Holds right to royalties of oil & gas explorations.
Tomer ended 2025 with a relatively stable underlying business, but not with a real jump in business economics. Profit doubled mainly because of tax, while the more important test, covering distributions and debt service out of incoming cash, stayed tight.
Dalit adds real upside to Tomer, but in 2025 it is still an option layer rather than a cash-yielding one: 4.8 BCF net of contingent resources and 4.7 BCF net of prospective resources in the mid case, with no separate shekel carrying value disclosed for Dalit itself.
Kesem becoming effective is a positive event, but in the near term Tomer's royalty stream will still be determined mainly by the existing contract stack, Tamar's availability, and the pace at which extra transport routes open. Until Kesem starts taking gas in practice and added…
Tomer ended 2025 with operating cash flow that almost covered cash debt service, but did not leave enough surplus to sustain a $7.0 million distribution pace without depleting liquidity.
