IO Monthly Update - November 2014
Israel Opportunity Latest Announcements

  • Petroleum Commissioner approves extension of 'Oz' license
On November 10th, 2014, the Petroleum Commissioner approved an extension of the Oz license until June 30th, 2016. In view of the extension and updated work program, spud date is expected after completion of drilling in the Arye license (spud date in Arye is due until December 15th, 2015, according to publications by Lapidoth Ltd).

  • Israel Opportunity releases Q3 financial statement for 2014
On November 17th, 2014, the Partnership published its Financial Statements as of September 30th, 2014.
For the full Financials, please click here
Industry Updates
  • Blackhawk Partners expresses interest in Globe Exploration licenses
In a report to the Tel Aviv Stock Exchange, Globe Exploration LP has notified it had received a letter of intent from the American 'Blackhawk Partners', concerning an investment of up to $60 million in exploration and development of the partnership's licenses, Ofek, Yahel and Bar-Or.
Regulatory Developments
  • Gas exports tax draft bill approved
Following the latest progression in negotiations for gas export from Israel's Tamar field, a draft bill was prepared by a team headed by Ministry of Finance director general for establishing a formula for determining the price of gas for tax purposes, and series of additional parameters. Draft was approved by the Ministerial Committee for Legislation.

  • Government rejects proposal to regulate gas prices
The Ministerial Committee for Legislation has once again rejected MK Avishay Braverman's proposed price controls for gas, and thus withheld another hindrance to the development of Leviathan gas field.

  • Energy Minister calls for revitalization of Israel-Italy gas pipeline plan
As published in Globes Magazine, the Minister of National Infrastructure, Energy, and Water Silvan Shalom suggested European support for the construction of a natural gas pipeline from Israel to Europe at a conference of energy ministers from European and Middle Eastern countries that convened in Rome.

Regional Events

  • Aphrodite gas field reserve estimate raised by 12%
According to a statement to the Tel Aviv Stock Exchange by Delek Drilling, the reserve estimate for the quantity of natural gas within Cyprus' Aphrodite field has been raised by 12%. The new estimate given for natural gas amounts to 4.54 trillion cubic feet and 9 million barrels for condensate.

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.
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