Wertheimer, Nehama, Tery team with Tshuva in gas licenses

The new partners will apparently win super-royalties and will undertake to make rigid investments in the exploration plans.

By AMIRAM BARKAT/GLOBES

FEBRUARY 10, 2011 22:43

tamar offshore gas field_311 (photo credit: Courtesy) — tamar offshore gas field_311

(photo credit: Courtesy)

Eitan Wertheimer, Shlomo Nehama and former Israel Securities Authority chairman Moshe Terry have entered Israel’s oil and gas exploration industry. In a complicated deal, whose details have not been finalized, they will acquire rights in the Alon E, Ruth D, Keren and Avia offshore licenses from from Yitzhak Tshuva-controlled Delek Group Ltd. and Noble Energy Inc.

Several current oil and gas exploration companies, including Modiin Energy LP and Alon Natural Gas Exploration Ltd. are also negotiating to acquire rights in licenses. US-based ATP Oil & Gas Corporation, making its first foray into Israel, is in talks to acquire a third of the Avia and Keren licenses.

Delek and Noble Energy are not charging for the actual rights to the licenses because they actually belong to the state. The new partners will apparently win super-royalties and will undertake to make rigid investments in the exploration plans, proportionate to their holdings in the licenses.

The payments includes costs already incurred, such as for seismic surveys.

Nehama is negotiating to acquire 10% in the four licenses, Wertheimer is seeking a 5%- 10% stake and Terry wants 5%.

Alon Gas has priority because it is already a partner of Delek and Noble Energy, owning 4% of the Tamar license.