Menu JTA Search

Canadian Firm Will Prospect for Oil in Israel; Signs Contract

The management of Central Explorers, Ltd., has announced that it will prospect for oil in the State of Israel. The company is an independent oil producer operating in Western Canada and Texas.

Central Explorers has signed a contract with Israel Continental Oil Company, Ltd., which holds eight concessions from the Israel Government covering about 800,000 shares.

The organization will supply under contract 50 percent of the cost of drilling the first well in each concession in exchange for a 50 percent interest in the well. On all additional wells drilled on surrounding acreage, Central Explorers will supply 40 percent of the cost for a 40 percent interest. The drilling of the first deep test well is scheduled to start in midsummer.