DELEK GROUP LTD. Tel Aviv, January 31, 2016. Delek Group (TASE: DLEKG, US ADR: DGRLY) ('the Company') announces that attached is an Immediate Report submitted by each of Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership ('the Partnerships') concerning an update of the Work Plan for Block 12 in Cyprus.
Pursuant to what was stated in section 7.10.6 of the Partnerships' Annual Reports to December 31, 2014 that were published on March 18, 2015, concerning the planned Work Plan in Block 12 in Cyprus ('Block 12'), in whose area the natural gas field Aphrodite has been found, includes inter alia carrying out additional trial drilling (outside the boundaries of the Aphrodite find) ('the Additional Dilling'), and pursuant to the Partnerships' Immediate Reports dated October 22, 2015 concerning postponement of the date for carrying out the Additional Drilling until May 23, 2016, and the assessment by the partners in Block 12, together with the Cyprus government, of the possibilities to change the Work Plan that is binding under the Production Sharing Contract, the Company hereby provides an update that Noble Energy International Ltd ('Noble Cyprus') and the Partnerships have received notification from the government of Cyprus that it is waiving the requirement to carry out the Additional Drilling, upon completion of the transfer of 50% of the rights of Noble Cyprus in Block 12 to BG Cyprus Limited ('BG Cyprus'), in accordance with the rights transfer documents signed by the Cyprus government, BG Cyprus, Noble Cyprus and the Partnerships.
The Partners in the Aphrodite Reservoir and their percentage holdings, following completion of the transfer of rights as stated:
35% | Noble Energy International Ltd. |
35% | BG Cyprus Limited. |
15% | Delek Drilling Limited Partnership |
15% | Avner Oil Exploration - Limited Partnership |
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on January 28, 2016.
About The Delek Group
The Delek Group, Israel's dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean's Levant Basin into one of the energy industry's most promising emerging regions. Having discovered Tamar and Leviathan, two of the world's largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 40 TCF.
In addition, Delek Group has a number of assets in downstream energy, water desalination, and in the finance sector.
For more information on Delek Group please visit www.delek-group.com
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Delek Group Ltd. issued this content on 31 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 January 2016 12:47:07 UTC
Original Document: http://ir.delek-group.com/phoenix.zhtml?c=160695&p=irol-newsArticle&ID=2133757
