Israel
Opportunity Energy Resources LP(TASE:ISOP.L) controlling partners
announced today that they are expanding their activity and founding a
subsidiary in Cyprus that will bid in a tender for a natural gas and oil search
licenses in Cyprus's economic waters.
Israel Opportunity officials
emphasize that its activities in Cyprus will be carried out by a local
subsidiary Cyprus Opportunity, which has no connection to the limited
partnership traded on the TASE, which is licensed to operate only in Israel.
Thus another Israeli
company searching for natural gas and oil joinsDelek Drilling LP(TASE:DEDR.L)
and Avner Oil and Gas LP (TASE:AVNR.L), the partners in Block 12 which is
located in Cyprus's economic waters and borders Israeli waters. Israel
Opportunity officials said today that the decision to commence operations in
Cyprus is due to the great potential that exists in Cyprus’s economic waters,
and that except for the exploration license in Block 12, none of the other
licenses have been distributed yet.
In a
recently published tender, the Cypriot government offered 12 exploration
licenses (blocks) in the island’s economic waters. The 45,000 square meter
license area borders both Israel and Egypt's economic waters.
According to US sources, in the basin controlled by Israel and
Cyprus, there are gas reserves totaling 122 trillion cubic feet (TCF). So far,Noble
Energy Inc.(NYSE:NBL) has reported that 30 TCF have been discovered
in Cyprus’s Block 12 and in Israeli waters, and that there is a potential for
an additional 5.5 TCF.