Israel Land Development Company Energy Ltd. (TASE: IE) CEO Ohad Marani bought 170,000 company shares at NIS 0.74 per share for NIS 125,800 altogether, and director Meir Yosef bought 70,000 shares at NIS 0.695 per share for NIS 48,600. Marani now owns 3.02% of the company and Yosef owns 0.22%.
ILDC Energy's share price has fallen 37% since its IPO on December 5, including an 8% drop in February. The share price rose 2.8% in early trading on the TASE today to NIS 0.704, giving a market cap of NIS 575 million.
Last week, ILDC Energy signed agreements to buy rights in four offshore natural gas exploration leases: 17.5% each of the Alon E and Ruth D licenses from Delek Group Ltd. (TASE: DLEKG) and Noble Energy Inc. (NYSE: NBL); and 10% each of the Shmuel and Benjamin licenses from Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L).
Marani said, "ILDC Energy is meeting its target to expand its operations and holdings in marine licenses, and when the transactions are closed and approved, it will own a diversified and high-quality portfolio. We are also making progress toward drilling the first exploratory well in the Sara and Myra licenses."
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2011
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