Energean to Buy EDF Oil & Gas Assets for Up to $850 Million - BLOOMBERG

July 4, 2019, 2:55 PM GMT+3

Yaacov Benmeleh and Francois De Beaupuy

• Deal opens up access to areas in North Africa, Italy, Croatia
• Transaction is company’s first major acquisition since listing

Energean Oil & Gas Plc agreed to buy the oil and gas business of Electricite de France SA’s Italian unit for as much as $850 million, a deal that will substantially broaden the Greek company’s geographic footprint.

Energean will pay $750 million upfront for operational assets in Egypt, Italy, Algeria, the North Sea and Croatia, according to a statement on the Tel Aviv Stock Exchange, one of two bourses where its stock trades. It’s Energean’s first major acquisition since listing in London last year, and will significantly expand its production and revenue streams.

The Greek company is also acquiring assets under development in Egypt, Italy and Norway. It may pay an additional $100 million following first gas from the Cassiopea development off Italy.

Lacking Regulatory Approval, Israeli Gas Fields Postpone Commercial Streaming to Egypt - THE ALGEMEINER

Noble Energy Interests

JULY 1, 2019 10:50 AM

Lior Gutman / CTech

CTech – The Tamar Gas Consortium, responsible for operating one of Israel’s largest natural gas fields — Tamar — has postponed the commercial streaming of gas to Egypt by several months, several people familiar with the matter who spoke on condition of anonymity told Calcalist.

Following Calcalist’s Hebrew report on Monday morning, Israeli energy company Delek Drilling, one of the major partners in the Tamar Consortium, filed a statement with the Tel Aviv Stock Exchange saying that commercial streaming to Egypt will begin by the end of 2019 from Israel’s largest gas field Leviathan. Delek said the delay is due to high demand for natural gas locally, which would exhaust Tamar’s resources in the near future.

According to a $15 billion deal with Egyptian company Dolphinus Holdings, signed by Tamar and the consortium operating Leviathan in February 2018, the two fields will provide Egypt with 64 billion cubic meters of gas over a 10 year period. Commercial streaming was scheduled to start by the end of the second quarter of 2019.

Israel Electric Corp. Passed Up $1.3b to Let Delek, Noble Export Gas to Egypt - HAARETZ

Apr 03, 2019 5:21 AM

Ora Coren

The utility took an 85% haircut on Egyptian gas companies’ debt, saying this was 'important from a diplomatic standpoint'

The Israel Electric Corporation voluntarily gave up $1.3 billion in compensation after Egypt reneged on a gas-sale contract in order to let private-sector companies – led by Israel’s Delek and Houston-based Noble Energy – export Israeli gas to Egypt.

The electricity utility took an 85% haircut on the Egyptian gas companies’ debt, and intentionally did not inform the public, it emerged on Tuesday.

The IEC argued that its approach was “important from a diplomatic standpoint,” the Government Companies Authority said.

The agreement with the Egyptian gas companies came after two years of secret negotiations, after they reneged following the unrest in the country in 2011.

The companies had been ordered to pay the IEC $1.76 billion, not including interest and linkages due to inflation, under an international arbitration agreement.

Greece’s Energean on track for Israeli field development in Q1 2021 - NEW EUROPE

OCTOBER 30, 2018,14:30

Greece’s independent oil and gas exploration and production company Energean Oil and Gas announced on October 29 the first day of dealings of the Group’s shares on its secondary listing on the Tel Aviv Stock Exchange (TASE).

Energean is the first London listed, international oil and gas operator to list its shares on the TASE, the company said.

According to the company, delivery of the Karish and Tanin gas development, offshore Israel, remains on track for first gas in the first quarter of 2021. The fields would provide energy security and supplying gas to the Israeli domestic market, Energean said, adding that first steel cut for Energean’s floating production storage and offloading (FPSO), the only FPSO in the East Mediterranean, is scheduled for November 26, 2018.

Energean Oil & Gas starts trading in Tel Aviv after secondary listing - PROACTIVE INVESTORS

29 Oct 2018, 08:18 

Israel-focused Energean Oil & Gas PLC (LON:ENOG) has started trading on the Tel Aviv exchange through a secondary listing.

Energean raised £330mln when it floated on London’s main market in March and will maintain this as its primary listing, but said the Tel Aviv quote will broaden the shareholder base.

No new shares were issued in connection with the Tel Aviv listing but Energean expects its shares to be included within the TA-90 Index, which comprises the 36 - 125th most highly capitalised companies listed in Tel Aviv.

Shares will be fully transferable and interchangeable between the two stock markets.

Israeli energy stocks plunge on huge Egyptian gas find reports - GLOBES

27 Jun, 2018 12:54
Sonia Gorodeisky

Italian co Eni is reportedly set to announce the Noor gas discovery, which will even dwarf the massive Zohr field.

Egyptian media reports that Italian energy company Eni is about to announce a massive offshore gas discovery in the coming few days have been enough to seen energy stocks on the Tel Aviv Stock Exchange (TASE) plunging. With an estimated 2,550 billion cubic meters (BCM) of gas, Noor would be three times larger than the Zohr gas field, over five times larger than Israel's Leviathan field and more than ten times the Tamar field.

At midday, Delek Group Ltd. (TASE: DLEKG) was down 3.42%, Delek Drilling LP (TASE: DEDR.L) was down 4.46%, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) was down 3.63% and Ratio Oil Exploration (1992) LP (TASE:RATI.L) was down 4.70%.

Former Egyptian Petroleum Minister Osama Kamal said, “If you remember two months ago we said that more discoveries will follow in this area. Hopefully, this great news will be announced by the President and the minister of petroleum in a few days.”

Delek Royalties issues $113m bond - GLOBES

23 May, 2018 15:44
Kobi Yeshayahou

The first stage in Delek Royalties' two-stage offering was completed yesterday with the company raising $113 million (NIS 404 million) in the bond issue for investment institutions. Demand totaled NIS 900 million. Leading investment institutions took part in the issue, led by Leader Underwriters and Excellence Nessuah Underwriting.

Delek Royalties is a special purpose vehicle (SPV) founded by Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, in order to absorb the super royalties from the Tamar natural gas reservoir to which Delek Group's Delek Energy subsidiary is entitled.
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The interest on the 4.7-year dollar-denominated bonds, rated Aa3 with a stable outlook by Midroog, was set at 5.48%.

Tshuva again fails to delist Delek Energy - GLOBES

16 Apr, 2018 11:53
Kobi Yeshahayou

Delek Group improved its offer, but it still fell short. Market source: The reasons for the rejection are not purely economic.

Another offer to purchase by Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, for the public's shares in its Delek Energy Systems Ltd. (TASE:DEOL) subsidiary, aimed at delisting it from the TASE, has failed, even though Delek Group improved the cash element the offer. Delek Group, which owns 88.2% of Delek Energy, had to obtain acceptance of its offer from owners of at least 7% of the shares in Delek Energy for the offer to succeed, but owners of only 5.3% of the shares accepted.

A senior capital market source told "Globes," "There is no price at which the offer would have succeeded, among other things because some of the shareholders are making decisions for reasons that are not necessarily economic. There are investors who are in love with this security, and are not selling it for all sorts of reasons, whether because they think that Delek Group is not revealing all of the information it has about Delek Energy, or for other reasons. In my opinion, this security will not be delisted from the TASE, simply because there are enough shareholders whose considerations are not purely economic."

Tamar partners say gas shutdown will not have major sales impact - REUTERS

SEPTEMBER 24, 2017 / 10:03 AMReporting by Ari Rabinovitch; editing by Jason Neely

JERUSALEM, Sept 24 (Reuters) - A shutdown at Israel’s Tamar natural gas field caused by a cracked pipe is not expected to have a significant impact on quarterly revenue, and the problem will likely be resolved this week, the partners behind the project said on Sunday.

The stoppage, however, will take a toll on the country’s power stations, which have been forced to turn to more expensive fuels to generate electricity.

Israeli exploration group to return Daniel natgas field licences - REUTERS

AUGUST 20, 2017 / 1:46 PM
Reporting by Steven Scheer; editing by Mark Heinrich

JERUSALEM, Aug 20 (Reuters) - An Israeli exploration group said on Sunday it would return its licences to develop a natural gas field off Israel's Mediterranean coast to the government, citing a number of factors including a lack of investors.

Returning the licence to all rights to develop the Daniel gas fields could be a significant blow to Israel, which is seeking to become energy-independent and an exporter while developing competition in its existing gas sector.

A group led by Isramco Negev and Modiin Energy last year said a resource report showed there could be an estimated total of 8.9 trillion cubic feet (tcf) of natural gas at the Daniel East and West fields.

It said on Sunday its decision to give up its rights was based, among other things, "on assessments regarding the level of geological risk in the licences, the difficulties expected in commercialising the gas, if and when it is discovered, and the lack of interest by new investors."

Ofer cos to buy Energean gas for $6b - GLOBES

Idan Ofer

8 Aug, 2017 19:12
Sonia Gorodeisky

Israel Chemicals, Oil Refineries, and OPC Energy signed a 15-year deal to buy gas from Tanin and Karish.

OPC Energy, Oil Refineries Ltd. (TASE:ORL), and Israel Chemicals(TASE: ICL: NYSE: ICL), companies controlled by Idan Ofer, today notified the Tel Aviv Stock Exchange (TASE) that they had signed an agreement in principle to buy natural gas from the Karin and Tanin reservoirs owned by Greek company Energean. The agreement amounts to $6 billion over 15 years.

The three companies negotiated jointly in an attempt to obtain better terms. According to the report, OPC Energy will buy 9 BMC, Oil Refineries 17 BCM, and Israel Chemicals 23 BCM.

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.

Energean to sell more gas to Israel - KATHIMERINI / REUTERS

17.07.2017 : 21:39

Israel’s Oil Refineries (ORL) (now Bazan Group) said on Sunday it is in talks to buy 17 billion cubic meters of natural gas from Greek exploration and production firm Energean.

ORL, together with Israel Chemicals and OPC Rotem, are negotiating non-binding memorandums of understanding to buy gas supplies from Energean, ORL said in a statement to the Tel Aviv Stock Exchange.

The deals would be the second for Energean for selling gas from the Tanin and Karish fields offshore Israel.

ORL did not say how much it was hoping to pay in the deal, which could last up to 15 years.

Delek Said to Start Roadshow for $1.1 Billion Gas IPO Next Week - BLOOMBERG

Thursday, June 22, 2017Yaacov Benmeleh

(Bloomberg) -- Delek Group Ltd. will start a roadshow next week to sell a stake in a $12.3 billion natural gas field off Israel’s shores, according to a person familiar with the matter.

Israel’s biggest energy company, controlled by billionaire Yitzhack Teshuva, will meet with investors in Tel Aviv, London and the U.S. for the planned initial public offering of Tamar Petroleum, a special purpose vehicle that owns 9.25 percent of the Tamar gas reservoir, the person said, asking not to be identified because the information isn’t public.

Tel Aviv exchange to see largest IPO on gas field sale - CNBC

A large digital ticker shows financial information outside the
entrance to the Tel Aviv Stock Exchange (TASE) in Tel Aviv, Israel
 on August 4, 2016. Rina Castelnuovo | Bloomberg via Getty Images

Ferry Biedermann; special to CNBC.com
22 JUNE 2017

The Tel Aviv Stock Exchange, TASE, is about to see its largest IPO ever with the sale of part of the Tamar natural gas field by Delek Drilling. A new company, Tamar Petroleum, is to acquire 9.25 percent of the field as well as part of Delek's holding in the smaller Dalit field and will next month issue an offering of about $1.2 billion in stocks and bonds to finance the deal.

Delek's divestment is part of antitrust measures under which the company is to sell its entire 31.3 per cent stake in Tamar, currently the main field from which Israel draws its natural gas. Its partner, Texas-based Noble Energy, will reduce its share in the field from 33 to 25 percent. Last year it sold 3 percent to move towards that goal. This allows both companies to maintain their share in the much larger Leviathan gas field that will come online in the coming years.