The Israeli Ministry of Energy and Water gave Brownstone consent to work in the offshore Yitzhak and Gabriella reserve areas.
Brownstone said Wednesday it needs to submit an environmental impact assessment to the government by January and execute its drilling contract in the Yitzhak area by September.
Yitzhak is a shallow water oil well discovered less than 10 miles offshore in the 1970s. Brownstone in 2011 estimated Yitzhak holds 20.4 million barrels of oil equivalent.
For Gabriella, Brownstone needs to pick a new operator by February and start drilling by April.
Gabriella is a shallow water oil well that gave up 800 barrels of oil per day when it was tested in the 1990s. By its best estimate, the company said third-party testing suggested there was 277 million barrels of oil equivalent in Gabriella.
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