IPC Oil and Gas Holdings, Ltd. (IPC), is a publicly traded oil and gas company which trades on the Tel Aviv Stock Exchange under the symbol IPC:IE. IPC explores for oil and gas in the Levantine Basin off-shore Israel. IPC holds 6.8045% of two petroleum drilling licenses, Sarah and Myra, located approximately 25 miles off-shore. The licenses are located south of the giant Leviathan, Tamar, and Dalit discoveries and north of producing wells on the Mari-B and Noa leases. These discoveries were all drilled by American independent Noble Energy, Inc. and have reserves in excess of 28 Tcf. The Leviathan discovery is the largest offshore deepwater discovery in over a decade.
The IPC Sarah and Myra Licenses cover approximately 198,000 acres (500 sq.km). 2D and 3D surveys have been completed by WesternGeco over the entire area and Netherland, Sewell, & Associates has performed an independent resource report. Drilling is scheduled to commence in the first quarter of 2012. IPC has a carry of up to USD $28 million on the first two wells drilled on Sarah and Myra from an agreement signed with Ofer Investments, Inc. in October, 2010.
