Israel Opportunity Energy Resources LP (TASE: ISOP.L) controlling partners announced today that they are expanding their activity and founding a subsidiary in Cyprus that will bid in a tender for a natural gas and oil search licenses in Cyprus's economic waters.
Israel Opportunity officials emphasize that its activities in Cyprus will be carried out by a local subsidiary Cyprus Opportunity, which has no connection to the limited partnership traded on the TASE, which is licensed to operate only in Israel.
Thus another Israeli company searching for natural gas and oil joins Delek Drilling LP (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L), the partners in Block 12 which is located in Cyprus's economic waters and borders Israeli waters. Israel Opportunity officials said today that the decision to commence operations in Cyprus is due to the great potential that exists in Cyprus’s economic waters, and that except for the exploration license in Block 12, none of the other licenses have been distributed yet.
In a recently published tender, the Cypriot government offered 12 exploration licenses (blocks) in the island’s economic waters. The 45,000 square meter license area borders both Israel and Egypt's economic waters.
According to US sources, in the basin controlled by Israel and Cyprus, there are gas reserves totaling 122 trillion cubic feet (TCF). So far, Noble Energy Inc. (NYSE: NBL) has reported that 30 TCF have been discovered in Cyprus’s Block 12 and in Israeli waters, and that there is a potential for an additional 5.5 TCF.
Published by Globes, Israel business news - www.globes-online.com - on March 11, 2012
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