IO Monthly Update - September 2015
Israel Opportunity's Latest Announcements
- Israel Opportunity raises 'Pelagic' holdings
On September 9th, 2015, partners in 'Pelagic' Licenses – Israel Opportunity Energy Resources LP and Daden Investment Ltd, have reached an agreement whereby Israel Opportunity will increase its holdings in the mentioned licenses to 25%. After the transfer of rights, Pelagic Licenses' partners and holdings will be as follows (should no right of first refusal be exercised and all approvals for this and the Frendum transaction dated April 16th 2015 are received): Israel Opportunity – 25%; Nammax Oil & Gas Limited – 60%; Frendum Investments Limited – 10%; AGR Petroleum Services Holdings AS – 5%.
- Israel Opportunity appoints new supervisor
A general assembly gathered on September 6th, 2015, decided on the appointment of Horowitz Idan Sabo Tevet & Cohen Tabach (Baker Tilly) together with Isaac Idan, CPA, as the new Supervisor of the Partnership. The voting took place in accordance with the new guidelines set out in the amendment of the Partnerships Ordinance (no. 5) -2015, from February 2015.
- Knesset approves natural gas plan
On September 7th, 2015, the Israeli Parliament passed the gas framework agreement with a 59-51 majority. However, the vote on the transfer of powers from Minister of Economy Aryeh Deri to the government was split into a separate vote that have not yet been held. Without the follow-up vote, the Knesset's approval of the gas framework remains merely symbolic.
- Eni CEO: Egypt gas find could be much bigger
As published in Globes Magazine, Claudio Descalzi, CEO of Italian energy company Eni, told the Italian Senate that the estimates published on August 30th, 2015, for the huge gas reservoir discovered in Egypt were very conservative and that it could be much bigger. He predicted that the reservoir would produce 30-35 BCM of natural gas annually. Descalzi also believes there is another reservoir with oil or condensate below the one discovered.
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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