IO Monthly Update - September 2018
Israel Opportunity's Latest Announcements
  • Petroleum Commissioner to Approve an Extension to the "Royee" License Under an Updated Work Plan

Following an application by the partners to the Royee license, the Petroleum Commissioner at the Israeli Ministry of Energy (the "Commissioner") informed the partners on 23 September 2018 that he has approved an extension to the license for the full period indicated in the law, and until 14 April 2020, under an updated work plan. The work plan's revised schedule now includes signing an agreement with a drilling contractor and transferring it to the Commissioner by 15 December 2018, and spud date by 30 September 2019. In his letter, the Commissioner further approved in principle that the Limited Partnership Ratio Oil Exploration ("Ratio") could serve as operator in the license in case current operator Edison International SpA ceases to act as operator, under certain terms and commitments specified by the Commissioner. Israel Opportunity's interest in the license is 10%.
Regional Events
  • Delek, Noble Energy, and East Gas Acquire 40% of Egypt-Israel Pipeline
The parties, that include the two major partners of the Leviathan field offshore Israel and an Egyptian governmental company, will pay USD 518 for the purchase and use of the offshore pipeline that connects Israel to Egypt, Calcalist reported on 27 September 2018. It was further reported, that the deal would allow the partners to provide gas from the Tamar field to Egypt even before the end of 2018. The deal includes also the right to use the infrastructure connecting with the Jordanian market. Israeli Energy Minister, Yuval Steinitz, referred to the agreement as "another occasion in history in which an infrastructure connection of geopolitical and economic significance is made between Israel and its neighbors." Bloomberg added that the purchase, which is still subject to regulatory approvals, has cleared the main obstacle to a USD15 billion deal to export 64BCM of gas over 10 years.
  • Egypt and Cyprus Sign an Agreement for Subsea Pipeline
The Marker reported on 29 September 2018 that Cyprus and Egypt have signed an agreement to place an underwater pipeline for the supply of gas directly from the Aphrodite field offshore Cyprus, to the liquification plants in Egypt. The agreement does not mention any commercial conditions for export, rather merely declares the intention of the two countries in connecting directly. Cyprus has stated that the pipeline would also serve other fields that are discovered in the future.
Industry Updates
  • Noble Energy Sells Entire Tamar Petroleum Stake for NIS 600 Million

According to Globes report of 3 October 2018, Noble Energy has sold its entire 43.5% stake in Tamar Petroleum for about NIS 600 million at NIS 15.50 per share. More than half of the sale worth about NIS 340 million to institutional investors was carried out the day before. Tamar Petroleum was founded in 2017 as part of antitrust arrangements to end the state of monopoly in Israel's gas sector.

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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