Brownstone Announces Expiration of the Gabriella License, Offshore Israel
Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) (the “Company” or “Brownstone”) announces that it has been informed by its joint venture partners on the Gabriella License that the Petroleum Commissioner in the Ministry of National Infrastructure, Energy and Water of the State of Israel (the “Ministry”) provided notice that the Gabriella License has expired, without a further extension being granted, due to the milestones in the work program not being achieved. Brownstone had a 15% interest in the license.
Notice was also provided by the Ministry that the Yam Hadera License, in which Brownstone has an option to acquire a 10% interest, has expired for the same reasons.
The joint venture partners are evaluating the options available to them, including the filing of an appeal of the Ministry’s decisions not to extend the licenses.