Delek Drilling to get $980 million for spinning off Tamar stake - REUTERS

JULY 18, 2017 / 2:13 PM / 4 DAYS AGO

JERUSALEM (Reuters) - Israel's Delek Drilling (DEDRp.TA) said on Tuesday it expected to get $980 million from spinning off a 9.25 percent stake in the Tamar natural gas project.

The new company, Tamar Petroleum (IPO-TAMA.TA), is in the process of listing on the Tel Aviv Stock Exchange.

Tamar Petroleum this month raised $650 million in a Tel Aviv debt offering and another $330 million in a share offering on Monday.

The transaction gives the Tamar field, Israel's primary supply of natural gas, a valuation of close to $12 billion.

Noble, Barclays Work on $1 Billion Tamar Stake Saleby - BLOOMBERG

15 February 2017, 2:49 p.m. EET

Yaacov Benmeleh

• Noble seeking to spin off stake into SPC, pay dividend
• Sale talks value Tamar gas field up to 20% more than last year

Noble Energy Inc. is working with Barclays Plc on the sale of a 7.5 percent stake in the offshore Tamar natural gas field, according to people with knowledge of the matter.

The company and its advisers -- which include another unidentified bank -- are approaching institutional investors for the sale, which may be worth between $1 billion and $1.1 billion, the people said, asking not to be identified as the talks aren’t public.

Noble is seeking to convert the stake into a special-purpose company and raise debt totaling about 50 percent to 60 percent of its value, one of the people said. This would be paid to shareholders as a dividend, the person said.