Zerah Oil And Gas Explorations LP (TASE: ZRAH) and Fore Group Ltd. subsidiary Ginko Oil Exploration Ltd. today obtained a gas and oil exploration license for the Orly prospect north of Arad. The two partnerships own the license in equal shares.
The Orly license covers a 102,400 (50,600-acre) area in the southern Judean Desert, above the Dead Sea.
Under the terms of the license, Zerah and Ginko will conduct a 2D seismic survey of the prospect by mid-October 2010, analyze the results and submit a drilling proposal by mid-February 2011. They will begin drilling a 2,000-meter well by mid-October 2011, and submit a report for further operations at the well within four months of the completion of the well.
Last week, Zerah obtained the offshore Gulliver license.
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2010
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