Noble Energy To Divest 7.5% Working Interest In Tamar Field - Quick Facts

(RTTNews) - Noble Energy, Inc. (NBL) announced a definitive agreement to divest a 7.5 percent working interest in the Tamar field, offshore Israel, to Tamar Petroleum Ltd. for cash proceeds of approximately $560 million and 38.5 million shares of Tamar Petroleum. The total consideration of the transaction is approximately $800 million. The company said the cash proceeds from the transaction will be utilized to support the capital investment in its Leviathan development.

Noble Energy operates the Tamar field with a 32.5 percent working interest. Following closing of the transaction, the company will retain a 25 percent working interest and will remain the operator. The company intends to divest shares held in Tamar Petroleum over the next several years. As a shareholder of Tamar Petroleum, Noble Energy anticipates receiving dividend income.