IO Monthly Update - February 2018
Israel Opportunity's Latest Announcements
  • Israel Opportunity Announces an Updated Work Plan for Its North Dakota Project
On March 4th 2018, Israel Opportunity approved an update to the work plan in the Partnership's "North Dakota project," that includes, subject to certain terms and conditions, performing four recompletions to existing wells. Following a successful performance of this phase, the partnership would examine the profitability of recompleting additional 2 to 4 wells, so that the partners in the Project would possess, at the time of the recompletion of the additional wells and the commencement of production from the wells, between 8 to 10 producing wells in 2018. For the full announcement, click here.
  • Request to Receive the "New Yoad" License to be Forwarded for an Additional Discussion at the Petroleum Council
On February 25th 2018, the Petroleum Commissioner at the Ministry of Energy informed the Partnership and the other partners to the license, that their application for the "New Yoad" License in its new borders will be brought before the Petroleum Council.
Regional Events
  • Egyptian Dolphinus Holdings signs a $15 Billion Deal to Purchase Israeli Natural Gas
A $15 Billion agreement was announced on February 19 2018 between Delek Drilling and Noble Energy and the Egyptian company Dolphinus Holdings to supply natural gas to Egypt, as AP reported on February 21st 2018. According to the report, over a 10-year period a total of 64 billion cubic meters of gas will be supplied to the Egyptian market from Tamar and Leviathan gas fields offshore Israel, starting late 2019. According to Globes, Leader Capital Markets analyst Yehonatan Shohat estimates that "Gas prices have risen sharply in most countries over the past two years, making the option of exporting gas from Israel more attractive."
  • Energean Seeks to Raise $500 Million in London Stock Exchange IPO
According to the Financial Times, the Greek oil and gas company Energean is preparing to raise $500m through listing on the London stock market in March. The company plans to spend the bulk of the proceeds, $395m, to develop its significant Karish and Tanin gas fields offshore Israel. Energean will also consider a secondary listing in Tel Aviv.
Industry Updates
  • Israel Chemicals Signs Agreements for Gas Supply from Tamar and Leviathan
Israel Chemicals had announced on February 22nd 2018 that it has signed two agreements for the supply of natural gas from the Tamar and Leviathan reservoirs. Globes reported that the first agreement, signed with the partners of the Tamar gas field, is an extension of an existing one, under which gas supply already takes place. The Second agreement, with the partners of the Leviathan gas field, is expected to facilitate gas flow to Israel Chemicals from September 2020, with the development of the field, and its purpose is to provide backup in case the agreement with Energean is cancelled. The volume of the agreements is estimated to reach $130 million annually.
  • Tamar Petroleum Intends to Purchase 7.5% of Tamar Field through Issuance of Bonds
Bizportal reported on February 20th 2018 that Tamar Petroleum has published a prospectus for raising funds for the purchase of 7.5% of the working interest of Noble Energy in Tamar gas field through bonds. According to the report, Tamar Petroleum aims at raising up to about NIS 2 billion for that purpose, and once completed, it will own a total of 16.75% interest in the field.

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