IO Monthly Update - November 2018
Israel Opportunity's Latest Announcements
- The Partnership notified about the returning of Hatrurim License
On November 18th, 2018, Israel Opportunity announced that in a meeting of the operating committee of the partners in Hatrurim license, Ginko Oil Exploration - Limited Partnership updated the partners that it was unable to obtain its relative share in the financing required to sign an agreement with a drilling contractor, as required by The Ministry of Energy's milestones. Ginko Partnership is the project's operator and holds 28.75% of the rights in the license. Therefore, with the consent of all the partners in the license, the operator notified the Petroleum Commissioner of the returning of the license. Hatrurim License is located in the Israeli Judean Desert, near the Dead Sea.
- Ministry of Energy announces Pipeline System to Europe
According to the Ministry of Energy on November 27th, 2018, Israel, Cyprus, Greece and Italy, with the backing of the EU, are soon to reach an agreement on laying the world's longest underwater gas pipeline, in a total length of 2100 km. The Pipeline will transport natural gas from Israel, through Cyprus and Greece, to the European market. The project is currently in the planning stage and execution is planned to commence in mid-2020.
- Eni sells to Mubadala Petroleum a 20% stake in Egypt's Nour offshore concession
According to Eni on November 12th, 2018, Abu Dhabi's Mubadala Petroleum and Italian Eni signed an agreement for the sale of a 20% participating interest, out of Eni’s share, in the Nour North Sinai Offshore concession, in Egypt, to Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Company. The Nour block is located 50km offshore and covers a total area of 739sqkm. Eni and its partner Tharwa Petroleum Company are currently carrying out the drilling of the exploration well as foreseen in the first exploration period of the Nour concession.
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.
For full information about Israel Opportunity – Energy Resources, LP, please follow the public announcements made in the Tel Aviv Stock Exchange website at https://maya.tase.co.il/
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