Sources inform ''Globes'' that ACC Group, headed by Chaim Lebovits, will bid for the Benjamin gas exploration license. In February, ACC won the Shemen (Med Ashdod) license, after beating a consortium of IDB Holding Corp. Ltd. (TASE:IDBH), Modiin Energy LP (TASE:MDIN.L), and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L).
The sources added that ACC made the decision to bid in the tender after conducting a preliminary examination over the past few weeks, requesting background material from the authorities, and assessing the chances of finding substantial oil and natural gas reserves in the license area.
ACC was not available for comment.
Although two months remain for the deadline to submit bids in the tender for the license, there are already signs that the bidding will be the summer battle in Israel's gas and oil exploration industry. As "Globes" reported last week, market sources believe that, in addition to ACC, Modiin Energy and Israel Land Development Company (TASE: ILDC) subsidiary Israel Land Energy Ltd. are interested in the Benjamin license, which borders on the recently purchased Sarah and Mira licenses. The sources added that other companies, including foreign ones, have expressed an interest in the Benjamin license, and have asked for geological and other information about the site.
The Ministry of National Infrastructures Oil Supervisor is due to decide on the Benjamin license after the upcoming Oil Council meeting in July.
Published by Globes [online], Israel business news - www.globes-online.com - on April 18, 2010
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