Modiin Energy begins 3D seismic survey of Gabriella

Yesterday, Modiin added to its stakes in Myra and Sara.

Modiin Energy LP (TASE:MDIN.L) has begun a 3D seismic survey of the Gabriella offshore license. WesternGeco Ltd. is conducting the survey.

Yesterday, Modiin, IDB Development Corp. Ltd., and Emmanuelle Energy Ltd. signed an agreement to buy the rights of PBT Capital Partners subsidiary Blue Water Oil Exploration Ltd. in the Myra and Sara licenses for $500,000. PBTowns 8.7% of each license. Modiin's share of the deal is $132,600.

Modiin's share price rose 4% in morning trading to NIS 0.052, giving a market cap of NIS 900 million

Published by Globes [online], Israel business news - - on December 15, 2010

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

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