Navitas makes another step toward production in the Shenandoah project; jumps 15%

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Navitas' share price jumps by 14% following the successful drilling in a major project in the Gulf of Mexico

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Navitas has completed the last well in its flagship project in the Gulf of Mexico

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Navitas Petroleum will begin the first production drilling in Buckskin South Resovouir

The Israeli Oil Partnership will invest NIS 6.1 million in production drilling, according to its relative share in the reservoir (7.5%); drilling will begin next year
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The Gulf of Mexico oil boosts Navitas; Gideon Tadmor is "worth" about NIS 350 million 

The Oil Exploration Partnership estimates that its flagship reservoir, Shenandoah, will generate USD 1.1 billion in revenue in its first year of production (2025). Since March this year, the partnership led by Tadmor, a former executive with Yitzhak Tshuva's Delek Group, has doubled in value to approximately NIS 3 billion
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Navitas managed to increase revenues despite the drop in oil prices 

The oil and gas partnership published quarterly reports and updates on the progress of two of its huge projects - Production of oil at the Shenandoah project is expected to begin at the end of next year, and Navitas will announce its final investment decision in Monument next month
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Shenandoah is at 67% development, revenue of 27 million dollars 

The net profit almost tripled; Shenandoah's progress continues alongside Buckskin development; The partnership is expected to receive a final investment decision (FID) for the development of the Monument Reservoir adjacent to the Shenandoah Reservoir
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Navits' profit was 49 million dollars; Shenandoah production is expected to begin in late 2024.

With the start of production from Shenandoah, the partnership expects the annual revenue to jump up to 1.14 billion dollars, assuming an oil price of about 78 dollars per oil barrel. The partnership's revenue last year was 120 million dollars
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In the quarter, Navits' revenues increased by 28% as a result of a surge in oil prices

In the third quarter, the oil partnership's net profit increased by 60%; since the beginning of the year, the profit has increased by 200%.
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Navitas Petroleum acquires 20% of an oil reservoir in the Gulf of Mexico

Gideon Tadmor's Israeli oil and gas partnership will join the Monument reservoir, $300 million has already been invested in its development; Navitas will pay $12 million for 20% of the asset, and it is expected to generate $20 million annually.
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Navitas makes final investment decision on Shenandoah project

Navitas Petroleum will invest $900 million in developing the Gulf of Mexico oil reserve.
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