Brownstone Energy Co Affected by Expiration of Gabriella Offshore Israel License

Brownstone, a Canadian-based energy company with direct interests in oil and gas exploration projects worldwide, was told by its joint venture partners that the Gabriella licenses will not be renewed. Brownstone had a 15% interest in the Gabriella license, which the Petroleum Commissioner in Israel’s Ministry of National Infrastructure  Energy and Water, has decided not to extend because the milestones of the work program were not achieved.

Brownstone also had an option to acquire a 10% interest in the Yam Hadera license, but that license was not renewed for the same reason. The joint venture partners may file an appeal of the Ministry’s decision not to renew the licenses.

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