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Israel Land, Modiin Surge as Well Drilling Targets Expected

Sept. 3 (Bloomberg) -- Israel Land Development Co. Energy Ltd. surged the most since the shares were listed 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 34 percent, the most since 2010, to 0.47 shekel at the 4:30 p.m. close in Tel Aviv. Modiin climbed 15 percent to 0.226 shekel. The benchmark TA-25 index gained 0.5 percent.

“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.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

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

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