Bloomberg News

Modiin Gains Most Since March as Noble Suspends Drill Operations

May 03, 2012

Modiin-LP (MDINL) advanced the most since March in Tel Aviv trading after Noble Energy Inc. (NBL:US) suspended drilling operations in the Leviathan offshore field.

The shares of the oil and gas explorer rose as much as 7.4 percent and were trading 6.2 percent higher, the biggest gain since March 13, at 0.36 shekel as of 11:43 a.m. in Tel Aviv.

“The Noble announcement that it finished the drilling for oil in Leviathan means that the rig may now pass over to Mira and Sara, where Modiin has interests,” said Guil Bashan, an analyst at I.B.I- Israel Brokerage & Investments Ltd. in Tel Aviv. “So this could signal the beginning of drilling at those sites.”

Israel Land Development Co., also a partner in the Mira and Sara gas fields, added 5.2 percent to 0.715 shekel.

To contact the reporter on this story: David Wainer in Tel Aviv at dwainer3@bloomberg.net

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


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Companies Mentioned

  • NBL
    (Noble Energy Inc)
    • $47.22 USD
    • -1.28
    • -2.71%
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