Modiin Energy Explained

Modiin Energy Limited Partnership
Type:Public
Traded As:TASE

MODIIN L

Location City:Tel Aviv
Location Country:Israel
Key People:Yitzhak Sultan
Industry:Oil and gas exploration
Revenue:NIS 0 (2010)[1]
Operating Income:NIS –60.7 million (2010)
Net Income:NIS –61.6 million (2010)
Assets:NIS 335.8 million (2010)
Equity:NIS 296.1 million (2010)

Modiin Energy LP is a publicly traded company engaged in oil and gas exploration in Israel. It is listed on the TA MidCap 50 Index as well as on the TA Oil and Gas Index of the Tel Aviv Stock Exchange. The company owns rights to drilling licenses in various locations throughout Israel and in Israel's maritime exclusive economic zone.

Background

The Modiin Energy limited partnership was established in 1992 as part of an agreement between Modiin Energy Management (1992) Ltd. and Modiin Energia Neemanut Ltd. 16.94% of the partnership is controlled by IDB Development Corporation, a privately held investment arm of IDB Holdings.[2]

Portfolio

Gabriella

The Gabriella drilling site, officially designated 378, is located 10–15 kilometers off the shores of Tel Aviv. It encompasses an area of 390 km2 and is held jointly by three companies. Modiin owns rights to 70% of the license, Adira Energy Israel Ltd. owns 15%, and Brownstone Energy Inc. owns the remaining 15%. In September 2011, Adira Energy published results of a three-dimensional seismic survey of the area, conducted by Colorado-based geological consultancy firm Gustavson Associates LLC. The survey estimated the license to contain 3.56e12cuft of natural gas, as well as 277Moilbbl of oil.[3] [4] Modiin Energy has said it intends to commence drilling operations at Gabriella by the end of 2012.[5]

Sarah and Myra

The Sarah and Myra sites, officially designated 348 and 347, respectively, are located 70 kilometers off the shores of Hadera.[6] Their area totals 800 km2 and are jointly held by eight companies, with Modiin's stake coming to 19.282%.[7] [8] In June 2011, the licensees published results of a three-dimensional seismic survey of the area, conducted by Netherland, Sewell & Associates Inc. The survey estimated the licenses to contain 6.5e12cuft of natural gas, as well as 150Moilbbl of oil.[9] Modiin has anticipated that drilling operations at Sarah and Myra will commence in the first quarter of 2012.

Yam Hadera

The Yam Hadera site, officially designated 383, is located 30 kilometers off the shores of Hadera.[10] It covers 400 km2 and is held exclusively by Modiin Energy LP. In December 2011 Modiin published the results of a three-dimensional seismic survey of the area, conducted by Netherland, Sewell & Associates Inc. The survey gave a best estimate of 1.4 TCF of natural gas, as well as 130 million barrels of oil. Modiin anticipates that drilling operations at Yam Hadera will commence by June 2012.[11]

Zurim

The Zurim site, officially designated 327, is located southwest of the Dead Sea. It encompasses an area of 335 km2[12] and is jointly held by two companies. Zerah owns 85% of the license and Modiin owns the remaining 15%.[13] After the Nature and Parks Authority indicated in August 2011 that it would not authorize drilling new wells at Zurim, Zerah and Modiin petitioned the Petroleum Commissioner to modify the terms of the license so as to approve a workover on an already-existing well, Halamish-1, which had been abandoned in 1995.[14] [15] Modiin notified the Tel Aviv Stock Exchange on 25 September that the commissioner had rejected the Halamish proposal.[16]

See also

Notes and References

  1. Web site: Modiin Energy – Limited Partnership. Tel Aviv Stock Exchange. 26 August 2011. June 2011. Yearly 2010 IFRS.
  2. News: IDB Development Corporation Ltd.. https://web.archive.org/web/20121015142034/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=874739. dead. October 15, 2012. 31 August 2011. Business Week. IDB Development Corporation Ltd. is an investment arm of IDB Holding Corp. Ltd..
  3. News: Steinblatt. Ron. Survey finds big potential in Gabriella, Yitzhak. 16 September 2011. Globes. 7 September 2011. The best estimate for Gabriella is 3.56 trillion cubic feet of gas and 277 million barrels of oil..
  4. News: Brownstone Energy Announces Resource Assessment on Two Israeli Offshore Licenses. 16 September 2011. The Denver Post. Marketwire. Toronto. 7 September 2011. Gustavson Associates LLC ('Gustavson') of Boulder, Colorado was commissioned by Adira in April 2011, to independently evaluate the hydrocarbon potential of the Licenses using all data available as of an effective date of August 31, 2011 (the 'Effective Date').. https://web.archive.org/web/20120402124640/http://marketwire.denverpost.com/client/denver_post/release.jsp?actionFor=1496025. 2 April 2012. dead.
  5. Web site: he:שותפות מודיעין אנרגיה: ספטמבר 2011. http://maya.tase.co.il/bursa/report.asp?report_cd=674098-00&Type=Pdf. Modiin Energy LP. 16 September 2011. 11. Hebrew. Modiin Energy Partnership: September 2011. 11 September 2011. תחילת ביצוע קידוח ראשון עד ליום 1.12.2012.
  6. News: Israel to seek UN opinion on maritime border spat. https://archive.today/20120717220755/http://www.arabia.msn.com/News/MiddleEast/AFP/2011/July/7388455.aspx. dead. 17 July 2012. 16 September 2011. Al Arabiya. 10 July 2011. AFP.
  7. News: Adira to Acquire Interest in Licenses Offshore Israel. 16 September 2011. Rigzone. 25 August 2010. The Sara license covers an area of approximately 404 square kilometers (156 square miles) and the Myra license covers an area of approximately 396 square kilometers (153 square miles)..
  8. News: Israel Petroleum Company in Quest for Partners to Participate in Development of Sara and Myra Prospects. 16 September 2011. Offshore Energy Today. 2 August 2010.
  9. News: Licensees confirm 6.5 TCF gas at Myra and Sarah. 16 September 2011. Globes. 30 June 2011. Koby Yeshayahou. Hillel Koren.
  10. News: Nissan. Yossi. Modiin Energy begins 3D seismic survey off Hadera coast. 16 September 2011. Globes. 26 December 2010. The Yam Hadera license is 30 kilometers offshore, between Hadera and Haifa..
  11. News: Barkat. Amiram. Modiin: 133m barrels of oil at Yam Hadera. 4 December 2011. Globes. 4 December 2011.
  12. News: Zerah teams with Delek to expand Dead Sea oil exploration. 16 September 2011. Globes. 15 October 2009.
  13. News: Steinblatt. Ron. Energy exploration partnership Zerah seeks more cash. 16 September 2011. Globes. 3 February 2010.
  14. Web site: he:פניה לממונה לשינוי תוכנית עבודה ברשיון צורים. http://maya.tase.co.il/bursa/report.asp?report_cd=671465-00&Type=Pdf. Modiin Energy LP. 16 September 2011. Hebrew. Appeal to Petroleum Commissioner to modify work plan for Zurim license. 31 August 2011.
  15. News: Zerah teams with Delek to expand Dead Sea oil exploration. 16 September 2011. Globes. 15 October 2009. However, no production was carried out because the price of oil at the time rendered the discovery uneconomical..
  16. Web site: he:הממונה דחה הבקשה לשינוי תוכנית עבודה ברשיון 327/צורים. http://maya.tase.co.il/bursa/report.asp?report_cd=677873-00&Type=Pdf. MAYA. Modiin Energy. 27 September 2011. Hebrew. Commissioner rejects appeal to modify work plan at license 327/Zurim. 25 September 2011. במכתבו למפעיל, ציין הממונה כי כניסה לקידוח חלמיש- 1 לא נכללה בתוכנית העבודה של הרישיון, וכי בכל מקרה פרק הזמן שנותר עד תום תקופת הרישיון, לא יספיק לביצוע הכניסה לקידוח, מבחני ההפקה והפקה מסחרית..

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