IO Monthly Update - October 2015
Israel Opportunity's Latest Announcements
- Israel Opportunity receives Hatrurim License
On October 27th, 2015, the Petroleum Commissioner approved the Partnership's application for the 'Hatrurim' onshore license, located in Chalamish area of the Judean Desert. According to the license's terms, Israel Opportunity will hold 25% of the participation rights (subject to the approval of a general assembly) and Cyprus Opportunity will hold an additional 5%. The application was jointly filed with Zerah Oil and Gas Exploration LP (28.75%), Ginko Oil Exploration LP (28.75%), Ashtrom Group LTD (10%) and a company owned by Dr. Eliyahu Rosenberg, the founder of Avner Oil Exploration LP (2.5%).
- Antitrust Authority eases regulations on companies exploring for natural gas
According to publications by the Antitrust Authority, it believes that the burden of regulation on companies that collaborate in the exploration for natural gas should be reduced, on the condition that they do not hold rights in the Leviathan or Tamar reservoirs. The decision reached regarding the Pelagic and Oz licenses represents a change in policy which up till now placed significant limitations on these partnerships, particularly the obligation to sell or reduce the involvement of a partner in the case that gas is discovered in more than one reservoir in which he has holdings. Following settlement agreements between the partners in Pelagic and Oz licenses, the composition of ownership of these licenses would change.
- Netanyahu to take over the Ministry of Economy
The Ministry of Economy will pass to Prime Minister Benjamin Netanyahu's hands, paving the way to approval of the gas outline, after the Minister of Economy, Mr. Aryeh Deri has announced his resignation. Netanyahu will be able to exercise his powers to circumvent the anti-trust commissioner and sign off on the gas outline himself to enable development of the Leviathan gas reserve. In light of the change of personnel, the arrangement with the gas exploration companies is expected to be approved within the next few weeks.
- Gideon Tadmor acquires full ownership of Navitas
According to publications by Delek Group, Delek Drilling Limited Partnership chairman and Avner Oil and Gas LP CEO, Gideon Tadmor, is acquiring ownership of Navitas Petroleum from Delek Group. The company, currently jointly owned by Delek Group and Tadmor, holds the rights to 14 oil and gas exploration licenses in Louisiana and off the Texas and Louisiana shore in the Gulf of Mexico. The investment in the licenses totals $11 million.
- Energy Minister calls for American companies to invest in Israel
Israel's Energy Minister, Mr. Yuval Steinitz has called for U.S. energy companies to invest in Israel's growing offshore fields during a visit in Houston, following a meeting with U.S. Energy Secretary Ernest Moniz as part of an annual dialogue between the two countries on natural gas development and other topics. Steinitz urged more American companies to consider hunting for gas offshore Israel, which likely contains untapped oil and gas reserves which have yet to be discovered, he said.
UOG 2015, the 2nd Annual International Oil & Gas Conference and Exhibition, will take place in InterContinental David Tel Aviv Hotel On November 17-19, 2015 and will be attended by the Minister of Energy, Mr. Yuval Steinitz. UOG 2015 will primarily highlight and discuss E&P opportunities and challenges for operators, service companies and contractors offshore and onshore in Israel and will host licensee holders, government officials, international experts and senior executives in the oil and gas industry, such as Aker Solutions, Excelerate Energy, and many more.For further information and registration: http://www.universaloilgas.com
- Save the date: Israel Energy and Business Convention
The 2015 Energy and Business Convention will take place on November 23-24, 2015, at Dan Panorama Hotel in Tel Aviv. The convention, held for the 13th consecutive year, assembles under one roof representatives of companies and senior Israeli and foreign policy makers, bringing them together with the local financial and business community for professional, social and business-related gatherings and sessions on current and future technological, financial, and global trends in the energy sector.
For further information and registration: http://www.energianews.com/energy2015/agenda.htm
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.
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