Representatives of Lapidoth Israel Oil Prospectors Corporation Ltd. (TASE: LAPD) and Premium (PIH) Holdings Ltd. (TASE: PIH) have been in Romania for the past two days to try to close the acquisition of rights to an oil field, which was allotted to a local company by the Romanian government. Rosario Capital Ltd. represents the Romanian company.
The companies believe that, assuming a deal is closed, they will receive stakes in the oil field within six months.
Premium, controlled by Yuli Ofer and Nimrod Rinat, is also in talks to acquire drilling rights at a natural gas field in Moldova and oil exploration and drilling rights in a field in Romania. In mid-January, the company announced that it intended to exercise its option to buy 10% of the rights in Israel Petroleum Company (IPC) which owns 13.6% of the Sara and Myra offshore licenses in Israel from Ofer Investments Ltd.
Lapidoth's share price rose 1.6% today to NIS 6.83, giving a market cap of NIS 291 million, and Premium's share price rose 7.1% today to NIS 1.46, giving a market cap of NIS 78 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 9, 2011
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