Israel Opportunity Energy Resources LP (TASE: ISOP.L) has announced that Canada's Senvest Capital Inc. has increased its investment in the company, following the publication of an updated resources report for the Pelagic exploration licenses. Senvest bought five million partnership units in the company at NIS 0.2225 per unit for NIS 1.1 million. Sevest now owns 46,938,857 partnership units in the company, a 6.29% stake, worth NIS 10.5 million.
There are five deep-water Pelagic licenses - Aditya, Ishai, Lela, Yahav, and Yoad - covering two million dunam (500,000 acres) 170 kilomters west of Haifa, between the Ratio-Yam licenses, where the Leviathan structure is situated, and Cyprus's Block 12, which includes the Aphrodite structure. Israel Opportunity owns 10% of the licenses, Beny Steinmetz and Teddy Sagi each own 42.5% through various private companies, and AGR Group owns 5%.
Israel Opportunity also owns 10% of the Roy and Neta licenses in the offshore Gal prospect and 10% of offshore Oz license.
Last week, Israel Opportunity announced that the Pelagic licenses hold additional unrisked resources of 530 million barrels of oil (oil case) or 5.5 trillion cubic feet (TCF) of natural gas (gas case), and that the geologic probability for the Leviathan prospect is 12.3%, according to the updated resources report by Ryder Scott Company LP.
Israel Opportunity's share price was unchanged at NIS 0.22 in morning trading today, giving a market cap of NIS 164 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 24, 2012
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