Brownstone Energy Partners Secure Drill Contractor For Gabriella License In Offshore Israel

abarrelfullabarrelfull wrote on 13 Jun 2012 23:55
Tags: brownstone israel m-east upstream

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Brownstone Energy Inc. (TSXV: BWN; OTCQX: BWSOF) (“Brownstone” or the “Company”) today announced that Noble International Ltd. has accepted a letter of award (LOA), which will enable Modiin Energy LP to execute a detailed drilling contract on behalf of the Gabriella consortium partners, including Adira Energy Ltd. (“Adira”) and Brownstone.

Brownstone also announces that Adira has signed a memorandum of understanding with Modiin Energy authorizing Modiin Energy to enter into a drilling contract with Noble Drilling and/or any of its affiliates on behalf of the working interest parties to drill the Gabriella licence prior to the revised spud date, June 30, 2013.

Brownstone Energy holds a 15% working interest in the Gabriella license.

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