Modiin shareholder buys into Israel Opportunity

Tzachi Sultan owns 5.09% of Israel Opportunity, which owns 10% of the offshore Pelagic licenses, between Leviathan and Block 12.

Modiin Energy LP (TASE:MDIN.L) controlling shareholder Tzahi Sultan has acquired a 5.09% stake in Israel Opportunity Energy Resources LP (TASE: ISOP.L), becoming a party at interest. Sultan excised options, which he held through his private company Du-Tzach Ltd., for 14 million Israel Opportunity participation units at NIS 0.196 per unit, for a total of NIS 2.74 million.

Sultan owns 2% of Modiin Energy, which has stakes in Sarah, Myra, Gabriella, Yam Hadera, and other offshore gas exploration licenses. Israel Opportunity's main holding is 10% of the former Pelagic licenses, located 170 west of Haifa, between Leviathan and Block 12 in Cypriot waters.

Sultan now owns 28,142,557 Israel Opportunity participation units, as well as 21 million options. His stake is current worth NIS 5 million.

Israel Opportunity's participation units' price rose 1% by midday today to NIS 0.209, giving a market cap of NIS 114 million.

Published by Globes [online], Israel business news - - on December 27, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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