Israel Land Energy doubles its licenses

ILDC Energy bought 17.5 percent of Delek’s and Noble Energy’s rights in the Alon E and Ruth D gas fields.

By ADI BEN-ISRAEL
February 24, 2011 23:27
Drillling for gas offshore

Offshore Gas Drilling 311. (photo credit: Courtesy)

 
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Israel Land Development Company Energy Ltd., controlled by Ofer Nimrodi, has bought rights in four offshore natural-gas exploration licenses from Delek Group Ltd., Noble Energy Inc. and Isramco Ltd. In a separate deal, Modiin Energy LP bought rights from Delek Group Ltd.

ILDC Energy bought 17.5 percent of Delek’s and Noble Energy’s rights in the Alon E and Ruth D gas fields, in the northern part of Israel’s maritime exclusive economic zone, near Tamar and Leviathan, in exchange for participating proportionally in exploration expenses. It bought 10% of the Daniel license from Isramco, in exchange for an option to buy 5% of the rights in the Sarah license.

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There has been great interest in the Daniel license ever since Isamco announced several interesting drilling prospects were found by a 3-D seismic survey on a 200- square-kilometer section of license earlier this year. Isramco has declined to publish the survey’s data, saying that the finding are only “leads” and do not include the geological chances of success.

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