signed an agreement with Ginko for a 50% investment in the licenses to drill at the “Zerach” and “Zurim” sites in the Dead Sea. Delek Drilling and Avner Oil will make an initial investment of $4.4 million.
Under the partnership agreement, Delek Drilling and Avner Oil will participate fully in the operations at all stages from drilling to oil production.
The “Zerach and “Zurim” drilling sites extend over a 50 square-kilometer area. Ginko will be paid a premium on its investments in the project.
Ginko is owned by Yair Karny CPA, Nissan Khakshouri, Rami Kremien, Elgadcom Group, and Younes Nazarian.
Published by Globes [online], Israel business news - www.globes.co.il - on October 9, 2006
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