As at December 31, 2010:
3 Licenses within Israel
Approximately 287,000 gross acres
Approximately 50,000 net acres
No wells
No production
No reserves
In 2010, the Company acquired participating interests in 3 licenses in Israel. The exploration rights pursuant to these licenses are located in the Levantine Basin located offshore off the western coast of Israel in the Mediterranean Sea with the licenses varying in distances between 6 and 25 miles off the coast.
These licenses are in the early stage of development and as such, drilling of wells has not yet commenced.
The exploration rights pursuant to the licenses we have entered into with the Israel Ministry of National Infrastructure are located in the following areas:
347/Myra License – We entered into a Joint Operating Agreement on October 6, 2010 which grants exploration rights in an area of the Levantine Basin located approximately 52 miles off the coast of Israel in approximately 1,450 meters of water depth. We are the operator of this license and currently have a 5% participating interest under this agreement.
348/Sara License – We entered into a Joint Operating Agreement on October 6, 2010 which grants exploration rights in an area of the Levantine Basin located approximately 35 miles off the coast of Israel in approximately 1,350 meters of water depth. We are the operator of this license and currently have a 5% participating interest under this agreement.
388/Samuel License – We were awarded an interest in June 2010 from the Israel Petroleum Commissioner which grants exploration rights in an area of the Levantine Basin located in shallow water of 140 meters or less off the coast of Israel. Adira Geo Global is the operator of the license and we hold an effective 45% interest in this license.