Bloomberg News

Gulliver, Zerah Gain on Regulatory Approval for Gas Exploration

February 27, 2012

Gulliver Energy Ltd. (GLVR) rose the most in more than than three months after the Israeli oil and gas explorer and its partners received regulatory approval to begin exploring for natural gas at the Gulliver/203 site.

The shares rallied 7.2 percent, the most since Nov. 10, to 0.337 shekel at 11:40 a.m. in Tel Aviv, valuing the Ramat Gan- based company at 68 million shekels ($18 million).

Zerah Oil & Gas Explorations LP (ZRAHL), a partner at the site, advanced 4.6 percent, the most since Nov. 7, to 0.046 shekel.

The approval is conditional on the presentation of a work plan, Gulliver said today.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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