Navitas Petroleum Alliance Raises NIS 271 Million for Shenandoah Project

The Navitas Petroleum collaboration, led by chairperson Gideon Tadmor, raised NIS 271 million in the institutional stage of an offering of participation items this morning.

The alliance offered units at NIS 20.91 each, representing a 3.7% discount on the closing price of its participation units yesterday. Demand totaled NIS 360 million.

Navitas Petroleum owns.5% of the Buckskin Venture in the Mexico Gulf, which began commercial production six months ago of more than 35,000 barrels of oil per day.

Navitas lately raised its holding in the Shenandoah Project, a 281 million-barrel oil fieldĀ in the Gulf of Mexico, to 53%.

Navitas believes that a remaining funding decision on the venture will be made in the 2020 first half.

Navitas further owns rights in the Block 7 exploration license off the east coast of Canada, and in the Neches producing oil field in Texas.

The collaboration additionally recently reported that it had signed a pact for the purchase of 50% of the rights in four extra oil assets in Texas.

Navitas Petroleum completed its initial offering on the Tel Aviv Stock exchange in the summer of 2017, when it raised NIS 530 million in an offering of bonds and participation items.

In 2019, the partnership doubled its market cap to NIS 980 million following a 4% fall at the moment.