Cyprus Opportunity buys Dead Sea oil license stake

oil drilling

For the first time, a Cypriot gas exploration company has obtained part of a proven oil license in Israel.

For the first time, a Cypriot gas exploration company has obtained part of a proven oil license in Israel. In the past Delek Group Ltd. (TASE: DLEKG) has found oil.

The Israel Ministry of National Infrastructure Energy and Water Resources Petroleum Commissioner today approved the application of C.O. Cyprus Opportunity - Energy Public Company Limited, which is listed on the Cyprus Stock Exchange, for a 5% holding in the Hatrurim License in the Dead Sea area in Israel. The application was jointly filed with Zerah Oil and Gas Exploration LP (28.75%), Ginko Oil Exploration LP (28.75%), Israel Opportunity Energy Resources LP (25%), and a company owned by Dr. Eliyahu Rosenberg, the founder of Israeli partnership Avner Oil Exploration LP (one of the owners of the Leviathan natural gas field), which owns 2.5% of the license.

The Hatrurim license covers an area of 94 square kilometers in the Dead Sea basin. In 1995, Delek Group Ltd. drilled in the area of the license, to a depth of about 2,000 meters, where it found oil. The current partners intend to reenter the Halamish well to make a diagonal drilling to the projected center of the field. The drilling plan, which Dr. Rosenberg will initiate, is based on the results of the seismic survey for the previous well. The new well will use state-of-the-art technology.

C.O. Cyprus Opportunity - Energy Public Company Limited is a public company, founded in February 2012, to participate in oil and gas exploration in the exclusive economic zone of Cyprus. In July 2012, the company was the first oil and gas exploration company listed on the Cyprus Stock Exchange (CSE). On May 11, 2012, the company and AGR Energy AS jointly filed applications in the tender for the Second Licensing Round issued by the government of Cyprus, inter alia, for the Block 8 offshore deep water license. On September 28, 2014, the Company was added as a party (5%) to the application for Hatrurim License in Israel.

Cyprus Opportunity chairman Rony Halman said, "We are proud to be the first company to obtain oil exploration rights at a proven field - we are looking ahead to a fruitful collaboration and the strengthening of strategic relations in energy between Israel and Cyprus."

Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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