Feb. 27 (Bloomberg) -- Gulliver Energy Ltd. rose the most in more than four months after the Israeli oil and gas explorer and its partners received regulatory approval to begin exploring for natural gas at the Gulliver/203 site.
The shares rallied 8 percent, the most since Oct. 10, to 0.339 shekel at the 4:30 p.m. close in Tel Aviv, valuing the Ramat Gan-based company at 69 million shekels ($18 million).
Zerah Oil & Gas Explorations LP, a partner at the site, advanced 6.8 percent, the most since Aug. 29, to 0.047 shekel.
The approval is conditional on the presentation of a work plan, Gulliver said today.
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