A study by "Globes" has found that the six largest oil and gas exploration partnerships listed on the Tel Aviv Stock Exchange (TASE) have lost almost NIS 9 billion in aggregate market cap from their peak. This huge figure underscores the boom in sector shares over the past year, mostly due to the Tamar gas discovery, which Yitzhak Tshuva, the controlling shareholder in Tamar partner Delek Group Ltd. (TASE: DLEKG), described as "Israel's economic Independence Day."
The six companies are Delek Group subsidiary Delek Energy Systems Ltd. (TASE: DEOL), two of its subsidiaries, Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L); their partner in Tamar, Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L); their partner in Leviathan Ratio Oil Exploration (1992) LP (TASE:RATI.L); and Modiin Energy LP (TASE:MDIN.L).
In the past year, shares in these partnerships have become "people's shares" like Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Israel Chemicals Ltd. (TASE: ICL). Investors stampeded to buy shares in the partnerships, and the investors are the main victims now. The public's holdings in these partnerships are higher compared with holdings in other industries, resulting in a higher exposure.
Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2010
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