Tuesday, March 13, 2012

Israeli Billionaires Mull Offshore Oil IPO

$200 Million Needed; London Considered


Teddy Sagi and Beny Steinmetz, who each hold 42.5% of the rights to the Pelagic exploration licenses, are mulling how to raise capital to finance their share of the development plans for the gas and oil exploration licenses. It is believed that $200 million is required. Sources inform "Globes" that while an IPO on the Tel Aviv Stock Exchange had been considered, market conditions have persuaded Sagi and Steinmetz to cancel that option and consider a London IPO instead.

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