Israel Land Development Company Energy Ltd. (TASE: IE), controlled by Ofer Nimrodi, is not satisfied with gas exploration in Israel. Its Cypriot registered subsidiary, Emanuelle Adriatic Energy Ltd. (51%), yesterday signed an agreement with the Albanian National Agency of Natural Resources on development, production, and sale rights to hydrocarbon products in three blocks in the Adriatic Sea offshore from Albania totaling 5,070 square kilometers.
Albania's Minister of Economy, Trade and Energy approved in principle the awarding of the concessions to Emanuelle Adriatic Energy. The company and the ministry will formulate an agreement in principle on the commercial terms for the company's operations. This agreement is due to be signed soon
Among other things, the agreement will state that Emanuelle Adriatic Energy's rights to operate in the offshore blocks, and to carry out the work plan that will be agreed for seven years, and will include milestones that the company will have to meet after three and a half years, and after a further two and a half years.
Nimrodi said, "The expansion of ILDC Energy's operations outside of Israel through Emanuelle Adriatic Energy, and the activities taken to obtain exploration licenses in Albania, is part of the policy to develop additional growth engines and spread risk by diversifying the portfolio of exploration licenses."
ILD Energy's share price rose 2.1% in morning trading to NIS 0.86, giving a market cap of NIS 730 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 16, 2012
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