Noble Energy sells entire Tamar Petroleum stake for NIS 600m

Tamar

More than half of the sale, worth about NIS 340 million to institutional investors, was carried out yesterday.

Noble Energy Inc. (NYSE: NBL) has sold its entire 43.5% stake in Tamar Petroleum (TASE: TMRP) for about NIS 600 million at NIS 15.50 per share, sources inform "Globes." More than half of the sale worth about NIS 340 million to institutional investors was carried out yesterday.

Distribution of the share yesterday was carried out by Leader Underwriters and Barak Capital.

Tamar Petroleum was founded in 2017 by Delek Group Ltd. (TASE: DLEKG) and Noble Energy as a special purpose vehicle to hold 9.25% of the rights of the Tamar natural gas field. The company today holds a 16.75% in the gas field. Tamar petroleum was set up as part of antitrust arrangements to end Delek and Noble's monopoly of Israel's gas resources. Since its establishment, Tamar Petroleum's share price has risen 30%.

Noble Energy and Delek together with Egyptian company East last week signed an agreement to buy a 39% stake in the EMG Israel-Egypt pipeline. Noble and Delek will each pay $185 million. The pipeline will help the Leviathan partners supply Egyptian company Dolphinus Holdings with 64 BCM of gas worth an estimated $15 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on October 3, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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