Brownstone Energy Granted Extension Of Drill Contract And Spud Date Samuel License, Offshore Israel

abarrelfullabarrelfull wrote on 05 Jul 2012 05:24
Tags: brownstone israel m-east upstream

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Brownstone Energy Inc. (TSXV: BWN; OTCQX: BWSOF) (“Brownstone” or the “Company”) today announced that is has been advised that The Ministry of Energy and Water of the State of Israel has granted an extension of the dates for the execution of a drilling contract and the spudding of the first well on the Samuel offshore license, indicated below:
Original date Revised date
Contract Execution Date July 1, 2012 October 31, 2012
Submission of an Environmental Study - July 10, 2012
Spudding of first well October 1, 2012 April 30, 2011

The date for the submission of the Environmental Study is a new milestone, and Brownstone has been advised by its partners that they believe they are able to submit the study within this timeline.

Brownstone holds a 6.75% working interest in the Samuel License.

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