Myra drilling deadline extended to June

ILDC Energy said drilling will begin at Myra after the Homer Ferrington rig has finished work at Leviathan.

Israel Land Development Company Energy Ltd. (TASE: IE) today said that the Petroleum Supervisor at the Ministry of Energy and Water Resources has approved its application regarding its work plans for the Myra and Sarah licenses. The new plan will enable drilling to commence at Myra and immediately afterwards at Sarah after the Home Ferrington rig has completed drilling at the Leviathan 1 field.

Based on the information received by the partners operating the Myra and Sarah licenses, the rig will be delivered for the Myra and Sarah drilling between the end of April and mid-May 2012. Consequently, the Myra and Sarah partners have been given until June 15 to begin drilling at Myra and immediately afterwards at Sarah.

ILDC Energy CEO Ohad Marani said, "We are preparing to begin drilling the Sarah and Myra prospects and we will start drilling soon after the rig has finished work at Leviathan."

ILDC Energy and its affiliates own 41.6% of the two licenses, and its parent company, Israel Land Development Company (TASE: ILDC), controlled by Ofer Nimrodi, owns 5%. ILDC Energy's partners in Myra and Sarah are Modiin Energy LP (TASE:MDIN.L) (which owns 29.2%), its shareholder IDB Development Corp. Ltd. (5.6%) IPC Oil and Gas Holdings Ltd. (TASE: IPC)(13.6%) and GeoGlobal Resources Inc. (AMEX:GGR) (5%).

Published by Globes, Israel business news - - on March 28, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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