Modiin Energy

Modiin Energy
Modiin Energy Limited Partnership
Type Public
Traded as TASE:MODIIN L
Industry Oil and gas exploration
Headquarters Tel Aviv, Israel
Key people Yitzhak Sultan
Revenue NIS 0 (2010)[1]
Operating income NIS –60.7 million (2010)
Profit NIS –61.6 million (2010)
Total assets NIS 335.8 million (2010)
Total equity NIS 296.1 million (2010)

Modiin Energy LP (Hebrew: מודיעין אנרגיה‎) 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.

Contents

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

External images
"Petroleum Rights"—Ministry of National Infrastructures (Israel)[3]

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 3.56 trillion cubic feet (1.01×1011 m3) of natural gas, as well as 277 million barrels (44,000,000 m3) of oil.[4][5] Modiin Energy has said it intends to commence drilling operations at Gabriella by the end of 2012.[6]

Sarah and Myra

The Sarah and Myra sites, officially designated 348 and 347, respectively, are located 70 kilometers off the shores of Hadera.[7] Their area totals 800 km2 and are jointly held by eight companies, with Modiin's stake coming to 19.282%.[8][9] In June 2011, the licensees published results of a three-dimensional seismic survey of the area, conducted by Netherland Sewell & Associates Ltd. The survey estimated the licenses to contain 6.5 trillion cubic feet (1.8×1011 m3) of natural gas, as well as 150 million barrels (24,000,000 m3) of oil.[10] Modiin has anticipated that drilling operations at Sarah and Myra will commence in the first quarter of 2012.[6]

Yam Hadera

The Yam Hadera site, officially designated 383, is located 30 kilometers off the shores of Hadera.[11] It covers 400 km2 and is held exclusively by Modiin Energy LP. In January 2011, Modiin announced that a three-dimensional seismic survey of the area had been completed[12] and that it expected processing and decoding of the survey to be completed by the third quarter of 2011. Modiin anticipates that drilling operations at Yam Hadera will commence by June 2012.[6]

Zurim

The Zurim site, officially designated 327, is located southwest of the Dead Sea. It encompasses an area of 335 km2[13] and is jointly held by two companies. Zerah owns 85% of the license and Modiin owns the remaining 15%.[14] 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.[15][16] Modiin notified the Tel Aviv Stock Exchange on 25 September that the commissioner had rejected the Halamish proposal.[17]

See also

References

  1. ^ "Modiin Energy – Limited Partnership". Tel Aviv Stock Exchange. June 2011. http://www.tase.co.il/TASEEng/General/Company/companyDetails.htm?subDataType=0&companyId=000345&ShareId=00345017#SummaryLink. Retrieved 26 August 2011. "Yearly 2010 IFRS" 
  2. ^ "IDB Development Corporation Ltd.". Business Week. http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=874739. Retrieved 31 August 2011. "IDB Development Corporation Ltd. is an investment arm of IDB Holding Corp. Ltd." 
  3. ^ "Maps Related to Petroleum Rights". Ministry of National Infrastructure (Israel). 1 June 2011. http://www.mni.gov.il/mni/en-US/NaturalResources/OilandgasExploration/OilMaps/. Retrieved 27 August 2011. 
  4. ^ Steinblatt, Ron (7 September 2011). "Survey finds big potential in Gabriella, Yitzhak". Globes. http://www.globes.co.il/serveen/globes/docview.asp?did=1000680588. Retrieved 16 September 2011. "The best estimate for Gabriella is 3.56 trillion cubic feet of gas and 277 million barrels of oil." 
  5. ^ "Brownstone Energy Announces Resource Assessment on Two Israeli Offshore Licenses". The Denver Post. Marketwire (Toronto). 7 September 2011. http://marketwire.denverpost.com/client/denver_post/release.jsp?actionFor=1496025. Retrieved 16 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')." 
  6. ^ a b c "שותפות מודיעין אנרגיה: ספטמבר 2011 [Modiin Energy Partnership: September 2011]" (in Hebrew). Modiin Energy LP. 11 September 2011. p. 11. http://maya.tase.co.il/bursa/report.asp?report_cd=674098-00&Type=Pdf. Retrieved 16 September 2011. "תחילת ביצוע קידוח ראשון עד ליום 1.12.2012" 
  7. ^ "Israel to seek UN opinion on maritime border spat". Al Arabiya. AFP. 10 July 2011. http://www.arabia.msn.com/News/MiddleEast/AFP/2011/July/7388455.aspx. Retrieved 16 September 2011. 
  8. ^ "Adira to Acquire Interest in Licenses Offshore Israel". Rigzone. 25 August 2010. https://www.rigzone.com/news/article.asp?a_id=97856. Retrieved 16 September 2011. "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)." 
  9. ^ "Israel Petroleum Company in Quest for Partners to Participate in Development of Sara and Myra Prospects". Offshore Energy Today. 2 August 2010. http://www.offshoreenergytoday.com/israel-petroleum-company-in-quest-for-partners-to-participate-in-development-of-the-sara-and-myra-projects/. Retrieved 16 September 2011. 
  10. ^ Koby Yeshayahou; Hillel Koren (30 June 2011). "Licensees confirm 6.5 TCF gas at Myra and Sarah". Globes. http://www.globes.co.il/serveen/globes/docview.asp?did=1000659317. Retrieved 16 September 2011. 
  11. ^ Nissan, Yossi (26 December 2010). "Modiin Energy begins 3D seismic survey off Hadera coast". Globes. http://www.globes.co.il/serveen/globes/docview.asp?did=1000611063&fid=1725. Retrieved 16 September 2011. "The Yam Hadera license is 30 kilometers offshore, between Hadera and Haifa." 
  12. ^ "הסתיים סקר סייסמי ברשיון 383/ים חדרה, עיבוד ופענוח עד Q3/2011 [Seismic survey at license 383/Yam Hadera completed, processing and decoding by Q3/2011]" (in Hebrew). Modiin Energy LP. 9 January 2011. http://maya.tase.co.il/bursa/report.asp?report_cd=607113-00&CompCd=345&Type=Pdf. Retrieved 16 September 2011. 
  13. ^ "Zerah teams with Delek to expand Dead Sea oil exploration". Globes. 15 October 2009. http://www.globes.co.il/serveen/globes/docview.asp?did=1000505483. Retrieved 16 September 2011. 
  14. ^ Steinblatt, Ron (3 February 2010). "Energy exploration partnership Zerah seeks more cash". Globes. http://www.globes.co.il/serveen/globes/docview.asp?did=1000536065&fid=1725. Retrieved 16 September 2011. 
  15. ^ "פניה לממונה לשינוי תוכנית עבודה ברשיון צורים [Appeal to Petroleum Commissioner to modify work plan for Zurim license]" (in Hebrew). Modiin Energy LP. 31 August 2011. http://maya.tase.co.il/bursa/report.asp?report_cd=671465-00&Type=Pdf. Retrieved 16 September 2011. 
  16. ^ "Zerah teams with Delek to expand Dead Sea oil exploration". Globes. 15 October 2009. http://www.globes.co.il/serveen/globes/docview.asp?did=1000505483. Retrieved 16 September 2011. "However, no production was carried out because the price of oil at the time rendered the discovery uneconomical." 
  17. ^ "הממונה דחה הבקשה לשינוי תוכנית עבודה ברשיון 327/צורים [Commissioner rejects appeal to modify work plan at license 327/Zurim]" (in Hebrew). MAYA. Modiin Energy. 25 September 2011. http://maya.tase.co.il/bursa/report.asp?report_cd=677873-00&Type=Pdf. Retrieved 27 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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