oil pipes 298.
(photo credit: Associated Press)
Modiin Energy LP (TASE:MDIN.L) has acquired 10% of the offshore Daniel license
from Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) for $400,000, reflecting a
value of $4 million for the license. The deal comes just ahead of the
publication of a 3D seismic survey of the license area.
Isramco announced signs of several possible prospects for drilling in the Daniel
license. The 3D seismic survey’s results are apparently positive.
has owned the Daniel license since March 2009. The license expired in September
2010, and the company asked the Petroleum Supervisor for two licenses, each of
400 square kilometers.
In the next stage, Isramco will have to submit to
Petroleum Supervisor Dr. Yaakov Mimran the processed data of the survey, in
accordance with the previously approved timetable.
The Daniel license is
located offshore from Israel’s southern coast, with the Shimshon license
bordering it on three sides. Isramco is a partner in the Tamar
Modiin’s share price was unchanged in trading on Thursday
morning at NIS 0.067, giving a market cap of NIS 1.08 billion. Isramco’s share
price rose 0.6% on the TASE to NIS 0.55, giving a market cap of NIS 5.89