Ishai Lease (Pelagic)

Ishai Lease (Pelagic)

On September 6, 2010, Israel Opportunity – Energy Resources Limited Partnership (“Israel Opportunity”) entered an agreement with PELAGIC Exploration Company (“Pelagic”) for the acquisition of 10% of the participation rights in six offshore gas and oil exploration licenses, one of which was “Ishai”/370. 

The partners in the License carried out many exploration actions in the area of the License, including offshore drilling during 2012-2013, proving unequivocally that Cypriot “Aphrodite” natural gas field expands into Israeli exclusive economic zone and part of it lies under the Ishai Lease. Following the exploration activities and findings, the Petrleum Commissioner at the Israeli Ministry of Energy declared a discovery on November 2015, and the State of Israel awarded the Ishai Lease to the partners on November 2017. The Lease is valid for 30 years (until November 2045).

Asset: Ishai Lease

Validity

November 18th, 2045

Partners

21% – Israel Opportunity Energy Resources, LP
MAMMAX Oil & Gas ltd. – 63%
Eden Energy ltd.- 11%
PSH – 5%

Operator

PSH – Petroleum Services Holdings AS (Former AGR)

Location

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

Prospects

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.