Oz license

   
On April 2012, Israel Opportunity – Energy Resources Limited Partnership ("Israel Opportunity") entered an agreement with "Frendum" (Frendum Investments Limited) for the acquisition of 10% of the participation rights in the offshore license "Oz". On July 2014 the participation rights in the license have been received and the license was registered under the name of The Partnership in the oil book. On May 28th, 2015, the Partnership has reached settlement agreements with Lapidoth and with Frendum Investment Ltd and Placida for resolving the disputes between the parties, whereby the Partnership will purchase all of Frendum and Placida’s holdings in the license. After the transfer of rights, “Oz" License‘s partners and holdings will be as mentioned here.
  
Asset 'Oz' license (Binyamin-South)

 Date of Purchase

April 1st, 2012
 

 Partners

 (view in graph)

41.5% - Israel Opportunity Energy Resources, LP

41.5% - Lapidot-Heletz ltd. partn. 
           
  
12% - Coleridge Gas & Oil Exploration Israel ltd. partn.
  
 
5% - CDC
  

 Operator

CDC - Caspian Drilling comapny ltd.
 

 Area

400 km2
 

 Location

Located on the continental shelf within 50 to 65 km west off the coast of Tel – Aviv.
 

 Major Milestones

Implementation of an environmental survey and monitoring program, according to the guidelines of the Ministry of National Infrastructures, Energy and Water Resources.


 Potential


Resources report by NSAI from April 2014 estimates:

- Prospective potential of (best estimate) ~2.5 TCF of natural gas. Probability of Geological success: 23%-27%.

- Prospective potential of (best estimate) ~255 million barrels of oil. Probability of Geological success: 16%-18%.