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Tamar Petroleum looks to add Israeli stakes

Written by  OE Staff Monday, 04 December 2017 09:36

Tamar Petroleum is negotiating with Noble Energy to acquire a 7.5% participation right in the I/12 Tamar lease and the I/13 Dalit lease offshore Israel.

The company seeks to gain the interest through cash and private placement of company shares to Noble, Tamar reported in a 4 December announcement on the Tel Aviv Stock Exchange.

Tamar holds 9.25% of the rights in the Tamar and Dalit leases. Noble is operator of the Tamar project with 32.5% participation rights in the leases.

Located about 90km offshore Israel in 1670m of water in License 309, the Tamar project holds 2P reserves of around 11.2 Tcf gas and about 14.6MMbbl condensate. Tamar started producing gas in March 2013, four and a half years after the field’s discovery, according to a July 2017 Tamar presentation. In July this year, Tamar raised bonds and equity to buy the holdings of Delek Drilling in the Tamar reservoir.

Read more:

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Malfunction stops production at Tamar

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