Genie Energy Ltd., (NYSE:GNE) a leading independent retail energy
provider and a developer of unconventional energy projects, said today
that on September 2, 2014, the Jerusalem District Committee for Planning
and Building voted to decline to issue Israel Energy Initiatives, Ltd.
(“IEI”) a permit to build and operate an oil shale pilot drilling
project in Israel’s Shfela region.
IEI, a majority owned subsidiary of Genie Energy, Ltd., holds an
exclusive Shale Oil Exploration and Production License awarded in 2008
by the Israeli Ministry of National Infrastructures.
The Company said in a statement released today that it is disappointed
by the Committee’s decision and is currently evaluating options to
determine the best course of action to move forward to exploit the
valuable resource covered by IEI’s exploration license.
About Genie Energy Ltd.:
Genie Energy Ltd (NYSE: GNE) is comprised of IDT Energy and Genie Oil
and Gas (GOGAS). IDT Energy is a leading independent retail energy
provider supplying electricity and natural gas to residential and small
business customers in the Northeastern United States. GOGAS is a
resource and technology development company focused on producing clean
and affordable transportation fuels from the world’s abundant
kerogen-based oil shales and other oil and gas resources. GOGAS is
currently developing oil shale projects in Colorado, Israel and
Mongolia, and an oil and gas exploration project in Israel. For more
information, visit www.genie.com.
Copyright Business Wire 2014