Gulliver Energy Ltd. (TASE: GLVR) and Zerah Oil And Gas Explorations LP (TASE: ZRAH), have announced that Gulliver subsidiary Ginko Oil Exploration Ltd. has signed an agreement with Norway's AGR Petroleum Services Holdings AS as the well operator of the Gulliver permit in exchange for 5% of the permit's rights.
Gulliver (through Ginko) and Zerah each own 50% of the Gulliver permit. Three oil bearing target strata and one gas target have been discovered in the permit, which is located in a strip that stretches from Northern Tel Aviv to Haifa. Towards the end of the year, the two companies intend to apply to Petroleum Supervisor Dr. Michael Gardosh for a permit to conduct a seismic survey in the shallow waters area of the license.
AGR is one of the leading planning, management and drilling companies in the global gas and oil industry. The company operates in 61 countries on six continents, and has been involved in drilling 400 wells worldwide over the last ten years, mostly using innovative solutions. 35 of the wells are more than 5,500 meters deep.
Gulliver's share price rose 4,4% to NIS 0.735 by midday, giving a market cap of NIS 140 million. Zerah's share price rose 1.5% to NIS 0.055, giving a market cap of NIS 73 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2011
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