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Extension to Israel Offshore Myra and Sara Licenses

Source: www.gulfoilandgas.com 5/4/2011, Location: Middle East

Petroleum Supervisor, Dr. Yaakov Mimran of the Israel Petroleum Commissioner's Office has granted an extension for the planned drilling program on the offshore Israel licenses known as 347/Myra and 348/Sara to July 13, 2012. Under the terms of the extension the partners will present to the Petroleum Supervisor their final prospects to the Myra and Sara licenses by August 1, 2011 and begin drilling the first well by January 1, 2012. Drilling of the second well will commence after completion of the first well.

"The extension granted by the Petroleum Commissioner's corroborates the effort of our team, our partners and the government to move our offshore Israel exploration program for the Myra and Sara licenses forward in a timely fashion," said Mr. Miller. "This extension continues our commitment to drilling our first well in this region which we still expect to happen in calendar year 2011."

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