Cyprus Opportunity obtains 5% share in Israeli oil license

“We are looking ahead to a fruitful collaboration and the strengthening of strategic relations in energy between Israel and Cyprus,” says Cyprus Opportunity head.

By SHARON UDASIN
Oil Rig (photo credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)
Oil Rig
(photo credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)
C.O. Cyprus Opportunity Energy Public Company Ltd. has acquired a 5 percent share of the Hatrurim license near the Dead Sea, the company announced on Wednesday.
It marks the first time a Cypriot exploration firm has obtained part of a proven oil license in Israel.
Cyprus Opportunity joins Zerah Oil and Gas Exploration LP, which holds a 28.75% share of the license, Ginko Oil Exploration LP (28.75%), Israel Opportunity Energy Resources LP (25%), Ashtrom Group Ltd. (10%) and a company owned by Dr. Eliyahu Rosenberg (2.5%), who founded the firm Avner Oil Exploration, which is now owned by the Delek Group and involved in the Leviathan gas-reservoir exploration.
The Hatrurim license area, located in a region where the Delek Group found oil in 1995, covers approximately 94 square kilometers, the partners said. The exploration team, with a drilling plan led by Rosenberg, intends to reenter the existing Halamish well to diagonally drill to the projected center of the field, according to the group.
“We are proud to be the first company to obtain oil exploration rights at a proven field,” Cyprus Opportunity chairman Rony Halman said. “We are looking ahead to a fruitful collaboration and the strengthening of strategic relations in energy between Israel and Cyprus.”