Israeli Elenilto oil and gas exploration plan for Georgia
Georgia, Tbilisi, March 15/ Trend N.Kirtskhalia/
The Minister of Energy Kakha Kaladze has met with representatives of the Israeli company Elenilto.
The company has a licence for the exploration and extraction of oil and gas resources in the 11th licence block (territory of Sagarejo and Gardabani districts), the Ministry of Energy of Georgia informed Trend on Thursday.
Representatives of the company updated the minister with an action plan to be implemented during the next four years.
According to the memorandum between the parties, the company acquired a licence for 25 years and has pledged to invest $ 41 million into the works.
The company received the licence as a result of a tender held on June 5, 2012, but the agreement was only issued in February this year.
Elenilto will perform operations in Georgia via LLC Elenilto Georgia. Company stocks are placed on the NASDAQ, AIM and TASE stock markets.