Brownstone_Offshore Oil Rig Platform

Canadian firm Brownstone Energy has been granted an extension, for work programmes on Yitzhak and Gabriella offshore licences, from the Ministry of Energy and Water of Israel.

Brownstone and the other licence holders have also turned down and handed back their interests in the Samuel licence, in which the company holds a 6.75% interest, to the country.

Under the extended work programme for the Yitzhak licence, the company and the other participants on the Yitzhak licence will have to submit an Environmental Impact Assessment to the Central District Planning Committee of the State of Israel by 1 January 2014.

The company and the participants are also required to execute a drilling contract by 30 September 2014. The Yitzhak licence, in which Brownstone holds a 15% interest, has been extended to 14 October 2014.

Brownstone and other participants need to submit a request to the ministry under the extended work programme for the Gabriella licence, for approval of a new operator that complies with ministry regulations by 28 February 2014.

"Brownstone and the other licence holders have also turned down and handed back their interests in the Samuel licence."

A drilling contract is also required to be executed by 30 April 2014, with completion of an Anisotropic PSDM and coherent sub surface model by 31 July 2014 and spudding of a well by 31 August 2014.

Brownstone holds a 15% interest in the Gabriella licence, which has been extended to 1 September 2014.

The work programme for the Yam Hadera licence, in which the company has an option to acquire a ten percent interest, has also been extended.

Under the programme, participants in the licence are required to submit a request to the ministry for approval of a new operator that complies with ministry regulations by 28 February 2014.

Execution of a drilling contract by 31 May 2014, the submission of an Environmental Assessment by 31 May 2014 and spudding a well by 31 August 2014 will also be covered in the programme.


Image: Brownstone holds a 15% interest in the Yitzhak licence. Photo courtesy of num_skyman / FreeDigitalPhotos.net.

Nri