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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (75714)	6/29/2011 4:54:55 AM
From: average joe	Respond to of 217927

Eitan Wertheimer buying into Delek gas exploration The areas under discussion are in the Alon and Ruth exploration sites in which Delek currently has a 53% interest, its American partner, Noble Energy holding the remaining 47%. By Avi Bar-Eli Iscar chairman Eitan Wertheimer is in the advanced stages of negotiating a deal to acquire an interest in natural resource exploration drilling rights off Israel's coast from Yitzhak Tshuva's Delek Group.. The areas under discussion are in the Alon and Ruth exploration sites in which Delek currently has a 53% interest, its American partner, Noble Energy holding the remaining 47%. The zone is north and east of the Tamar natural gas reserve. About three months ago, the companies were ordered to reduce their interests in the license areas by the National Infrastructure Ministry. In response, they initiated moves to create a new ownership structure, to be presented to the National Infrastructure Ministry's Oil Council, which will be convening next month. It is believed that the negotiations involve Wertheimer's acquisition of a 20% to 40% interest in licenses to areas designated as Alon E and F and Ruth C and D for several million dollars. Wertheimer would also make a commitment to invest additional sums as work progresses in developing the exploration sites. Highly liquid The data at Delek and Noble's disposal regarding the deep-sea resources at the sites is still partial and therefore subject to greater risk than Alon A and B, for example. For them,Noble has already reported on the probability that underwater strata contain the potential for natural resources. Billionaire Wertheimer, along with his family, still has a 20% stake in the Iscar blade manufacturer after selling a majority stake in the company to U.S. billionaire Warren Buffet. Among Israeli investors, Wertheimer is considered to have a very high level of liquid assets. If the contacts with Delek result in a deal, Wertheimer would join a long list of Israeli multimillionaires who have waded into the oil and gas exploration field since the natural gas discoveries off Israel's coast in 2009. He would join the ranks of Nochi Dankner, Yuli Ofer, Beny Steinmetz, Avraham Nanikashvili, Ofer Nimrodi and Teddy Sagi. About a year ago, TheMarker reported that the number of gas exploration licenses held by Delek and Noble exceeded the maximum allowed by law, and that the companies were therefore ordered to return a substantial portion of their interests to the state. The National Infrastructure Ministry has directed its attention to the return of interests in the Alon and Ruth exploration areas, which were issued relatively recently. In Alon A and B and in the Ruth license area, however, Noble had already carried out seismic surveys that indicated the potential of deep-water natural gas finds. After contentious negotiations with the companies, the ministry gave its consent to the return of five licenses and the dilution of the companies' interest in the remaining four licenses. Delek and Noble are being asked to forgo their interests in Ruth E and F. english.themarker.com