Modiin Energy begins 3D seismic survey off Hadera coast

The partnership has begun the 3D seismic survey of the offshore Yam Hadera license.

Modiin Energy LP (TASE:MDIN.L) has begun a 3D seismic survey of its offshore Yam Hadera license. The survey will examine a 485-square kilometer area and take three weeks at a cost of $4.4 million. The company estimates that eight months will be needed to analyze the results.

The Yam Hadera license is 30 kilometers offshore, between Hadera and Haifa. Modiin's three-year license is valid through February 14, 2013. In its financial report, the company committed to completing the 3D seismic survey by August 15, 2011. Depending on the results of the survey, the company plans to begin drilling an exploratory well by February 2012.

Modiin Energy's general partner is owned by Yitzhak Sultan and Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH) unit IDB-DT Energy (2010) Ltd., Its share price rose 2.1% by mid-afternoon today to NIS 0.049, giving a market cap of NIS 837 million.

Published by Globes [online], Israel business news - www.globes-online.com - on December 26, 2010

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

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