Ishai Lease (Pelagic)

On September 6, 2010, Israel Opportunity – Energy Resources Limited Partnership ("Israel Opportunity") entered a contractual arrangement with PELAGIC Exploration Company ("Pelagic") for the acquisition of 10% of the participation rights in six offshore gas and oil exploration licenses named "Ishai"/370, "Aditya"/371, "Lela"/372, "Yahav"/373 and "Yoad"/374 ("Pelagic Licenses").
*During 2013 the partners in “Aditya”, “Lela”, “Yahav” and “Yoad” licenses, applied to the Petroleum Commissioner for a change of boundaries whereby 3 out of 4 licenses will be returned and “New Yoad" will be granted. This was approved by the Council and the Commissioner and was pending the Minister of Energy's approval. In January 2016 the partners to the Licenses filled for a renewed application for “New Yoad" license according to the Commissioner’s instructions, that was rejected on March 2016 by the Council and the Commissioner. The partners filled for a second hearing. On February 2018 the Commissioner notified the partners that the application for the second hearing will be brought before the Council. The Partnership is awaiting for the Council's decision with this respect.
Asset Ishai Lease


November 18th, 2045


21% - Israel Opportunity Energy Resources, LP

63% - MAMMAX Oil & Gas ltd.
11% - Eden Energy Ltd.
5% - PSH


PSH - Petroleum Services Holdings AS (Former AGR)


Located approximately 160 km west of Haifa between ‘Levaithan’ and ‘Aphrodite’ natural gas discoveries


On November 19th, 2015, the "Aphrodite" gas field that is partly located within "Ishai" License, was declared a discovery by the Petroleum Commissioner, as defined by the Petroleum Law.

On November 28th, 2017, the Petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water Resources, informed the Partnership and the other partners in "Ishai" license of the granting of I/20 "Ishai" lease.

Estimated Reserves of 7-10 BCM (2C) in the lease, according to publications by
The Ministry of Energy.