Zerah, Ginko win Gulliver exploration permit

The offshore Gulliver license runs parallel to the coast between Haifa and Tel Aviv. Koby Yeshayahou

Zerah Oil And Gas Explorations LP (TASE: ZRAH) and Ginko Oil Exploration LP today obtained a preliminary gas and oil exploration permit for the Gulliver license from the Ministry of National Infrastructures. The permit is held by the two companies in equal shares.

The offshore Gulliver license covers a 509,000-dunam (125,250-acre) area running parallel to the coast between Haifa and Tel Aviv. The 18-month preliminary exploration permit is valid through December 6, 2011. The preliminary permit is subject to the companies submitting a work plan for the license, starting a 3D seismic survey by October 10, analyzing the results, and submitting a plan for drilling by the end of the license period.

After committing to invest at least NIS 20 million on exploration work, the two partnerships were granted the preliminary priority rights to oil found at Gulliver.

Ginko Oil Exploration Ltd. owns Ginko Oil Exploration LP and is the controlling shareholder in Zerah.

Zerah's share price rose 4.7% in early trading today to NIS 0.089, giving a market cap of NIS 145 million.

Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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