Ishai Lease (Pelagic)

   
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").
During 2013 the partners in “Aditya”, “Lela”, “Yahav” and “Yoad” licenses, applied to the Petroleum Commissioner for a change of boundaries whereby 3 out of 4 licenses will be returned and “New Yoad" will be granted. This was approved by the Council and the Commissioner and it was pending the Minister of Energy's approval. In January 2016 the partners to the Licenses filled for a renewed application for “New Yoad" license according to the Commissioner’s instructions, that was rejected on March 2016 by the Council and the Commissioner. The partners filled for a second hearing. In November 2017 the Commissioner notified the Partnership that the application is rejected and the license will be included in the next licensing round. The Partnership is considering its steps with this respect.
Asset Ishai Lease

Validity 

November 18th, 2045
              

 Partners

21% - Israel Opportunity Energy Resources, LP

63% - MAMMAX Oil & Gas ltd.
  
11% - Eden Energy Ltd.
                
5% - PSH
  

Operator 

PSH - Petroleum Services Holdings AS (Former AGR)
  

Location 

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

 Prospects 

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

On November 28th, 2017, the Petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water Resources, informed the Partnership and the other partners in "Ishai" license of the granting of I/20 "Ishai" lease.

Estimated Reserves of 7-10 BCM (2C) in the lease, according to publications by
The Ministry of Energy.