The Partnership is pleased to announce that on 22.5.2013, approval from the Petroleum Commissioner in the Ministry of Energy and Water Resources was obtained to update the work plan in the License as follows:
| Activity | End Time Based on Updated Work Plan |
|---|---|
| Processing seismic survey data and preparation of the report | By 31.7.2013 |
| Deciphering of seismic survey data, preparation of a comprehensive report on the license area and improvement of the project | By 30.11.2013 |
| Submission of the report on prospective resources in the license in accordance with specifications of the "Petroleum Resources Management System" | By 31.12.2013 |
| Submission of a signed itemized agreement with the drilling contractor | By 30.1.2014 |
| Submission of environmental document based on Ministry of Energy and Water Resources guidelines* | By 28.2.2014 |
| Submission of a detailed drilling plan | By 31.5.2014 |
| Start of drilling in the license | By 31.8.2014 |
| Submission of a report summarizing the drilling findings | Submission of a report summarizing the drilling findings |
| Submission of a report summarizing the license activities | By 30.11.2014 |
*It is hereby clarified that submission of the aforementioned documents on time and obtaining of approval from the Commissioner are prerequisites for execution of the drilling.
Partners in the License and their percentage of holdings as follows:
The Partnership 10%[1]
Frendum Investments Ltd. 21.5%
Palcida Investments Ltd. 10%
Lapidot-Heletz Limited Partnership 41.5%
Coleridge Gas & Oil Exploration Israel L.P. 12% Caspian Drilling Company Limited 5%
[1] The Partnership acquired said rights from Frendum Investments Ltd. as stipulated in the Immediate Report dated 2.4.2013 (Reference 2012-01-091038). Transfer of said rights is subject, inter alia, to Commissioner approval, which has not yet been granted by the report date.
