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Tamar Petroleum (TMRP · TASE)

Name: Tamar Petroleum (TMRP) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Gas-weighted — HQ Israel. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Gas-weightedRegion Middle EastCEO (Tamar Petroleum mgmt)Jurisdiction risk Med (39)

Overview

Single-asset gas vehicle owning ~16.75% of the Tamar field offshore Israel, distributing contracted take-or-pay gas cash flows to holders — effectively a high-yield, amortizing gas royalty.

Value is a function of Tamar volumes, Egypt/regional export demand, and paying down project debt. Flags: single-asset concentration, Eastern-Mediterranean security risk, leverage/amortization.

Valuation snapshot (FY2025)

Market cap

$0.6bn

Enterprise value

$1.2bn

EV / EBITDA

6.4x

P / E

12.8x

FCF yield

17.2%

Dividend yield

14.1%

ROACE

11%

Debt / equity

144%

Net debt / EBITDA

3.0x

EV / reserves

$3.78/boe

EV / flowing

$43k/boe/d

Free cash flow

$0.1bn

Its EV/EBITDA of 6.4x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 17.2% is higher than the 6.5% median, and at $3.78/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, Tamar Petroleum scores 52/100, strongest on valuation (77/100). Sub-scores: value 77, quality 62, growth 13, risk 80 (higher = riskier).

Reserves & production

Tamar Petroleum holds approximately 0.32 billion boe of proved (1P) reserves with FY2025 production of about 28 thousand boe/d (1% liquids), a reserve life of roughly 31.3 years. Break-even: n/a (contracted gas — take-or-pay) — Revenue underpinned by long-term take-or-pay gas contracts; economics driven by Tamar volumes and debt amortization.

Net asset value (public-source)

For Tamar Petroleum, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

39 /100

Medium jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
Israel	100%	39	OECD but conflict-exposed; gas export/security constraints.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Tamar field	Israel	Offshore gas	~16.75% stake, core asset
Tamar SW expansion	Israel	Offshore gas	Capacity expansion
Domestic gas supply (IEC etc.)	Israel	Gas	Take-or-pay contracts
Egypt exports	Egypt	Gas	Regional export demand
Amortizing bonds	Israel	Financing	Project debt paydown

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	48	47	46	45	28
Proved reserves (bnboe)	0.34	0.33	0.32	0.31	0.32
Revenue ($bn)	0.3	0.3	0.3	0.3	0.2
EBITDA ($bn)	0.2	0.3	0.2	0.2	0.2
Net income ($bn)	0.1	0.1	0.1	0.1	0.1
Free cash flow ($bn)	0.1	0.1	0.1	0.1	0.1

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Peer companies — Gas-weighted

NVTK · Novatek EQT · EQT Corporation EXE · Expand Energy TOU · Tourmaline Oil ARX · ARC Resources AR · Antero Resources RRC · Range Resources ENEV3 · Eneva S.A.NWMD · NewMed Energy CNX · CNX Resources Corporation CRK · Comstock Resources, Inc.PEY · Peyto Exploration & Development Corp.BKV · BKV Corporation GPOR · Gulfport Energy Corporation

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare TMRP against 141 peers in the interactive screener