The Globes online reported that the VNG fund, from Switzerland, invested 20 million USD, in Israel Land Development Company Energy Ltd. (ILD Energy), as they partner in the Sarah and Myra exploration licenses. The investment will translate to a 9.33% stake in ILD Energy.
Ofer Nimrodi from the ILD Energy said, “This is a very important transaction ahead of the drilling of wells [at Myra and Sarah], and a vote of confidence in the company, its management, strategy, and assets, by the Swiss fund. The investment meets all the company’s financing needs for the exploratory wells, the drilling of which will begin in two weeks, and for the production tests.”
For the full article please click here