Gulf Oil and Gas accountACCOUNT

Agreement for the Sale of Rights to Royalties from Leases I/17 & I/16

Source: www.gulfoilandgas.com 5/25/2020, Location: Middle East

Delek Group (DGRLY) announces that it signed together with Delek Energy Systems Ltd (“Delek Energy”) (“the Sellers”) an agreement with a third party (“the Purchaser”) for the sale of the rights of the Company and Delek Energy to royalties regarding 26.4705% (out of 100%) of the rights in Lease I/17 “Karish” and Lease I/16 “Tanin”, held by Energean Israel Ltd, for oil and/or gas and/or other valuable materials produced and processed at the leases (not including the rights to royalties of Delek Drilling Limited Partnership) (Right to Royalties).

The consideration in the agreement is set at NIS 318,000,000 plus VAT as required in law that will be paid in cash to the Sellers on the date of registration of the Right to Royalties in the Oil Registry in the name of the Purchaser. The consideration will be divided between the Company and Delek Energy according to their percentage holdings in the Right to Royalties (25% to the Company, 75% to Delek Energy).

Close to signing of the agreement the Purchaser will deposit with a joint trustee for the parties a monetary deposit of NIS 50 million. The deposit will serve as part of the consideration that will be paid in cash to the Company and Delek Energy upon completion of the transaction.

According to the law, the transaction is subject to obtaining approval from the Petroleum Commissioner at the Ministry of Energy.

Acquisitions and Divestitures News in Israel >>

Canada >>  7/2/2020 - Advantage Oil & Gas Ltd. has successfully closed the previously announced sale of a 12.5% interest in the Glacier Gas Plant to Topaz Energy Corp. ("To...
Nigeria >>  7/2/2020 - Sasol and Chevron have signed an agreement that will result in Sasol selling its indirect beneficial interest in the Escravos GTL (EGTL) plant in Nige...

United Kingdom >>  7/2/2020 - Premier is pleased to announce that the Group’s creditors have approved the acquisition of the Andrew Area and Shearwater assets (together, the “BP ac...
United States >>  7/2/2020 - Mosman Oil and Gas Limited has undertaken a placing to raise £400,000 (before expenses) by the issue of 500,000,000 new ordinary shares (the "Placing ...

Cameroon >>  7/1/2020 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, announces a further extension of its Loan Facility ("Facility") of ...
Switzerland >>  7/1/2020 - Clariant, a focused, sustainable and innovative specialty chemical company, completed the sale of its entire Masterbatches business to PolyOne. The en...




Israel Oil & Gas 1 >>  2 | 3 | 4 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.