Navitas raises stake in Buckskin project to 7.5%

Gideon Tadmor  photo: Uria Tadmor

The move follows a private bond placement in which Navitas Petroleum raised NIS 240 million.

Gideon Tadmor's Navitas Petroleum partnership has exercised its option to raise its holding in the Buckskin project in the Gulf of Mexico by 50%. Navitas bought a further 2.5% of the oil prospect, bringing its holding to 7.5%, valued at NIS 405 million. This followed a private placing of bods last week in which Navitas raised NIS 240 million, at a dollar interest rate of almost 9%.

The Buckskin project is estimated to contain 650 million barrels of oil, and is one of the largest discoveries of recent years in the Gulf of Mexico. Other partners in the project are Repsol, Samson Energy and Blackstone. The project is at the development stage, and production from it is expected to commence in July 2019.

Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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