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Leviathan shares jump as market senses compromise

Market sources believe a compromise formula has been found to the antitrust issues surrounding the Tamar and Leviathan fields.

 

Offshore Gas

 

Shares in Leviathan’s Israel partners rose sharply on the Tel Aviv Stock Exchange (TASE) today. Investors sense that a compromise is in the offing, ahead of the hearing that will be held later this week for the Leviathan partners by Antitrust Authority head David Gilo.

Market sources believe that the compromise will involve Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, selling its stake in the Tamar field. At the same time, Noble Energy Inc. (NYSE: NBL), which is the well operator for the Tamar and Leviathan fields, will keep all its holdings, but agree not to sell natural gas in Israel but export its share.

Delek’s share price was up 3.73% in late afternoon trading while Delek’s energy units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling Limited Partnership (TASE: DEDR.L) rose 5.72% and 6.42% respectively. Ratio Oil Exploration (1992) LP (TASE:RATI.L) rose 7.72%.

Gilo defends gas decision, attacks Energy Ministry

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

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