Tamar Petroleum Ltd (TASE:TMRP) signed a definitive agreement to acquire additional 7.5% working interest in I/12 Tamar and I/13 Dalit Leases from Noble Energy Mediterranean Ltd. for approximately $800 million on January 29, 2018. Under the terms of transaction, Tamar Petroleum will pay cash consideration of approximately $560 million from proceeds from the issue of bonds and 38.5 million shares of Tamar Petroleum. Cash consideration is subject to adjustment. Following closing of the transaction, Noble Energy will retain a 25% working interest and will remain the operator and Tamar Petroleum will hold 16.75% working interest in Tamar field. The transaction is subject to Tamar Petroleum’s debt financing, Tamar Petroleum Ltd shareholder approval for performance of the private placement of the Shares, for amendment of the Company’s Articles of Association in the language set forth in the Agreement, or with such adjustments required for the closing of the agreement, receipt of approval from the Petroleum Commissioner at the Ministry of Energy, receipt of final and unconditional approval from the Antitrust Authority, if required, receipt of approvals and rulings from the Israeli tax authorities for the transaction and customary approvals, receipt of approval from TASE for the listing of the shares in the context of the private placement. The transaction is expected to close by the end of the first quarter of 2018. Cash proceeds from the transaction will be utilized to support the capital investment in the Noble Energy's Leviathan development. Barclays acted as a financial advisor to Noble Energy, parent of Noble Energy Mediterranean Ltd.