document: On 31 March 2019, Delek Drilling Ltd Partnership announced that it had signed an agreement with S.O.A. Energy Israel Ltd under which it will acquire a 25% interest in each of the Ofek New (405) and Yahel New (406) onshore exploration licences. Following the transaction, which was subject to fulfilment of several conditions, interests in each of the licences will be S.O.A. Energy 45%, Delek Drilling 25%, Globe Exploration (I.H.D.) Partnership Ltd 20% and Capital Point Ltd 10%. S.O.A. Energy will also assume operatorship of the licences from Globe Exploration. The Yahel New (406) licence covers an area of 397.5 sq km in the Judea Basin and was awarded on 21 June 2017. The Ofek New (406) licence covers an area of 344 sq km and was also awarded in June 2017. S.O.A. is planning to drill a well in the Ofek New (406) licence in mid-2019. On 3 November 2013, Globe Exploration announced that the Ofek 2ST1 well in the previous licence (Ofek 381) had reached the Permian objective at a depth of 6,460 m and that log data had indicated substantial signs of gas and condensate over a net interval of 50 m. Globe Exploration stated that the discovery can only be confirmed by production tests but at the time it did not have sufficient funds to cover the USD 2.5 million estimated costs. The Ofek 1 exploration well was plugged and abandoned as a dry hole in the licence in February 2012.
summary: Delek Drilling Ltd Partnership announced that it had signed an agreement with S.O.A. Energy Israel Ltd under which it will acquire a 25% interest in each of the Ofek New (405) and Yahel New (406) onshore exploration licences.