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September 30, 2016 / 27 Elul, 5776

Posts Tagged ‘TASE’

New Israeli Gas Field Discovered, ‘Greatest Potential Since Leviathan’

Sunday, January 17th, 2016

ISRAMCO and Modiin Energy LP reported Sunday a new natural gas field has been discovered beneath the waves of the Mediterranean Sea, off the coast of Israel, with “the greatest potential since Leviathan.”

The new gas field was discovered along the borders of the mammoth Tamar gas reservoir. It’s about the same size as Tamar, which currently serves much of Israel’s needs.

The reservoir was reported by Netherland, Sewell & Associates, Inc., in a resources estimate on the Daniel East and West licenses held by the two companies.

According to Tzahi Sultan, who owns part of the controlling interest in Modiin Energy, the Daniel licenses “have the greatest potential since Leviathan.”

Trading in Daniel East and Daniel West was suspended on the Tel Aviv Stock Exchange (TASE) pending the announcement, according to Globes business news service.

“Gas reserves of this order could significantly change Israel’s energy industry,” Sultan was quoted by Globes. “If the potential is realized, the disocvery could help competition in the Israeli gas industry a great deal and could completely change the picture.”

After trading resumed, participation units in ISRAMCO jumped by 8.46 percent, and units in Modiin skyrocketed by 34.3 percent.

“We are excited at the potential that has been revealed for finding gas in the Daniel East and Daniel West licensed,” Modiin Energy CEO Ron Maor said in a statement.

“This is potential of a significant size which, if realized, could represent competition for the currently existing reserves, and improve the country’s energy security. Together with our partners we will carry out drilling to test the potential prospects as soon as possible.

“We hope that the State of Israel will encourage further activity in the potential gas reserves in the Daniel East and Daniel West fields.”

The Tamar gas field was discovered in January 2009, also in the Mediterranean Sea off the Israel coastline. The field is located in Israel’s exclusive economic zone, roughly 80 kilometers (50 miles) west of Haifa in waters 1,700 meters (5,600 feet) deep. The adjoining Tamar South field added even more reserves. Together, the two finds comprised the largest discovery at the time of gas or oil in the Levant basin of the Eastern Mediterranean Sea.

The Leviathan gas field is one of the world’s largest offshore gas finds of the past decade, and is believed to ultimately have the potential to change Israel’s relations with its neighbors. It is located about 47 kilometers (29 miles) southwest of Tamar, about 130 kilometers (81 miles) west of Haifa. It’s about 1,500 meters (4,900 feet) deep in the Levantine basin.

In November 2015, the developers of the Leviathan gas field closed and inked their first gas deal with Egypt.

Hana Levi Julian

Gaza Clash Had Limited Impact on Israel’s Economy

Monday, December 3rd, 2012

From the Jerusalem Boardroom #173:

1. The Atlanta-based NCR, the global leader in retail software and services, acquired Israel’s Retalix for $800MN (Globes Business Daily, November 30, 2012).

2. The Larchmon, NY-based Bessemer Venture Partners led – along with the London-based Index Ventures and the Palo Alto-based Accel Partners – a $25MN round of private placement in Israel’s MyHeritage (Globes, November 30). Telefonica de Espana, the Spanish telecommunications giant, led – along with Singapore’s SingTel, the Mountain View, CA-based Mozilla Firefox, the Hong Kong-based Li Ka-Shing’s Horizons Ventures and theMenlo Park-based Draper, Fisher, Jurvetson – a $25MN round of private placement in Isreal’s EveryThing.ME (November 30). Li Ka-Shing’s Hutchison acquired Israel’s technology incubator, Kinrot (Nov. 12).

3. Britain’s BrightSource and France’s Alstom won tender for 121 Megawatt solar thermal power plant in Israel. The scope of the expected investment is $650MN (Globes, November 19).

4. Italy’s (giant) Edison Energy follows in the footsteps of Noble Energy, entering Israel’s natural gas exploration, concluding a contract with Israel’s Ratio Oil Exploration. Under the agreement, Edison will be the well-operator for the Gal licenses – which covers 1,770 square kilometers in the southwest corner of Israel’s exclusive economic zone with high potential of oil and natural gas – with 20% of the rights in the permit’s two licenses and an option on another 20% (Globes, Nov. 25).

Substantial Norwegian energy companies – such as SubSea7 and SeaDrill – consider participation in Israeli explorations. Currently, Norway’s AGR operates in Israel (Globes November 21).

5. Len Rosen, CEO of Britain’s Barclays Bank in Israel: “I have been in Israel during the last six years, but the only real violent event which I witnessed was September 11 in NYC…. I have not noticed a decline in the global interest in Israeli companies as far as Mergers and Acquisitions and investments in stock and bonds. I have noticed a decline in the scope of foreign investments, which is a derivative of a global decline… and global uncertainty…. There is a global decline in M&A due to the European crisis and American uncertainty….While security-oriented events have had a limited impact on Israel’s economy, the significant impact has been caused by global financial events…. Israel benefits form a sustained flow of investments and acquisitions…. Israel’s high tech and healthcare are unique, and its recent energy explorations and expansion of infrastructures are common…. Israel’s Treasury and Central Bank have displayed fiscal responsibility (Globes, November 23).”

6. Precedents to the limited, short-term impact of military clashes upon Israel’s economy. The Tel Aviv Stock Exchange registered a 3% decline upon the launching of the 1982 war on the PLO in Lebanon, but surged 5% (net) two months later. The August 1990 Iraq’s invasion of Kuwait caused a 14% drop on TASE with a 16% (net) increase two months later. During the September 1996 Palestinian riots (following the inauguration of the Western Wall Tunnels), TASE declined 6%, but rebounded 5% (net) two months later. September 11, 2001 depressed TASE by 11%, followed by a 23% expansion two months later. During the 2006 war on Hizballah in Lebanon, TASE suffered an 8% decline, but two months later demonstrated a 16% (net) increase. The December, 2008 Operation Cast Lead against Hamas in Gaza triggered a 10% fall on TASE, which turned around with a 25% surge two months later (Ma’ariv daily, November 18).

Visit The Ettinger Report.

Yoram Ettinger

Hackers Shut Down Stock Exchange, El Al Sites

Monday, January 16th, 2012

Hackers followed through with their pledge to step up their cyber war with Israel, shutting down the websites of the Tel Aviv Stock Exchange and El Al Airlines on Monday.

Trading on the stock exchange was not affected by the attack, but the TASE and El Al websites were unavailable to users for hours before technicians were able to restore them.

The attack came just hours after 0xOmar, the Saudi hacker who exposed the credit details of thousands of Israelis, threatened a second hacking attack on Israeli websites. Credit for the attack was claimed by hackers calling themselves “Nightmare Group”. Hamas congratulated the group and encouraged further attacks on Israeli computer systems as part of a comprehensive battle against the Jewish state.

In previous cyber attacks on Israel, the public websites of the Shin Bet and Mossad intelligence services, as well as other government websites, have been hacked.

The government has now established a National Cyber Committee, under retired general Yitzhak Ben Yisrael, to prevent such attacks.

After 0xOmar posted the personal details of thousands of Israelis online, an Israeli hacker retaliated by posting non-sensitive credit information pertaining to hundreds of Saudis, calling it a warning against escalating the cyber war with Israel.

Sam Ser

Tel Aviv Stock Exchange Up

Sunday, November 13th, 2011

The Tel Aviv Stock Exchange (TASE) rose strongly in trading Sunday following reports of a new government in Greece and the resignation of Prime Minister Silvio Berlusconi in Italy following the passage of an austerity law in the senate. The Tel Aviv 25 Index rose 2.2% by midday to 1,130 points, and the Tel Aviv 100 Index rose 2% to 1,022 points.

Jewish Press News Briefs

Printed from: http://www.jewishpress.com/news/breaking-news/tel-aviv-stock-exchange-up/2011/11/13/

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