IPC Oil & Gas Myra Drilling Update

IPC Oil & Gas Myra Drilling Update

IPC Oil and Gas Holdings, Ltd. (TASE: IPC) announced today that following the immediate report of June 23, 2012 [report on the commencement of the drill], to the immediate report of August 4, 2012 [report on a malfunction in the drill] and to the immediate report of August 11, 2012 [report on update following publications], and in accordance with information provided to the partners of the license by the license operator (herein The Operator), the drill has reached its final vertical depth (about 5,200 meters). During the drilling the operator has performed logging while drilling where no meaningful quantities of petroleum were found. In the information relayed by the operator to the drill license partners, high quality of sand was found (Miocene-Oligocene) sand but these were saturated with water in the drilling point.
Following the recommendation made by the Operator, the partners in the license have decided to perform wire line logging (herein Logs) in the drill, with the total cost of 1.7 m USD. These logs are expected to be ending next week. The purpose of these logs is to provide a final answer whether there are hydrocarbons present in the drill (in light of the fact that no meaningful petroleum quantities were found, the probability here is low), and will provide an important geological information which will assist the license partners in analyzing the geological information from this license and from license no. 348 / Sara (Sara license and together with The License – herein The Licenses) and will assist the partners during the execution of the Sara 1 drill under the Sara license and in other drills as much as these will be performed in the licenses area.
Immediately, upon completion of the logs performance, as specified here, expected for next week, the drilling rig will be moved to the Sara drill and will commence with the execution of the Sara drill in accordance with the work plan.
A warning in regards to a future anticipating information – the estimates in regards to the logs, their costs, and their date of completion, as well as the information pertaining the commencement of the Sara 1 drill is regarded as future anticipating information as it is defined in section 32 of the securities law and are based on estimates given by the operator of the drill and which there is no guarantees as to their coming to actuality, in full or in part in the estimation proclaimed manner and these might come to actuality in a whole different manner. These estimates are expected to be updated as the gathered information is accumulated and a s a result of a variety of factors related to the drill or other factors related to projects of search and discovery of naturally occurring oil and gas drills.
The licenses partners are as follows :
Modiin Energy limited partnership – 29.212%
IDB development company 5.605%3
Emauel Energy 22.413%
Emauel Energy – gas and oil search – limited partnership – 19.161%
Hachsharst Hayeshuv Company in Israel Ltd. 5%
IPC oil and gas Israel) limited partnership – 13.609%
The operator – 5%
www.ipcoilandgas.com
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