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.

The extended work program for the Gabriella license requires the Company, and the other participants on the Gabriella license, to submit a request to the Ministry for approval of a new operator that complies with Ministry regulations by February 28, 2014, execute a drilling contract by April 30, 2014, complete an Anisotropic PSDM and coherent sub surface model by July 31, 2014, and spud a well by August 31, 2014. The Gabriella license has been extended to September 1, 2014. Brownstone holds a 15% interest in the license.

Brownstone further announces that the work program for the Yam Hadera license, on which Brownstone has an option to acquire a 10% interest, has also been extended. The extended work program requires the participants on the Yam Hadera license, to submit a request to the Ministry for approval of a new operator that complies with Ministry regulations by February 28, 2014, execute a drilling contract by May 31, 2014, submit an Environmental Assessment by May 31, 2014, and spud a well by August 31, 2014.

 

Â