IO Monthly Update - May 2015
Israel Opportunity's Latest Announcements
- Israel Opportunity raises 'Oz' holdings
On May 28th, 2015, Israel Opportunity – Energy Resources, Limited Partnership ("the Partnership") has reached agreements with Frendum, Placida and Lapidoth for resolving the disputes between the parties, whereby the Partnership will increase its holdings in "Oz" license to 41.5%. In exchange for the acquired rights, the Partnership will pay a sum of $400,000 following the first agreement with Frendum dated April 2012 in which the Partnership acquired the first 10% of the "Oz" license. Furthermore, the Partnership will pay an additional amount of $200,000 from commercial production made in the license (if any). Upon completion of the transaction, and after receiving the approval of the Petroleum Commissioner, "Oz" License's partners and holdings will be as follows: The Partnership – 41.5%; Lapidoth-Heletz L.P. – 41.5%; Coleridge Gas & Oil Exploration Israel L.P.- 12%; Caspian Drilling Company Limited – 5%.
On May 31st, 2015, the Partnership published its Financial Statements as of March 31st, 2015. For the full Financials, please click here
- Israel Opportunity releases Q1 financial statement for 2015
- Negotiations between Delek Group and Noble Energy for acquisition of rights in Block 12
On May 31st, 2015 Delek Group announced that it has begun preliminary negotiations with Noble Energy International, Ltd. for the acquisition of 19.9% of its share in Block 12 in Cyprus, amounting to approximately US $155 million. The other partners in Block 12 are Delek Drilling - Limited Partnership and Avner Oil Exploration - Limited Partnership, each holding 15% of the rights. According to the report, there is no certainty that the above mentioned negotiations will mature into any binding agreement between the parties.
- Antitrust commissioner resigns
Antitrust Authority commissioner, Prof. David Gilo announced his resignation on May 25th, 2015, due to dissatisfaction with the emerging structure of the Israeli gas sector. According to Gilo, the proposed compromise with Noble Energy and Delek regarding Tamar and Leviathan fields will not lead to competition, and could possibly detract from the independence of the Antitrust Authority and harm its ability to carry out unilateral measures. A new commissioner has not yet been appointed.
- 700m cubic feet of gas to be imported daily to Eygpt from Aphrodite field
According to a publication by Daily News Egypt, negotiations are taking place by the Egyptian Natural Gas Holding Company (EGAS) for buying roughly 700m cubic feet of gas daily from the Cypriot Aphrodite field. A 400km marine pipeline to link the Aphrodite field to Egypt through the deep waters of the Mediterranean Sea is expected to complete within two and a half to three years. A Memorandum of Understanding was signed between EGAS and Cyprus Hydrocarbons Company (CHC) to start data exchange.
The materials and information included in this newsletter are provided as a service to you by Israel Opportunity Oil & Gas Exploration Ltd. ("the Company") and the Company or any of its subsidiaries are not responsible for the accuracy and completeness of information provided herein. The information provided herein is not advice of any kind, and should not be treated as such.
The Company will not be liable to you in respect of any special, indirect or consequential loss or damage with respect to relying on the information herein.
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