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
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