In April 2010, an agreement was signed between Petromed and a new partnership for the transfer of the Sara and Myra licenses.

The 2-dimensional seismic acquisition was completed by WesternGeco in the Benjamin Permit mid September 2009 and the 3D seismic acquisition was completed mid December on the Sara and Myra licenses.

The “Myra” and “Sara” licenses are located in the Lavantine Basin which is located approximately 25 miles off the western coast of Israel in the Mediterranean Sea in waters approximately 1,400 meters deep. The Sara license covers an area of approximately 404 square kilometers (156 square miles) and the Myra license covers an area of approximately 396 square kilometers (153 square miles)

The operator is GEOGLOBAL RESOURCES (INDIA), INC., a Canadian corporation or GGR