Delek Drilling sells Tamar Petroleum stake

Tamar Photo: Ben Yoster

The sale was in an off-floor transaction for NIS 100 million.

After the announcement this week that Delek Drilling has signed an MOU for the sale of its 22% holding in the Tamar natural gas reservoir to Mubadala Petroleum of Abu Dhabi, Delek Drilling is also selling its stake in Tamar Petroleum.

Delek Drilling reported this morning that it had sold its entire stake in Tamar Petroleum in an off-floor transaction for NIS 100 million. The deal, which will close in the next few days, is a further substantial step in Delek Drilling's exit from the Tamar reservoir.

In 2017, in the initial stage of implementation of the gas plan designed to prevent a near total monopoly by Delek Group Ltd. (TASE: DLEKG) and Noble Energy (now part of Chevron) in Israel's gas market and to enable development of the Leviathan gas reservoir to proceed, Delek Drilling sold 9.25% of its holding in Tamar through the flotation of special purpose vehicle Tamar Petroleum. After the flotation of the company, Delek Drilling remained with a 22.6% stake in Tamar Petroleum.

Published by Globes, Israel business news - en.globes.co.il - on April 28, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Tamar Photo: Ben Yoster
Tamar Photo: Ben Yoster
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