Emanuelle backs into shallow-water Israeli license

Offshore staff

CALGARY, Canada Emanuelle Energy, a subsidiary of Israel Land Development - Energy, intends to exercise an option to participate in the shallow water 388/Samuel license offshore Israel.

The option for the 7% interest became available following filing of a report on recently processed and interpreted 3D ocean bottom cable seismic data with the Ministry of National Infrastructure on March 29.

Under Article 1.1 of the Option Agreement, members of the Myra and Sara license consortium can exercise up to a 12.5% participating interest in the Samuel concession through paying their share of all past and future costs in the joint venture.

GeoGlobal Resources President and CEO Paul Miller said: “We are very encouraged that Emanuelle Energy has taken so little time after reviewing the Interpretation Summary Report in exercising their option to participate in the back costs as well as the future drilling cost of the first well in Samuel which we expect to have drilled before the end of this year.”

4/17/2012

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