Brownstone Energy Inc. has received an extension (the "Extension") from the Ministry of Energy and Water of the State of Israel (the "Ministry") for the work programs on the Yitzhak and Gabriella licenses, offshore Israel. Brownstone and the other license holders have also relinquished their interests in the Samuel license, offshore Israel, back to the State of Israel. Brownstone held a 6.75% interest in the Samuel license.
The extended work program for the Yitzhak license requires the Company, and the other participants on the Yitzhak license, to submit an Environmental Impact Assessment to the Central District Planning Committee of the State of Israel by January 1, 2014, and execute a drilling contract by September 30, 2014. The Yitzhak license has been extended to October 14, 2014. Brownstone holds a 15% interest in the license.