Tel Aviv, December 15, 2016. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) provides below an Immediate Report published by each of Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership ("the Partnerships") concerning the approval of the Petroleum Commissioner for the transfer of all the rights in the I/16 Tanin and I/17 Karish Leases to Energean.
Further to the provisions of the Partnerships’ immediate reports of August 16, 2016, regarding the signing of an agreement between the Partnerships and Energean Israel Ltd. (formerly Ocean Energean Oil and Gas Ltd.) (“Energean”) for the sale of all of the rights of the Sellers and Noble Energy Mediterranean Ltd. (“Noble”) in the I/16 Tanin and I/17 Karish leases (the “Leases”) to Energean (the “Agreement”) in consideration for the total sum of U.S. $148.5 million (in equal shares between the Sellers), plus royalties in connection with natural gas and condensate that shall be produced from the Leases, as specified in the immediate reports of August 16, 2016, and subject to fulfillment of several conditions precedent, and primarily receipt of the approval of the Petroleum Commissioner at the Ministry of National Infrastructures, Energy and Water Resources (the “Commissioner”) and receipt of the approval of meetings of the holders of the participation units of the Partnerships to approve engagement in the Agreement as aforesaid, or approval of the supervisors, insofar as shall be required under the circumstances, and to Note 3B3 to the financial statements, as included in the quarterly report of the Partnerships as of September 30, 2016 regarding receipt of the approval of the supervisors for engagement in the Agreement, we respectfully update that on December 13, 2016, the Commissioner’s approval was received for the transfer of all of the rights of the Sellers and of Noble in the Leases to Energean, including approval of registration of rights to royalties for the Sellers, as specified in the immediate reports of August 16, 2016, approval of Energean as operator in the Leases, in accordance with the Petroleum Regulations (Action Principles for Offshore Oil Exploration and Production) and approval of the transfer of the permitted quota for export from the Leases at a scope of 47 BCM to the Leviathan partners, in accordance with the provisions of the Gas Framework.
Upon receipt of the approval of the supervisors and the Commissioner, as aforesaid, the main conditions precedent in the Agreement were fulfilled and the closing of the transaction contemplated in the Agreement and the subsequent registration in the Petroleum Register are expected to be performed in the coming days.
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