Management of Navitas Petroleum opened trading this morning in celebration of its joining TASE’S TA-35 flagship index.
Navitas Petroleum is an established partnership engaged in the exploration, development and production of oil and natural gas. Navitas develops both offshore and onshore assets with proven reserves, primarily in the Gulf of America region (USA), and is currently focused on completing the development of its flagship Shenandoah project, which is scheduled to commence commercial production this June. Concurrently, Navitas is advancing its Sea Lion project, a massive oil discovery marked as its next major undertaking.
Established by a founding group led by Gideon Tadmor, Navitas Petroleum completed its IPO on TASE in 2017 at a market cap of NIS 264 million and, as of the end of April 2025, Navitas' participation units have achieved a yield of nearly 1,000% on the IPO price. The partnership has primarily financed its ongoing operations and oil & gas projects through equity and debt financing on TASE, and less than eight years since its listing, Navitas is now joining TASE's flagship index, boasting a market cap of NIS 9 billion.
Navitas' value has increased by close to 1,100% over the past five years, compared to an increase of 57% in the TA-Oil and Gas Index since the beginning of 2024 and 357% over the last five years.
The Oil & Gas Exploration Sector consists of 18 companies and partnerships with a total market cap of NIS 61 billion, and the TA-35 index currently includes the 4 largest oil & gas companies and partnerships, with a combined market cap of NIS 43 billion. There are currently 20 funds tracking the index, with a total free-float value of NIS 7.5 billion.
Chairman of Navitas Petroleum, Gideon Tadmor: “Our inclusion in the TA-35 Index marks a significant milestone, and we anticipate further important business milestones in 2025. This June, we expect to commence oil production at the Shenandoah project, following 4 years of development and an investment of close to US$ 2 billion. This project is expected to bring Navitas, in its first full year of production in 2026, according to published reports and forecasts, to a production level of 65 thousand barrels per day; revenues (net of royalties) of US$ 1.6 billion; and an EBITDA of US$ 1.1 billion. In mid-2025, we also expect to make the Final Investment Decision (FID) for our next major undertaking – the Sea Lion project in the Falkland Islands. Navitas' success is intrinsically linked to TASE. TASE has enabled Navitas' unique evolutionary path – from a private partnership to a reporting partnership with a bond issuance to finance the development of the Buckskin project in June 2017, to a publicly traded partnership that went public in October 2017 with an initial market cap of NIS 264 million, and since then, through repeated equity and debt issuances. To date, Navitas has raised NIS 1.4 billion in equity and NIS 8 billion in debt, including through the issuance of 9 bond series, and in 2025 enjoys average daily trading volumes of NIS 20 million. I am proud to say that the vast majority of Israeli institutional investors, as well as many private investors, are invested in Navitas' equity and debt. These investors are our lifeblood and our loyal partners along the way.”
Nir Castro, Economist at TASE’s Trading Department, said: “By joining TASE’s flagship index, Navitas Petroleum will be able to enhance and broaden its accessibility and exposure to investors. I wish you continued success in your exploration and discovery of gas and oil, for the benefit of the investors and the Israeli economy as a whole.”
In the picture from right to left: Amit Kornhauser, CEO of Navitas; Gideon Tadmor, Chairman of Navitas; Koby Katz, Vice Chairman of Navitas; Nir Castro Cafri, Economist at TASE; Ittai Ben Zeev, TASE CEO; and members of the Board of Directors of Navitas.
Photography credit: TASE, authorized for use for no consideration.
