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Modiin Gains Most Since March as Noble Suspends Drilling

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May 3 (Bloomberg) -- Modiin-LP advanced the most since March in Tel Aviv trading after Noble Energy Inc. suspended drilling operations in the Leviathan offshore field.

The shares of the oil and gas explorer rose 5 percent, the biggest gain since March 13, to 0.356 shekel at the 4:30 p.m. close in Tel Aviv.

“The Noble announcement that it finished the drilling for oil in Leviathan means that the rig may now pass over to Mira and Sara, where Modiin has interests,” said Guil Bashan, an analyst at I.B.I- Israel Brokerage & Investments Ltd. in Tel Aviv. “So this could signal the beginning of drilling at those sites.”

Israel Land Development Co., also a partner in the Mira and Sara gas fields, climbed 5.2 percent to 0.715 shekel.

To contact the reporter on this story: David Wainer in Tel Aviv at dwainer3@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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