Following the immediate reports from January 17, 2013 (reference 2013-01-016056), on February 1, 2013 the Commissioner of Petroleum Affairs in the Ministry of Energy and Water Resources (hereinafter: Commissioner) informed Ratio Oil Explorations (1992) – Limited Partnership (hereinafter: Ratio) that following the request for the two new oil license Neta and Roi (hereinafter: The Licenses) by virtue of the preemptive right in the previous permit Gal (hereinafter: Early Permit) and in light of the recommendations of the Petroleum Council, the Commissioner approves granting the licenses by virtue of the preemptive rights and transferring the rights so that the Licenses will be held by the following requesters:
Ratio – 70%
Edison International Spa – 20%
The Partnership – 10%
The above is subject to fulfilling the terms specified below:
1. Within 30 days, the Partnership will send the Commissioner notice clarifying that there is no restriction according to the law (including in light of the decisions of the Antitrust Commissioner) restricting its ability to hold the rights as long as they are valid.
2. As part of the possession, if any, the Commissioner can stipulate additional conditions, including conditions not determined in the license.
3. Any change in the holdings of the Licenses or the holdings of the License holders, including the operator, will be subject to the Commissioner’s approval according to section 76 of the Petroleum Act as well as the directives
determined by virtue thereof and any subsidiary legislation determined according thereto in the future.
The partners in the license:
As said in the immediate report from December 2, 2012 (reference 2012-01-297444) on November 29, 2012 the Partnership engaged in a principles agreement with Ratio concerning the Early Permit and Licenses. Subject to granting the Licenses and completing the transaction discussed in the principles agreement, the partners in the Licenses and their holding rates are as specified below:
The Partnership – 10%
Ratio – 70%
Edison – 20%
