Wednesday, October 20, 2010
Investment Follow Ups
Zev Abelesz, Chief of Bank Igud, wanted to distribute 50 million shekel dividend, but the Central Bank didnt allow it. They want to study the overall capital strength of the bank. That means that it is quite possible that also Bank HaPoalim will be able to pay out the dividend I am hoping for.
More oil was discovered in Israel. Bontan Corporation Inc. (OTCBB:BNTNF.ob - News) confirmed that the blocks covered by Sarah and Myra licenses are within a functioning petroleum system. The right to licences is held by a group comprising IPC Oil and Gas Ltd Partnership, Tel Aviv-based Emanuelle Energy Ltd, Modin Energy Partnership Limited, Emanuelle Energy Oil & Gas Limited Partnership and other entities including the operator, GeoGlobal Resources (India) Inc. Ofer Investments Ltd agreed to invest up to US$ 28 million and acquire a 50% equity in IPC Oil and Gas (Israel)Limited Partnership (IPC Israel). IPC Israel's remaining 50% is owned by Isarel Petroleum Company, Limited, Cayman (IPC Cayman). Bontan owns 76.79% of IPC Cayman. The funds will cover IPC Israel's share of the costs of the initial two test wells, based on the current estimates. Bontan currently has 78,314,076 common shares issued and outstanding and is debt free. Its share price jumped 25% today.