The Israel Land Development Company – Energy Ltd. (ILDC Energy)
ILDC Energy Ltd. was founded in March 2010 and since then engages in gas and oil exploration in Israel.
In addition to its current operations, ILDC Energy presently examines further options, in oil and gas exploration in various sites elsewhere in the world as well as in the fields of alternative energy, renewable energy. ILDC Energy is a public company traded on the Tel Aviv Stock Exchange.
ILDC Energy operates directly and via Company-controlled corporations.
ILDC Energy holds, through Emanuelle Energy Ltd. (“Emanuelle Energy”), a private company fully owned by the Company, and through Emanuelle Energy – Gas and Oil Exploration (“Emanuelle Partnership”), a limited partnership also fully owned by the Company together with its holding company – The Israel Land Development Company Ltd. (“ILDC") which holds 5% of the rights, working interests totaling approximately 46.6% (see Footnote 1) in two offshore drilling licenses: 347/”Myra” and 348/”Sara”, each spanning 400 square kilometers, within Israel’s economic waters. The Sara and Myra license sites are located approximately 40 km west of Hadera, south of the Dalit and Tamar gas deposits.The other partners in these licenses include the IDB Group and the Ofer Brothers.
The first exploration drills to the gas targets in the "Myra” and ”Sara” licenses were concluded. According to information received from the operator, both drills were declared "Dry Holes" and in either of them no commercial quantities of hydrocarbons were found. However, according to information given to the partners in the licenses by the operator, the results of the wire line logs together with the high quality sands found in the drills may suggest that there is an active hydrocarbon system in the licenses area. The consortium is currently analyzing the geological data gathered during the drills to allow re-evaluation of the prospective oil and gas resources in the licenses area, in order to carry out further exploration drills in the future.
During the first half of 2014, Agreements were signed between the Company and its partners in the licenses and the Ratio and the new operator, Energean Oil & Gas, to join as partners in the licenses "Sarah" and "Myra ", at 25% each. These Agreements are subject to contingent conditions and the approval of the Restraint of Trade Controller and the Petroleum Commissioner.
ILDC Energy holds approx. 42.5% of the share capital of Emanuelle Adriatic Energy Ltd., which has signed a Production Sharing Agreement (PSA) with the representative of the Government of Albania about receiving rights to develop, produce and sell hydrocarbons (oil & gas) in 3 maritime blocks in the Adriatic Sea, spanning a total area of some 5,070 square kilometers off the Albanian shore and under Albanian control.
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(1) It is noted that ILDC has an option to purchase shares in ILDC Energy against the transfer of all of its rights (5%) in each of the said licenses, which ILDC has committed to exercise upon approval by the Commissioner of Oil Affairs that the Company has the financial strength required.