Yitzhak Sultan has expanded his gas and oil exploration investments even further, plowing several million shekels into the initial public offering of Halman Aldubi's Israel Opportunity Oil & Gas Exploration partnership.

He bought an estimated 4% to 4.9% of the company's shares. Since this is less than 5%, the partnership is not required to report it to the stock exchange.

In September 2009, Sultan acquired a controlling interest in Noya Oil and Gas, which holds Modiin Energy Limited Partnership. At that time, it was on the maintenance list, lacking capital and at risk of being delisted.

At the end of December, Sultan enlisted Nochi Dankner's IDB Holding Corporation and the two launched a rights issue and raised NIS 20 million, extricating the company from the maintenance list. As of the end of the first quarter, the partnership had raised NIS 52.4 million through warrants.

In June they raised another NIS 188 million in a public offering, which saw NIS 360 million in demand.

Modiin is trading at a valuation of NIS 495 million, after its shares shot up 600% this year. Following his success with Modiin, Sultan invested NIS 2.3 million in the public offering of the Globe Exploration partnership, buying 4.9% of the company's shares.

Apart from his relatively new interest in gas and oil, Sultan controls Clal Finance Underwriting, Israel's largest underwriting company. Its other controlling shareholder is Dankner's IDB Holdings.

Clal Finance Underwriting led the IPO for both Globe Exploration and Israel Opportunity.

Modiin currently holds 25.6% of the Sarah and Mira oil and gas exploration permits. Along with Israel Land Development Company's Emanuel Energy, it holds the Yam Hadera permit, for a site 30 kilometers west of the Haifa-Hadera coast. It also holds 70% of the Gabriella permit area, 15 kilometers off the coast between Netanya and Rishon Letzion, as well as 15% of the Zurim permit at the Dead Sea and 22.5% of the Sarit license at Ashdod.