Saed Sarsur, an Israeli Arab residing in London, has come to the rescue of energy group Globe Exploration. The company said Wednesday that Sarsur’s closely held SOA Energy Israel bought 70% of the rights in the Yahel and Ofek licenses in order to resume drilling. Sarsur isn’t known in the Israeli capital markets, but sources close to him called him an Israeli “patriot” and said SOA stands for “Son of Abraham.” Ofek was unable to complete the tests needs to confirm oil reserves because the partners didn’t have the cash to pay for them, but preliminary estimates said it could hold 2.17 trillion cubic feet of gas and 181 million barrels of oil. Globe, which will continue holding a minority stake in the two licenses along with publicly traded Capital Point, faces a government deadline to compete drilling or lose their rights. Shares of Globe Exploration closed up 18.6% at 4.38 shekels ($1.15). (Eran Azran)
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