The Israeli partners in Yam Thetis' offshore gas exploration venture have been able to secure a $240 million loan to be used to refinance the mortgage on the drilling rights.
The loan was made possible after the main partners in the venture – Avner, Delek Energy and Delek Drilling – cleared their loans on the consortium's venture.
The loan was given for a period of three years, subject to the rate in which the partners would be able to sell the gas.
Once the money will be funneled, the partners will pay a one-time sum equal to 2% of the loan, to pay off the fundraising fee agreed to in their financing agreement.