IO Monthly Update - April 2014
  Israel Opportunity Latest Announcements

Israel Opportunity publishes Oz resources report and exposes new potential for oil and gas
The NSAI resource report published by Israel Opportunity reveals oil and gas potential in Oz license estimated at 2.5 trillion cubic feet of natural gas and another 255 million barrels of oil

  Industry Updates
Spanish company is in talks with Tamar partners to buy 20% of the natural gas in the field
According to Tamar's financials, Spanish gas company Union Fenosa SA is holding talks with the Tamar partners to buy 20% of the natural gas in the field. If the agreement is signed with the Tamar partners, the natural gas will be exported through Union Fenosa and ENI's liquid natural gas installation in Egypt. Such a contract would be worth $1.3 billion annually for the Tamar partners.

Avner and Delek Drilling plan to raise NIS 2 billion from investors
Avner Oil and Gas LP and Delek Drilling LP are due to begin a road show for the largest ever debt offering by an Israeli company and plan to raise NIS 2 billion from investors in Israel, Europe, and the US. The proceeds from the offering will be used to recycle existing debt borrowed by Barclays Bank (LSE: BARC) and HSBC to finance their $900 million share in the development of the Tamar gas field. The debt will be raised in five bond series that will not be listed for trading and will have a duration of seven years. The collateral to lenders will be the two companies' rights in Tamar. The loans will be repaid from the cash flow from gas sales from Tamar. S&P gives the new debt a BBB rating. Recycling the current debt will lower the financing to debt ratio for Tamar's development, and leave Avner and Delek Drilling with $1.1 billion in extra cash. They will use this money for further development of Tamar and to finance their share in the development of Leviathan, which will cost $5 billion.

Turcas Petrol AS in talks to buy Leviathan gas
According to Globes magazine, Turcas Petrol AS notified the Istanbul Stock Exchange that its gas subsidiary has, together with Enerjisa and its German partner E.On EN, initiated negotiations to buy natural gas from Israel's Leviathan field for domestic customers.

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. Please note that the above information is as of April 31 2014.