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Noble Energy Announces Tamar Sell-Down

Posted on: 2/2/2018 4:21:36 AM under Energy

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. 

 As reported in Gold News.