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Gideon Tadmor mulls Navitas Petroleum TASE IPO

Gideon Tadmor photo: Uria Tadmor
Gideon Tadmor photo: Uria Tadmor
27 Oct, 2015 13:24
שלח תגובה במיילNadav Neuman

Tadmor is acquiring full ownership of Navitas, which has projects in the Gulf of Mexico, from Delek Group.

Delek Drilling Limited Partnership (TASE: DEDR.L) chairman and Avner Oil and Gas LP (TASE: AVNR.L) CEO Gideon Tadmor is acquiring ownership of Navitas Petroleum from Delek Group Ltd. (TASE: DLEKG), and is considering both an IPO on the Tel Aviv Stock Exchange (TASE) and raising capital for the company, Delek Group reported to the TASE yesterday.

The company, currently jointly owned by Delek Group and Tadmor, holds the rights to 14 oil and gas exploration licenses in Louisiana and off the Texas and Louisiana shore in the Gulf of Mexico. The investment in the licenses totals $11 million.

The proceeds from the sale of Delek Group's share in Navitas to Tadmor is the par value of the transferred shares, plus contingent proceeds if capital is raised. If Navitas completes a financing round within 12 months of the completion of the deal at a company value of more than $100 million shortly following the round, Delek Group will be entitled to a one-time payment equal to 5% of the value of the company conducting the financing round.

In addition, Delek Group will be granted an option for a 30% partnership in an exploration project currently under consideration by Navitas.

Published by Globes [online], Israel business news - www.globes-online.com - on October 27, 2015

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

Gideon Tadmor photo: Uria Tadmor
Gideon Tadmor photo: Uria Tadmor
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