IO Monthly Update - May 2014
Israel Opportunity Latest Announcements
Israel Opportunity releases Q1 financial statement for 2014
On May 26, 2014, the Partnership published the Financial Statements as of March 31, 2014
consequential loss or damage with respect to relying on the information herein. Please note that the above information is as of May 31 2014. Industry Updates
Noble Energy releases updated potential for natural resources in the Levant Basin
According the announcement made by Noble Energy at last month's UBS oil and gas conference, the Levant Basin potentially has three million barrels of oil as well as four trillion cubic feet (TCF) of natural gas on top of the current discoveries.
New operator in Myra and Sara exploration licenses
The Cyprus-based company, Energean E&P Holdings Ltd, is taking a 25% stake in the offshore exploration licenses, Myra and Sara. Energean is part of a Greek energy exploration group that focuses on the Mediterranean Sea and North Africa, with activity in Greece and Egypt. It has an energy exploration joint venture with US Company Ocean Rig, which specializes in deep water exploration. Ratio Oil Exploration (1992) LP, which was responsible for introducing Energean to the Partners, will receive additional rights in the amount of 5% from the other partners.
After two years of negotiations, Woodside and the partners of Leviathan terminated the Leviathan Memorandum of Understanding (MOU) that was signed last February. According to the Woodside announcement, the parties failed to reach a commercially acceptable outcome.
Woodside Petroleum Ltd withdraws from the Leviathan deal
For the full announcement, please click here.
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