IO Monthly Update - December 2014
Israel Opportunity Latest Announcements
- Israel Opportunity publishes resources report for the "Royee" prospect
A prospective resources report was published by the Partnership on December 14th, 2014 for the "Royee" prospect, within the "Neta" and "Royee" licenses. The report, issued by the American NSAI, estimates 3.2 Tcf of natural gas (best estimate), when the range is between ~1.9 Tcf (Low Estimate) and ~5 Tcf (High Estimate).
Frendum Investments Limited, which holds 33.5% participation rights in Pelagic licenses and 21.5% in the Oz license, has announced that Eden Energy (Public Company) will purchase shares amounting to 85.9% of Genesis Energy, which owns Frendum, from Teddy Sagi. The purchase relates only to Pelagic licenses, while Sagi's holdings in Oz license will remain. First refusal right stands for the Partners in Pelagic licenses with regards to the transaction, as part of the joint activity agreement (JOA).
- 85.9% of Genesis Energy to be sold to Eden Energy Discoveries
- TASE delisting hovering over Givot Olam
Givot Olam Oil Exploration reported its possible delisting from the Tel Aviv Stock Exchange after its participation units had fallen in price to almost NIS 0.01. In attempt to prevent its delisting from the TASE, the Partnership reported on December 26th, 2014 that the General Partner's board of directors decided that each of the directors or his representative will acquire participation units in the amount of 100 thousand dollars at a price of one cent per unit.
- Head of Antitrust Authority revrses decision on Leviathan's monopoly
Israel's Antitrust Authority has informed the partners in the "Leviathan" gas field that it will not submit to court's approval the past decision to allow Delek Group and Nobel Energy to continue holding both the "Tamar" and "Leviathan" gas fields, for the selling of their rights in "Tannin" and "Karish" fields. Antitrust Commissioner Prof. David Gilo is considering determining that the Delek Group and Noble Energy's entry in the "Leviathan" gas field, in addition to retention of rights in the "Tamar" field, is a restrictive agreement that was not approved by a court of law, and subject to a hearing. Further to the decision, intensive contacts between the parties are taking place to reach an agreement that would benefit both sides.
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.
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