Hi, December 17, 2010 |
| Zion Oil Raises $18.25 Million |
Zion's Ma'anit-Joseph #3 at Dawn DALLAS and CAESAREA, Israel, Dec. 16, 2010 (GLOBE NEWSWIRE) - Zion Oil & Gas, Inc. (Nasdaq:ZN) announced today that on December 15, 2010, it completed its previously announced rights offering. The preliminary outcome of the rights offering, as of the close of business on December 15, 2010, indicates that subscriptions for approximately 3.65 million units, for gross proceeds of approximately $18.25 million, have been received (including over-subscriptions). All shareholders that requested over-subscription shares will be awarded their full over-subscription request.
Zion's Chief Executive Officer Richard Rinberg said today, "I am pleased to announce the successful conclusion of our rights offering. The proceeds from this offering provide us with the funds that we believe are necessary to allow us to proceed with our planned drilling subsidiary, provide us with financial and operating flexibility and enable us to further our exploration and drilling program significantly.
"We have successfully drilled approximately two-thirds of our Ma'anit-Joseph #3 well and are now drilling the final third.
"We remain excited about the possibility of recovering hydrocarbons on our license and permit areas, onshore Israel, especially due to the U.S. Geological Survey report, published in April 2010, containing their assessment that there may be 1.7 billion barrels of recoverable oil and 122 trillion cubic feet of recoverable gas in the Levant Basin, as all of Zion's exploration rights fall within the area of the Levant Basin."
Under the completed rights offering, holders of record of Zion's common stock were given non-transferable subscription rights to purchase eighteen (18) Units for every one hundred (100) shares of common stock owned as of the close of business on September 28, 2010. The purchase price of a Unit was $5. Each Unit consisted of one (1) share of Zion's common stock and one (1) warrant to purchase an additional share of Zion's common stock at an exercise price of $4.00. (read more ...) |
|
| Egyptian Gas Deals Threaten Tamar Exploration |
JERUSALEM (AFP) December 14, 2010
Four Israeli firms have signed agreements to import Egyptian gas under a 20-year contract valued at between $5 billion and $10 billion, the Ampal-American Israel corporation said on Monday.
It said in a statement that Israel Chemicals, Dead Sea Works, Oil Refineries and OPC Rotem signed agreements to supply 1.4 billion cubic meters of gas over two decades, with an option to more than double that volume to 2.9 billion cubic meters.
The contract was signed with the Israeli-Egyptian East Mediterranean Gas, in which Ampal-American Israel Corporation has a 12.5% stake.
The gas supplies, which will fuel three private power plants, should start between the first and second quarters of next year, the statement said.
EMG has signed a number of agreements with Israeli firms since 2005, and the new contracts will boost the volume of Egyptian gas imports to 6 billion cubic meters worth $19 billion.
The Israeli business daily Globes said that the new contracts were a blow to companies involved in gas exploration in the Tamar fields off the port of Haifa in northern Israel, where reserves are estimated at 8 billion cubic meters.
The Texas-based Noble Energy is involved in that project.
Infrastructure Minister Uzi Landau on Sunday sent a letter to Prime Minister Benjamin Netanyahu warning that Israeli firms might give up on the Tamar field and instead turn to Egypt for gas supplies.
Landau said that the recent publication of a formal report recommending a sharp increase in royalties collected by the state on gas discoveries had created a "climate of uncertainty."
The government-commissioned report recommends that royalties be nearly tripled to 60% once the companies involved in exploration and exploitation have recovered their initial investments.
Is there even more in Leviathan?
Leviathan will apparently be one of the largest natural gas discoveries in Israel.
29 November 10 16:26, Amiram Barkat
After the tough times he has recently gone through, Ratio Oil Exploration (1992) LP (TASE:RATI.L) CEO Yigal Landau had a more gentle moment this morning. After an extended period of quiet, Landau issued a notice to the press in response the discovery of signs of gas at Leviathan, and it began with "We were not surprised by the positive indications."
Landau, as is often the case, expressed in words what many others were thinking.
We have gotten used to gas discoveries. They are already fully priced in at the stock exchange, as in the financial press.
And still, it must not be forgotten that Leviathan will apparently be one of the largest natural gas discoveries in Israel, and in its giant belly about $80 billion worth of gas has accumulated. This astronomical sum would have evaporated in an instant if a second scenario would have occurred last night, and signs of gas were not discovered. The chances of that were even, and throughout the dramatic night last night the negative scenario seemed the more likely, until almost the last minute.
Beyond that, it is important to remember the potential for a large oil discovery at Leviathan, even if the chances six to one against. A discovery like that would have far-reaching economic, strategic, and geo-political consequences for Israel and the entire region.
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2010 |
|
| Exploration News |
11/3/2010
11/3/2010
8/19/2010 6/25/2010 6/18/2010 |
| Israel/World News |
6/10/2010
6/10/2010 5/12/2010 5/1/2010
|
| Resources |
3/28/2010 10/11/2008
Mandelker's "Biblical Treasure Hunt"
Breaking The Treasure Code:The Hunt for Israel's Oil "If you haven't read this important book yet, get it read it and watch the news as prophecy unfolds ..." (read more)
The Great Treasure Hunt by: Jim Spillman Would you like to know:
Where the greatest treasure in the world is buried?
Why Russia will attack Israel?
The secret behind the battle of Armageddon?
___________________________ Support This Newsletter If you appreciate this weekly report and the www.oilinisrael.net website, please consider supporting our work by: Thanks for your support. |
|
No comments:
Post a Comment