MONDAY, 14 OCT 2019

 

CONNECT

Facebook Linked In Twitter
Leptos_Blue_Marine_23/09-23/11_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Nikos Christodoulides to Attend FAC and GAC in Luxembourg

Nicos Anastasiades: Ready for A Tripartite Meeting

IMH LTD
GAP_Group_2019_468x60px

BUSINESS

brought to you by Deloitte

Noble Energy Announces Tamar Sell-Down

Noble Energy Announces Tamar Sell-Down

Noble Energy, Inc. has announced that it has signed a definitive agreement to divest a 7.5 percent working interest in the Tamar field, offshore Israel, to Tamar Petroleum Ltd. for cash proceeds of approximately $560 million and 38.5 million shares of Tamar Petroleum.  Based upon today's closing price of Tamar Petroleum, total consideration of this transaction is approximately $800 million.  This follows an initial divestment of 3.5 percent of the Tamar field in mid-2016.  Combined proceeds from both transactions total nearly $1.25 billion, including almost $1 billion in cash. 

David L. Stover, Noble Energy's Chairman, President and CEO, commented, "This transaction supports our commitment to sell down our Tamar interest in accordance with the government of Israel's Natural Gas Regulatory Framework.  It highlights the strong value of our world-class Levant Basin assets, while providing additional upside exposure from our equity interest in Tamar Petroleum.  These assets are some of the world's most attractive energy investment opportunities, with margins competitive to the best U.S. onshore oil plays and a stable, long-term cash flow profile.  Our team is doing an excellent job operating Tamar reliably at capacity while developing Leviathan which is on track to deliver first gas sales by the end of 2019."

The effective date of the transaction is January 1, 2018. Closing of the transaction is expected by the end of the first quarter of 2018, subject to Tamar Petroleum's debt financing and customary approvals, terms and conditions. 

Cash proceeds from the transaction will be utilized to support the capital investment in the Company's Leviathan development.  Noble Energy expects to incur capital gains tax of approximately 23 percent, paid upon the receipt of cash consideration at closing and as shares are divested.  The Company intends to divest shares held in Tamar Petroleum over the next several years.  As a shareholder of Tamar Petroleum, Noble Energy anticipates receiving dividend income.  

Noble Energy operates the Tamar field with a 32.5 percent working interest. Following closing of the transaction, the Company will retain a 25 percent working interest and will remain the operator.  The divested working interest represents approximately 62 million cubic feet equivalent per day of 2017 production and proved reserves of approximately 500 billion cubic feet equivalent as of year-end 2017.

 

MORE ON BUSINESS

Bank of Cyprus Receives Acclamation for Its Corporate Social Responsibility

During the 'Cyprus Responsible Business Awards 2019' ceremony, held on 10 October ...

Republic of the Marshall Islands Removed from EU List of Non-Cooperative Jurisdictions

At the European Union (EU) Economic and Financial Affairs Council (ECOFIN) meeting in ...

The First ever NGO of the Year Award to “Hope For Children” CRC Policy Center

The honorary distinction "NGO of the Year" was received by "Hope For ...

FROM AROUND GOLDNEWS

   

Modion Maritime Management Collaborates with Sqlearn to Provide High-Quality Training

Cpt. Stergios Nikolaidis, Operation Manager of Modion Maritime Management said: “We have been on a mission to put safety and human protection at the ...
   

Emirates Offers Special Fares to Dubai with Complimentary Day Pass

Emirates, the world’s largest international airline, has launched special fares to Dubai for Cypriot travelers. Each ticket will also include a ...
   

Nikos Christodoulides to Attend FAC and GAC in Luxembourg

Cyprus Foreign Minister Nikos Christodoulides departs on Sunday for Luxembourg where he will participate on Monday in Foreign Affairs Council (FAC) and on ...
   

Facebook's Digital Currency Dealt Another Blow

In a blow to the social media giant, the world's biggest economies warned cryptocurrencies such as Libra pose a risk to the global financial system, the ...
   

Bank of Cyprus Receives Acclamation for Its Corporate Social Responsibility

During the 'Cyprus Responsible Business Awards 2019' ceremony, held on 10 October 2019 at the Presidential Palace, Bank of Cyprus received six awards ...
   

CFA Society Cyprus Elects new Board of Directors

The CFA Society Cyprus elected its new Board of Directors at its Annual General Meeting. The new Board is comprised of seven members, who have many years of ...
   

Supernova Consulting named as one of Europe’s best in First Ever ‘Ones to Watch’ list

Supernova Consulting has been named as ‘One to Watch’ in Europe in a list of business excellence published by the European Business Awards, one of ...
   

“Maritime Cyprus 2019”: Conference Shipping Leaders shaping the Future of International Shipping in Cyprus

The world known “Maritime Cyprus 2019” Conference was organised by the Shipping Deputy Ministry in cooperation with the Cyprus Shipping Chamber and ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Banking_07/10-28/11_300x250px
GloriaJeans_300x250px

IMH LTD