Modiin Energy LP (TASE:MDIN.L) and Emmanuelle Energy Ltd. have sold a further 5% of the Myra and Sarah offshore licenses to the license operator GeoGlobal Resources (India) Ltd. for $240,000 for each 1% of the license rights. GeoGlobal is exercising an option given it by the partnerships in May.
In May, Modiin Energy and Emmanuelle Energy sold 5% of the Myra and Sarah licenses to GeoGlobal, and gave it an option to buy an additional 5%. With the exercise of the option, GeoGlobal will own 10% of the two licenses.
Modiin Energy's general partner is owned by Yitzhak Sultan and Nochi Dankner-controlled IDB Development Corp. Ltd. unit IDB-DT Energy (2010) Ltd., while Emmanuelle Energy is a unit of Ofer Nimrodi-controlled Israel Land Development Company (TASE: ILDC) through Israel Land Energy Ltd.
Modiin Energy's share price fell 1.5% in morning trading to NIS 0.066, giving a market cap of NIS 1.12 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on October 31, 2010
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