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Israeli energy company lists on Cyprus Stock Exchange

CO Cyprus Opportunity Energy Public Company Ltd, an Israeli-controlled company with interests in energy, has been listed on the Cyprus Stock Exchange (CSE).

The company has been listed for trading on the CSE's Emerging Companies Market. It is the first company specialising in hydrocarbons research and extraction to be listed on the Nicosia bourse.

According to the company announcement, CO is "a newly incorporated company whose primary intention is to participate in oil and/or gas exploration in the exclusive economic zone of Cyprus."

On May 11 this year, the company, as part of a consortium, submitted applications for two offshore licenses (for blocks 2 and 8) through the tender for the second licencing round.

The consortium consists of Israel Opportunity Oil & Gas Exploration and Norwegian entity AGR Energy AS as the prospective operators of the licence.

"At the time of listing, the company is in the application review stage of the Cyprus government licensing process. As part of the application process the company acquired 2D seismic data to which it has already performed preliminary analysis which formed part of its business strategy," the announcement said.

"Should the company fail to obtain the licenses it applied for, the company has a Plan B and intends to create joint ventures with third parties in the exploration and production of other offshore licences."

In total, the second licencing round garnered 15 bids by 29 companies from around the world.

The bids are being evaluated by an advisory committee made up of permanent secretaries of the ministries of commerce, finance, foreign affairs and agriculture, along with the attorney-general, energy service director and geological survey department head. They will submit their recommendations to the Commerce Minister who will take them to cabinet for a final decision in November, after which negotiations with the preferred bidders will start.

Source: Cyprus Mail

18 July 2012