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 […]
