Ness Energy International, has concluded verbal negotiations in Israel for the acquisition of land rights, for oil and gas exploration, for approximately 100,000 acres located in the South West area of the Dead Sea, with an agreement being reached during the talks.
This major development resulted after Ness CEO, Hayseed Stephens, extended his Israeli trip for a third time for final hour meetings with the seller and lawyers. The agreement, reached during negotiations, is now in the hands of Israeli lawyers, hired by Ness, for documentation and completion based upon the final discussions between the parties.
Centered on the parcel, though not included in the acquisition, is an operating gas field reported to have produced about 70 billion mcf of gas, still producing, and generating substantial revenues. Further, an area included in the land rights already has a history of drilling oil production, and about seven other areas within the parcel have geological indications of potential gas reserves for Ness.
Ness intends to sign an agreement and close the acquisition, in the form of acquiring an Israeli business with the land rights to the parcel, and other assets of benefit to the Ness vision. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
