Israel Land, Modiin Surge as Myra Well Drilling Targets Expected
Israel Land Development Co. Energy Ltd. (IE) surged the most since 2010 in Tel Aviv and Modiin-LP jumped ahead of drilling results expected this week from the Myra 1 well in which the gas and oil explorers own stakes.
The shares in Israel Land Development Co. Energy soared 29 percent, the most since December 2010, to 0.452 shekel at 2:25 p.m. in Tel Aviv. Modiin climbed 13 percent to 0.221 shekel.
“The anticipation of the initial findings of the results of the drilling at the Myra 1 well is what is pushing up the shares,” Richard Gussow, an analyst at DS Securities & Investments in Tel Aviv, said by phone today.
Israel Land said Aug. 27 that it expects to reach target layers at the well in the first week of September.
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