Investors who hoped that the Israel Opportunity Energy Resources LP (TASE: ISOP.L) general meeting tomorrow will shed new light on a deal to buy a stake in Pelagic Exploration Company's offshore exploration licenses will be disappointed.
The partnership said today that in light of the decision by the Ministry of National Infrastructures to reexamine the policies and terms of granting licenses under the Petroleum Law (5712-1952), the partnership removed the deal from the meeting's agenda.
The partnership said, "The deal to buy participation rights in the oil assets, the discussion of which was to be part of the meeting, was signed legally and is in force. Despite that, and just for caution's sake, in coordination with Pelagic's representative, those issues will be removed from the agenda."
Israel Opportunity Energy Resources LP reached an agreement with Pelagic to buy 10% of six licenses offshore Haifa.
Published by Globes [online], Israel business news - www.globes-online.com - on October 3, 2010
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