The Petroleum Council convened yesterday (January 9, 2012) to discuss the applications brought before it on various subjects. The following are its recommendations:
Adira Energy Israel Ltd. – application to transfer rights in license 380/"Izhak"
The Council recommends approving the application to transfer rights. After the transfer, the distribution of rights will be as follows:
Adira Energy Israel Ltd.: 60%
Ellomay Oil & Gas 2011 Ltd.: 20%
Brownbarb (Israel) Inc.: 10%
Brownstone Energy Inc.: 5%
AGR Petroleum Services Holdings AS: 5%
Avner Oil Exploration Ltd./ Delek Drilling Limited Partnership – application to register a lien in licenses 349/"Rachel" and 350/"Amit".
The Council recommends that the application not be approved as submitted.
Israel Opportunity Ltd. – application to record an overriding royalty in licenses 370/"Yishai", 371/" Aditya", 372"Lela, 373/"Yahav", 374/"Yoad" and 375/"Aila"
The Council discussed the issue after completion of approvals concerning the authorized signatories and recommends approving recording of the overriding royalty as requested.
Lapidoth-Heletz Limited Partnership- application to transfer rights in licenses 335/ Heletz-Kokhav and 343/Irus.
The Council recommends approving the transfer of rights of 75 percent of the Avenue Company in the Heletz-Kokhav/335 and Irus/343 licenses to the Lapidoth-Heletz Limited Partnership.