Ahead of London IPO, Delek Drilling buys 3 Israeli licenses - GLOBES

Yitzhak Tshuva

20 Mar, 2019 16:39
Amiram Barkat

Two of the licenses are land oil exploration licenses and the third is the Roei offshore gas exploration license.

Delek Drilling LP (TASE: DEDR.L) is acquiring additional oil and gas exploration licenses in preparation for implementation of its plan for splitting off its subsidiary, which will hold the Leviathan and Aphrodite natural gas reservoirs, and which will hold an offering on the London Stock Exchange.

The partnership, controlled by Delek Group Ltd. (TASE: DLEKG), whose controlling shareholder is Yitzhak Tshuva, today announced its entry into three new Israeli licenses: the Roei marine gas exploration license and the Yahel Hadash and Ofek Hadash land exploration licenses.

The Roei deal is based on exercising an option for 20% of the rights that Delek Drilling received in 2012 in lieu of its fee for its mediation role in the deal between the Ratio Oil Exploration (1992) LP (TASE:RATI.L) license holder (it was the Gal exploration permit at the time) and Italian company Edison, the operator for the license. Delek Drilling is now exercising its option to buy 5% more of the rights from Ratio in order to reach a 24.99% share of the rights in the license. Delek Drilling will not pay a substantial amount for the deal, beyond reimbursement for its proportional share of the partners' past expenses.

Israeli Arab Expat Buys Rights in Two Energy Projects From Globe - HAARETZ / THE MARKER

TheMarker Aug 04, 2016 1:25 AM

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)