Emanuelle Energy Ltd., a subsidiary of The Israel Land Development-Energy Ltd., has chosen to exercise its 7.128% participating option interest in the 388/Samuel license offshore Israel, said GeoGlobal Resources Inc., Calgary.
This option became available following GeoGlobal’s completion and filing with the Israel Ministry of National Infrastructure on Mar. 29, 2012, of the interpretation summary report of the recently processed and interpreted 3D ocean bottom cable seismic.
The option allows members of the Myra and Sara consortium to exercise up to a 12.5% participating interest in the Samuel license by paying their proportionate share of all past costs and future costs in the Samuel joint venture. This option remains open to the other members of the Myra and Sara consortium until May 24, 2012.
GeoGlobal expressed encouragement that it took Emanuelle Energy so little time after reviewing the report in exercising the option to participate in the back costs as well as the future drilling cost of the first well in Samuel which is expected to be drilled by the end of 2012.