Yuli Ofer's Shamir buys stake in Sarit license

An additional sum will be paid on condition that the Ashdod A3 well is determined to be commercial.

Shamir Investments Swing Ltd. (TASE: SHINV) said today that it bought 10% of the rights to the Sarit license.

The stake was bought from Lapidoth Israel Oil Prospectors Corporation Ltd. (TASE: LAPD) subsidiary Lapidoth Heletz LP. (TASE: LPHL).

Shamir Investments controls 51% of rights in the Yuli Ofer Oil Exploration Limited Partnership, which actually signed the agreement.

An additional $400,000 will be paid on condition that the Ashdod A3 well is determined to be a commercial discovery.

Sefen Industries and Investments Ltd. (TASE: SEFN) yesterday also announced that it had bought 10% of the rights to the Sarit license.

Sarit is an exploration license around Ashdod.

Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2010

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

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