BG farms into Israeli exploration blocks

BG International Ltd. acquired a 50% interest in five exploration tracts in the Mediterranean Sea off Israel through a $10 million farmout deal with current operator Isramco Inc.The tracts cover a total 2,000 sq km and comprise: Med Yavne, Block 239; Med Tel Aviv, Block 240; Med Hedera, Block 241; Med Ashdod, Block 242; and Med Hasharon, Block 243.BG is expected to take over the operatorship of Med Yavne once the Or-1 wildcat, currently drilling ahead, is completed. The well was spudded in early October and will be followed immediately by Or-South.Then the Med Yavne license interests will be: operator BG, 50%; Isramco, 42%; and Delek Drilling Ltd., 8%. For the other four licenses, the own...

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