Pelagic Licenses

   
On September 6, 2010, Israel Opportunity – Energy Resources Limited Partnership ("Israel Opportunity") entered a contractual arrangement with PELAGIC Exploration Company ("Pelagic") for the acquisition of 10% of the participation rights in six offshore gas and oil exploration licenses named "Ishai"/370, "Aditya"/371, "Lela"/372, "Yahav"/373 and "Yoad"/374 ("Pelagic Licenses").
*Aditya/371, Lela/372, Yoad/374 and Yahav/373 licenses have expired. A request for a change of boundaries was submitted, whereby 3 out of 4 licenses will be returned and Yoad license with new boundaries will be extended in two years together with an updated work program. To date, licenses Aditya, Lela, Yahav and Yoad have expired and the Petroleum Commissioner's approval for change of boundaries and extension of Yoad License has not yet been received.
On January 6th, 2016, the Partnership has reached a settlement agreement with the licenses' partners. After the transfer of rights, "Pelagic" Licenses' partners and holdings will be as mentioned further down.
Asset Ishai, Aditya, Lela, Yahav, Yoad 

Date of Purchase 

September 6th, 2010
              

 Partners

21% - Israel Opportunity Energy Resources, LP

63% - MAMMAX Oil & Gas ltd.
  
11% - Frendum Investment ltd.
                
5% - PSH
  

Area 

400 km2
  

Operator 

PSH - Petroleum Services Holdings AS (Former AGR)
  

Location 

Located approximately 160 km west of Haifa between ‘Levaithan’ and ‘Aphrodite’ natural gas discoveries
  

Operation
Milestones

Ishai:
Ishai: on November 19th, 2015, the "Aphrodite" gas field that is partly located within the "Ishai" License, was declared a discovery by the Petroleum Commissioner, as defined by the Petroleum Law.

Yoad:
An updated application for a new “Yoad” license was submitted to the Petroleum Commissioner including change of boundaries and updated work program. According to it spud date at May 2018


Potential

CPR by Rider Scott from June 2012 and April 2013 estimates (in the area of Aditya, Lela Yahav and Yoad licenses):

- Prospective resources of 3 TCF of natural gas and 8.5 Million barrels of condensate in Miocene / Oligocene.

- Prospective resources of 2 Billion BBL and 3.5 TCF of associated gas in Cretaceous / Turonian / Jurassic / Oligocene.