Investors in Israel Land Development Company Energy Ltd. (TASE: IE) and Modiin Energy LP (TASE:MDIN.L) are waiting tensely for an announcement about the results of the Myra 1 exploratory well. Energy market sources informed ''Globes'' today that the well's final casing before the target strata will be assembled in the coming hours.
The sources said that the well's partners, led by operator GeoGlobal Resources Inc. (AMEX: GGR), are on schedule, and that they plan to reach the target strata during the first week of September.
On August 13, ILDC Energy and Modiin Energy held a press conference, in which they expressed their confidence in the Myra and Sarah licenses. They reiterated the estimates that the gas-bearing strata are at a depth of 4,800-5,400 meters, and said that they expected the well to reach the target strata during the first week of September.
On August 16, ILDC Energy announced that Russian-Jewish oligarch Mikhail Mirilashvili would invest an additional NIS 48 million in the company at NIS 0.58 per share.
Published by Globes [online], Israel business news - www.globes-online.com - on August 27, 2012
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