Reuters: Mergers News: Delek Drilling, Avner Oil eye overseas share offering

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Delek Drilling, Avner Oil eye overseas share offering Mar 29th 2012, 14:51 JERUSALEM, March 29 | Thu Mar 29, 2012 10:51am EDT JERUSALEM, March 29 (Reuters) - Israel's Delek Drilling , part of a group that has found two large natural gas wells off Israel's coast, said on Thursday it was considering a share offering abroad along with partner Avner Oil Exploration . Delek Drilling and Avner are both units of the Delek Group conglomerate controlled by billionaire Yitzhak Tshuva. They each hold 15.625 percent of the Tamar prospect, which contains an estimated 9.1 trillion cubic feet of gas. Noble Energy is leading the consortium. Delek and Avner also hold 22.67 percent each of the larger Leviathan site, which is near Tamar. "In light of the regulatory changes and upcoming challenges, we are studying, along with Avner, the possibility of structural changes and we are also examining the option of a listing or registering all or part of our assets for trade on another global market that is more compatible to oil and gas exploration, production and export activities," Delek Drilling said in a statement to the Tel Aviv Stock Exchange. The Globes financial daily said on its website that the companies were considering Hong Kong, London and New York for a foreign listing, which would give Delek international exposure for its gas exploration activities. It added that no decision has yet been taken and it was not certain any offering would materialise.

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