Isramco Advances as Ma’ariv Says Tamar to Be Excluded

Isramco Negev 2 LP climbed to the highest in two weeks in Tel Aviv trading as Ma’ariv reported proposals made by a government panel on raising the tax on gas and oil output may exclude the Tamar gas field.

The shares of the explorer, which holds a 28.75 percent stake in Tamar, advanced 5.1 percent to 0.451 shekel at the 4:30 p.m. close in Tel Aviv, the highest level since Nov. 21.

The government-appointed panel may consider making an exception for the Tamar site to avoid delaying the development, as Israel is likely to become dependent on a sole supplier from Egypt, the daily newspaper said today, citing an unidentified person close to the panel.

“The company hasn’t received anything from the government on the matter,” Isramco’s Chief Executive Officer Yossi Levy said in a telephone interview from Petah Tikva, Israel today. The committee is expected to post final recommendations at the end of the year, Shlomi Sheffer, a spokesman for the Ministry of Finance, said in a telephone interview today.

Delek Drilling-LP and Avner Oil Exploration-L.P., each holder of 15.6 percent in Tamar, rose 1.8 percent and 1.4 percent, respectively.

To contact the reporter on this story: Ronit Goodman in Tel Aviv at rgoodman9@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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