{"id":549810,"date":"2022-10-02T04:12:39","date_gmt":"2022-10-02T04:12:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/"},"modified":"2022-10-02T04:12:39","modified_gmt":"2022-10-02T04:12:39","slug":"is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/","title":{"rendered":"Is Israel about to acquire a piece of Egypt\u2019s oil and gas sector?"},"content":{"rendered":"

<\/a> Israel\u2019s NewMed could acquire Egypt oil + gas assets via Capricorn merger:<\/strong> Capricorn Energy has abandoned contested plans<\/a> to merge with Tullow Oil in favor of an all-share tie-up with Israel\u2019s NewMed, according to a joint statement (pdf)<\/a> out Thursday. Under the proposed terms, shareholders of NewMed \u2014 formerly Delek Drilling, well-known partner in Egypt \u2014 would acquire almost 90% of the new company, receiving 2.337344 Capricorn shares for each existing share and paying out a USD 620 mn special dividend to Capricorn shareholders.<\/p>\n

This would hand NewMed control of Capricorn\u2019s assets in Egypt<\/strong>, paving the way for closer energy ties between Israel and Egypt and creating what the companies described as a \u201cMENA gas and energy champion.\u201d<\/p>\n

WHY THIS IS GOOD FOR US-<\/strong> Egypt and Israel signed<\/a> a landmark gas export agreement in June to ramp up exports to the European Union as it looks to phase out reliance on Russian fossil fuels. The agreement allows Israel to send more gas to Egypt\u2019s LNG facilities for export to Europe.<\/p>\n

Bigger production targets:<\/strong> The new group plans to raise its production to over 200k barrels of oil equivalent (boe) per day by 2030, up from 115k boe today, company CEO Yossi Abu said during a conference call, according to Reuters<\/a>. NewMed is considering further developing its Leviathan gas field in a step that could further boost export volumes across the Mediterranean, he said, noting that one option to export more gas to Europe is via a new pipeline linking Israeli fields to Egypt\u2019s LNG terminals.<\/p>\n

What\u2019s next:<\/strong> The merger is set to close in the first quarter of next year. The new firm would be listed under NewMed Energy on the London Stock Exchange (LSE) and would also pursue a Tel Aviv listing, according to the statement.<\/p>\n

The bid trumps Tullow\u2019s original offer:<\/strong> The takeover bid \u2014 including the special dividend payout \u2014 would value Capricorn shares at a 13% premium to their last closing price. It\u2019s also a 29% premium to Tullow Oil\u2019s original bid<\/a>, which was criticized by stakeholders for undervaluing the company. NewMed\u2019s bid values the company at USD 338 mn, according to the statement.<\/p>\n

Capricorn\u2019s operations here have faced hurdles lately:<\/strong> The company recently lowered its full-year production forecasts<\/a> in Egypt due to \u201clogistics and commissioning delays,\u201d citing issues with bringing two rigs online. The company now expects to produce 33k-36k barrels of oil equivalent per day this year, down from its previous 37k-43k boe\/d estimate.<\/p>\n

BACKGROUND- <\/strong>Capricorn \u2014 formerly Cairn \u2014 has had a presence in Egypt ever since it acquired Shell\u2019s oil and gas assets in the Western Desert with partner Cheiron last year, under an agreement worth up to USD 926 mn<\/a>.<\/p>\n

OTHER M&A NEWS- <\/strong><\/p>\n

Egytrans is looking at acquiring a transport company<\/strong>, it said in an EGX disclosure<\/a>(pdf)<\/a> last week, without disclosing which companies it\u2019s considering. The company also denied what it said were rumors among traders about a potential acquisition of its shares at a share price of EGP 4.50, saying that it is not aware of any potential takeover bids targeting the firm.<\/p>\n

Alex Medical is officially under new ownership: <\/strong>The Tawasol-LimeVest consortium received a 70.2% stake in Alex Medical (10.9 mn shares) for EGP 535.4 mn on Thursday, after its mandatory tender offer closed last week<\/a>, according to an EGX bulletin<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Israel\u2019s NewMed could acquire Egypt oil + gas assets via Capricorn merger: Capricorn Energy has abandoned contested plans to merge with Tullow Oil in favor of an all-share tie-up with Israel\u2019s NewMed, according to a joint statement (pdf) out Thursday. Under the proposed terms, shareholders of NewMed \u2014 formerly Delek Drilling, well-known partner in Egypt […]<\/p>\n","protected":false},"author":1,"featured_media":549811,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[2336,598,1142,93,72,89,2498,7128,7200,91,1992],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-alexandria-medical-services","tag-capricorn-energy","tag-egytrans","tag-energy","tag-enterpriseam","tag-israel","tag-leviathan","tag-ma-watch","tag-newmed","tag-oil-and-gas","tag-tullow-oil","wpautop","entry"],"acf":{"mongo_id":"e20731c9-91e5-4f84-80a8-684f2834b9b5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/93.jpg","photo_position":"above","related_issue":[549804],"teaser":"","voice_url":""},"yoast_head":"\nIs Israel about to acquire a piece of Egypt\u2019s oil and gas sector? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Israel about to acquire a piece of Egypt\u2019s oil and gas sector?\" \/>\n<meta property=\"og:description\" content=\"Israel\u2019s NewMed could acquire Egypt oil + gas assets via Capricorn merger: Capricorn Energy has abandoned contested plans to merge with Tullow Oil in favor of an all-share tie-up with Israel\u2019s NewMed, according to a joint statement (pdf) out Thursday. 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Palliser is the company\u2019s third-largest shareholder and is one of\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/419.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579116,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/merger-with-newmed-looks-dead-after-capricorn-directors-quit-en-masse\/","url_meta":{"origin":549810,"position":1},"title":"Merger with NewMed looks dead after Capricorn directors quit en masse","author":"enterpriseam admin","date":"25 January 2023","format":false,"excerpt":"Capricorn\u2019s board jumps before it\u2019s pushed: The chair, CEO, and three other directors of Capricorn Energy\u2019s board have resigned, caving to pressure from shareholders led by activist investor Palliser Capital to overhaul the company\u2019s management and block a proposed merger with Israeli energy firm NewMed Energy.WHY DO WE CARE? Capricorn\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/443.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576988,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/uaes-national-paints-wants-pachin\/","url_meta":{"origin":549810,"position":2},"title":"UAE\u2019s National Paints wants Pachin","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"UAE\u2019s National Paints makes play for Pachin: Dubai-based National Paints Holdings (NPH) has launched a takeover bid for Paint and Chemical Industries (Pachin), becoming the third company this year to express interest in acquiring the state-owned firm. NPH has submitted a non-binding offer to purchase 100% of Pachin for EGP\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/89.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577526,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/27\/israels-newmed-leaning-towards-floating-lng-terminal-over-fresh-pipeline-to-egypt\/","url_meta":{"origin":549810,"position":3},"title":"Israel\u2019s NewMed \u201cleaning towards\u201d floating LNG terminal over fresh pipeline to Egypt","author":"enterpriseam admin","date":"27 November 2022","format":false,"excerpt":"Israel\u2019s NewMed plans floating LNG expansion: Israel\u2019s NewMed will likely build a floating liquefied natural gas (LNG) terminal to boost energy exports to Europe from its Leviathan gas field in Israel, NewMed CEO Yossi Abu told Reuters. NewMed \u2014 formerly Delek Drilling, a well-known partner in Egypt \u2014 had been\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/413.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578792,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/keep-an-eye-on-capricorn-in-february\/","url_meta":{"origin":549810,"position":4},"title":"Keep an eye on Capricorn in February","author":"enterpriseam admin","date":"15 January 2023","format":false,"excerpt":"All eyes on Capricorn next month: London-listed Capricorn Energy plans to hold a vote on its merger with Israel\u2019s NewMed on Wednesday 1 February, the same day that shareholders will vote on a motion to overthrow the board called by activist investor Palliser Capital, according to disclosures filed to the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578313,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/pachin-to-respond-to-nph-bid-as-soon-as-january\/","url_meta":{"origin":549810,"position":5},"title":"Pachin to respond to NPH bid as soon as January","author":"enterpriseam admin","date":"22 December 2022","format":false,"excerpt":"To sell or not to sell? Paint and Chemical Industries (Pachin) could respond to the takeover offer from Dubai-based National Paints Holdings (NPH) as soon as early January, unnamed sources reportedly told Al Borsa. The Emirati firm is close to completing due diligenceand financial consultancy firm Elite is still working\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/484.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549810"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549810\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549811"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549810"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549810"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}