Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Greek energy exploration group Energean joins Myra and Sara partners

The Cyprus-based company is taking a 25% stake in the energy exploration licenses off Israel’s coast.

 –

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

Tamar,    The Natural Gas Production Platform Off The Israeli Coast,    Is To Begin It's Natural Gas Production

Interest is reviving in the Sara and Myra drilling licenses. The partners in the offshore licenses report this morning that they have signed an agreement with Cyprus-based Energean E&P Holdings Ltd., whereby the latter will become a partner in the licenses and their operator.

The Myra and Sara partners will transfer 25% of the rights in of the licenses to Energean, each in accordance with the size of its stake, with the addition of an extra portion to take into account the rights of GeoGlobal Resources (India) Inc., which is not a party to the agreement. Ratio Oil Exploration (1992) LP (TASE:RATI.L), which was responsible for finding Energean and introducing it to the partners, will receive additional rights amounting to 5% from the other partners.

Assuming the agreement is closed, the rights of the partners in the Sara and Myra licenses will be as follows: ILDC Energy (through Emanuelle Energy) 17.1%; Israel Land Development 5%; Modiin Energy LP (TASE:MDIN.L) 13.838%; IDB Development 2.655%; IPC Oil and Gas Holdings 6.447%; GeoGlobal 5%; Ratio 25%; and Energean 25%.

In September 2012, the partners in the Myra license announced that no substantial signs of gas had been found in the target strata. In October that same year, they announced similar failure at Sara. The partners later reported that NSAI, which had estimated the resources in the licenses, had reviewed the results of the drillings and determined that the estimate of prospective gas and oil resources in the licenses was unchanged.

Published by Globes [online], Israel business news – www.globes-online.com 

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.