Ofer set to back into Israeli permits

Ofer Investments has agreed to acquire a 50% interest in PC Oil and Gas (Israel) Partnership, a subsidiary of Israel Petroleum Co. (IPC), at a cost of up to US$28 million.

Offshore staff

STEAMBOAT SPRINGS, US -- Ofer Investments has agreed to acquire a 50% interest in PC Oil and Gas (Israel) Partnership, a subsidiary of Israel Petroleum Co. (IPC), at a cost of up to $28 million.

IPC will use the money to fund its share of the costs for the first planned wells in the Sara and Myra licenses in the Levantine basin in the Mediterranean Sea.

“We are extremely pleased to be in a partnership with one of Israel’s most prominent business groups. This agreement is in alignment with our long term goals in developing the Myra and Sara licenses and adds even more strength to an outstanding consortium,” stated Howard Cooper, manager of IPC.

The licenses are both held by a consortium comprising IPC Oil and Gas (Israel) Partnership, Emanuelle Energy, Emanuelle Energy Oil and Gas Limited Partnership, Modiin Energy Limited Partnership, and other entities.

IPC is owned 76.79% by Israel Oil and Gas Corp., a subsidiary of Bontan Corp., and 23.21% by International Three Crown Petroleum.

10/27/2010

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