Gulliver Energy Ltd. (TASE: GLVR) announced today that in the next few days it will receive a permit to explore for uranium at the Hatrurim license from the Ministry of Energy and Water (formerly the Ministry of National Infrastructures), pending payment of a fee, which will enable it to begin uranium exploration. This is the first time a company will receive a permit to search for uranium in Israel. The Hatrurim license is located between Sdom and Arad in the Negev.
Gulliver said that it has confirmed the request, has paid the fee, and expects to receive the permit in the next few days.
Signs of highly radioactive metal material were found at shallow levels in the Maya license, in the Hatrurim area, whose rights belong to the Zerah Oil And Gas Explorations LP (TASE: ZRAH). Gulliver intends to enlarge the drilling area, and to carry out special tests to identify the metals found, and to assess the extent of the discovery.
Gulliver signed a partnership agreement with Zerah, which is its indirect controlling shareholder. Zerah has granted Gulliver rights to all of the information it possesses, for the purpose of exploring, mining and producing radioactive metals, including uranium.
Zerah will be entitled to a 12.5% royalty from Gulliver on radioactive metals produced from the license area.
Gulliver's share price remained unchanged today, giving a market cap of NIS 83 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 22, 2011
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