Dead Sea Oil Company Seeks Funding

Haaretz:

Ginko Oil Exploration, the general partner in the Zerah exploration partnership, is planning to float shares on the Tel Aviv Stock Exchange. The company will be filing its draft prospectus with the Israel Securities Authority next week. It hopes to raise somewhere between NIS 40 million and NIS 50 million, which it would invest in exploring for fossil fuels. It has yet to choose an underwriter. Unlike the other gas exploration bodies, which are limited partnerships (that are eligible for certain tax breaks), Ginko is a regular company. (Lior Zeno)

Oil Discovered Near Dead Sea

JERUSALEM, Jan 24 (Reuters) – An Israeli oil exploration group said on Sunday it has found indications of oil in drilling near the Dead Sea.

But the group said it was not yet clear if there were commercial quantities of oil at the Tzuk Tamrur 4 site.

“A preliminary analysis found the target with oil-bearing sandstone,” it said in a statement to the Tel Aviv Stock Exchange.

The site was drilled to a depth of 2,040 metres and the group plans to drill further to 2,150 metres.

When drilling is complete the group will then decide whether it was viable to pursue production tests, it said.

Zerah Oil and Gas Exploration (ZRAHp.TA) owns half of the exploration group, with Delek Drilling (DEDRp.TA) and Avner Oil Exploration (AVNRp.TA) owning 25 percent each. Delek and Avner are units of conglomerate Delek Group (DELKG.TA).

Zerah’s shares were up 14.7 percent in afternoon trading. Delek Drilling’s shares were 0.2 percent lower and Avner’s shares were down 1 percent, compared with losses of 2.3 percent on the broader Tel Aviv bourse. (Reporting by Steven Scheer; Editing by Greg Mahlich)

‘Black Gold’ Rush Hits Israel’s Stock Market

The Israeli stock exchange (TASE) closed up yesterday. One of the shining stars in Israel’s trading economy? Oil and gas companies. Israeli Haaretz newspaper reported today:

“Over here, if anything’s hot it’s the oil and gas sector. After having gained 2,470% in the past four months, units of oil exploration partnership Modi’in rose another 9.1% yesterday. The company pulled off a NIS 20 million rights issue that took it of the Maintenance List of companies not in compliance with Tel Aviv Stock Exchange listing rules.” (read Haaretz article)