I apologize that I cannot source that right now. I'm literally getting ready to fly out for a vacation so won't post for another week.
We have received info from Zion in the mail and email when we bought the warrants. And have watched videos sent to us produced by Zion. But I don't know where that information was. So for now let's just say that some ihub poster thinks that is the case - and when I get back in a week I'll find out exactly where. Again sorry I can't pinpoint that.
(Scroll down, and click on Synopsis of the Israeli Petroleum Law and Regulation)
"The second type of right is the licence, bestowing an exclusive right for further exploration work, and requiring the drilling of test wells. The initial term of a licence is up to three years and may be extended for up to an additional four years. A licence area may not exceed 400,000 dunams (approximately 100,000 acres).
Upon discovery of petroleum, the licencee has a statutory right to receive the third type of right, which is a production lease. The initial lease term is 30 years, extendible to a maximum period of 50 years. A lease confers upon the leasee the exclusive right to explore for and produce petroleum in the lease area and requires that the leasee produce petroleum in commercial quantities (or pursue test or development drilling). The leasee is entitled to transport and market the petroleum produced, subject to the right of the Government to call upon him to supply local needs first, at market price. A leasee is liable for a royalty of one-eighth (12 1/2 %) of the quantity of petroleum produced and saved from the lease area, excluding the quantity of the petroleum used in operating the leased area, and subject to a minimum royalty set forth in the Law.
The holder of a petroleum right is expected to carry out his operations with due diligence and in accordance with the accepted practice in the petroleum industry. He is required to submit progress and final reports, as detailed in the Law and Regulations. The information supplied by the holder of the petroleum right is kept secret for as long as he has a petroleum right (permit, licence or lease) on the area concerned .
The holder of a petroleum right is entitled to import into Israel, free of customs duties and other import levies, the goods required by him for petroleum exploration purposes.
The grant of a petroleum right does not automatically entitle its holder to enter upon the land to which the right applies or to carry out exploration and production work, when the same requires the consent of other public bodies (e.g. Planning and Building Authorities, Nature Reserves etc.)..The holder of a petroleum right may request the Government to acquire, on his behalf, land needed for petroleum purposes. It is the responsibility of the petroleum right holder to get the other necessary approvals.
The Law provides for an administrative structure, headed by the Petroleum Commissioner who acts in consultation with an Advisory Board. The Petroleum Law is under the responsibility of the Minister of National Infrastructures."
News 
Market Data 
Discover 
AI
