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The Gabriella License Expired

Source: www.gulfoilandgas.com 9/29/2014, Location: Middle East

Brownstone Energy Inc. has been informed by its joint venture partners on the Gabriella License that the Petroleum Commissioner in the Ministry of National Infrastructure, Energy and Water of the State of Israel (the “Ministry”) provided notice that the Gabriella License has expired, without a further extension being granted, due to the milestones in the work program not being achieved. Brownstone had a 15% interest in the license.

Notice was also provided by the Ministry that the Yam Hadera License, in which Brownstone has an option to acquire a 10% interest, has expired for the same reasons.

The joint venture partners are evaluating the options available to them, including the filing of an appeal of the Ministry’s decisions not to extend the licenses.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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