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Navitas Petroleum raises $19.5m

The Navitas Petroleum partnership today reported that the company’s anchor investors, Daniel Jusidman, Zvi Barak, and the teachers’ advanced training funds, had exercised their options for units in the partnership by injected $19.5 million into the participation fund. This will reinforce Navitas Petroleum’s capital base.

Navitas Petroleum will use the proceeds from the exercise of its options to implement its strategic plan, including finding and taking advantage of investment opportunities in oil and gas assets and developing its existing assets. Navitas Petroleum recently reported the signing of a memorandum of understanding for the purchase of four land-based oil assets in Texas for $50 million in pursuance of the partnership’s strategy for building a land-based arm in the US, together with the partnership’s flagship projects in the Gulf of Mexico: Buckskin and Shenandoah.

At the same time, the partnership is preparing to develop the Shenandoah project. LLOG Exploration, the operator of the Buckskin and Shenandoah projects (475 million barrels of oil) in the Bay of Mexico, and the Navitas Petroleum partnership exercised their option and now hold 30.95% of the rights in the Shenandoah project.

The partners in the Shenandoah project plan to complete its development and begin producing oil by the end of 2023. The volume of 2C contingent resources in northern and southern Shenandoah is 281 million barrels of oil, with Navitas Petroleum’s share being 65 million barrels. The discounted cash flow from the project at a 12% discounting rate reflects a $415 million value for Navitas Petroleum’s 23.1% share.

Navitas Petroleum holds a portfolio of oil and gas assets in the Bay of Mexico. Its share of the proven discoveries amounts to 131 million barrels of oil. The partnership also holds Bloc 7 in eastern Canada, an exploration asset with great potential. Its share of the projected resources in the asset amounts to 427 million barrels.

Gideon Tadmor is chairman of Navitas Petroleum.

Published by Globes, Israel business news – en.globes.co.il – on November 10, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019


Article source: https://en.globes.co.il/en/article-1001306659#utm_source=RSS

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