Israeli investors acquire country's first drilling operator.

The group, headed by Sammy Katzav, Shlomo Shmeltzer, Shlomi Fogel, and Ken Stanley, have acquired 90% of GGR Israel.

A group of Israeli investors will acquire an operator of deepwater wells. The group, headed by Sammy Katzav, Shlomo Shmeltzer, Shlomi Fogel, and Ken Stanley will acquired 90% of GeoGlobal Resources (Israel) Ltd., a subsidiary of Canada's GeoGlobal Resources Inc. (AMEX: GGR), for $775,000 (NIS 3 million). GGR will continue to own the remaining 10%, and Avi Balin will be appointed CEO of GGR Israel.

In a filing with the SEC, GGR said that the $775,000 investor's loan will to be used to repay shareholder loans to GGR, subject to certain terms and conditions. The closing conditions include receipt of written approval of the Petroleum Commissioner GGR Israel to serve as an operator in petroleum exploration activities in Israel at depths exceeding 1,000 meters. The investors acquired GGR Israel through ISL Management Ltd. and Attoyac Oil and Gas LLC.

GGR was founded in 2002 by Jean-Paul Roy (who currently owns 13% of the company). Headquartered in Calgary, Alberta, the company operates in India, Colombia, and Israel. In India, GGR India Ltd. owns ten exploration licenses (nine onshore and one marine) in four different basins, which are in varying stages of exploration and production. In Colombia, GGR owns 10% of two onshore licenses, and in Israel, it owns 5% of the offshore Myra and Sarah licenses and 35% of the Shmuel license. It is the operator in the Myra and Sarah licenses and the joint operator in the Shmuel license.

Katzav, Shmeltzer, and Fogel holdings include Israel Shipyards Ltd., which provides port and logistics support services for Noble Energy Inc. (NYSE: NBL). Stanley is Noble Energy's drilling manager in Israel, beginning with the Noa well in 1999. He is also an executive and owners of Houston Drilling Management LLC, one of the world's leading energy exploration engineering consultancy firms. In addition to Israel, he has worked on wells in Mexico, Brazil, Africa, and Asia.

Published by Globes [online], Israel business news - - on January 24, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018