Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) is due to announce the results of the 3D seismic survey on its Shimshon (Samson) offshore license within a few days. The Shimshon licenses covers a 400-square kilometer offshore from Ashkelon, near the Yam Tethys gas fields.
Isramco owns 79% of the Shimshon license, and its affiliates Naphtha Explorations Ltd. (TASE:NFEX.L) and INOC-Dead Sea LP (TASE: HLDS.L) own the rest. Isramco also owns, among other licenses, 28% of Tamar and Dalit.
Isramco CEO Yossi Levy told "Globes", "We will announce the final results of the survey when we get them."
BG Group plc (NYSE: BRG; LSE: BG) conducted the seismic survey on the Shimshon license in 2001, as part of a survey that also included the Tamar and Dalit licenses. Isramco recently asked for a new analysis of the survey's findings, using more up-to-date technology.
In its financial report for 2009, Isramco said that the 2001 survey indicated the presence of various geological structures at Shimshon.
Even without any statement, Isramco's share price rose 5.1% on the TASE today to NIS 0.54, and rose 10% at the opening on Nasdaq to $65, giving a market cap of $176 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 21, 2010
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