Woodside in talks for more Israeli permits

The Australian company has also met with representatives of the Pelagic permits to discuss becoming a partner.

Australia's Woodside Petroleum Ltd. (ASX: WPL) is mulling entering additional licenses in Israel's economic waters. Sources inform "Globes" that the company has met in recent weeks with representatives of the Pelagic permits to discuss the possibility of becoming a partner.

Pelagic encompasses five permits held by companies controlled by Beny Steinmetz and Teddy Sagi, Israel Opportunity Energy Resources LP (TASE: ISOP.L) and the permits' Norwegian operator AGR Petroleum Services Holdings AS. At present an exploration drilling is being conducted in the Ishai license adjacent to Cyprus's Block 12 Aphrodite field where Noble Energy Inc. (NYSE: NBL) found gas last year.

The Pelagic partners plan at least one more drilling, probably in the Yoad license, which is adjacent to the Leviathan field. However, the partners do not currently have an agreement with a drilling rig to carry out the drilling, and it is not clear what will happen at the other three permits within Pelagic. Bringing in Woodside as a partner would solve the financing shortfall and provide vital professional know-how.

Published by Globes [online], Israel business news - - on December 3, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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