| Reference to Press Releases regarding the Suspension of Negotiations for Export of Natural Gas to Egypt | |
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Tel Aviv, December 7, 2015. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that attached is an Immediate Report just published by Avner Oil Exploration Limited Partnerships and Delek Drilling Limited Partnerships ("the Partnerships") concerning various reports in the media with regard to freezing the talks in connection with the import of natural gas to Egypt. It is noted that as per this immediate report, the Delek Group Partnerships as well as other partners in the various projects in Israel are not parties to the arbitration proceeding with the Egyptian National Gas Companies.
In response to various reports in the media according to which the Egyptian government has instructed the Egyptian national gas companies (Egyptian General Petroleum Corp. and Egyptian Natural Gas Holding Co.) (the "Egyptian National Gas Companies") to freeze the talks in connection with the import of natural gas from Israel to Egypt, due to the ruling made in the arbitration proceeding between the Israel Electric Corporation Ltd. and the Egyptian National Gas Companies, we hereby clarify as follows:
The Partnerships and its partners in the various projects in Israel are not parties to the arbitration proceeding with the Egyptian National Gas Companies. As stated in Articles 7.13.5 and 7.14.2 of the Partnerships' periodic report dated December 31, 2014 which was published on March 18, 2015, the Partnerships and its partners in the Leviathan project and the Tamar project, are holding negotiations, in various stages, for the export of natural gas to neighboring countries, including Egypt.
The aforementioned negotiations are not with the Egyptian National Gas Companies but rather with commercial companies. The Partnerships and its partners in the Leviathan project and the Tamar project are in regular contact with these companies and are continuing the aforementioned negotiations as planned. In addition, the parties will continue to work with the competent authorities in the governments of Israel and Egypt for obtaining all the required approvals in connection with the agreements for the export of gas from Israel to Egypt.
Forward Looking Information Warning - The information specified above in relation to the aforementioned negotiations, constitutes Forward Looking Information as such term is defined in section 32A of the Securities Law-1968, and there is no certainty that such information will be realized, fully or partially, in the abovementioned manner or in any other manner, and it may be realized in a materially different manner than described above, and in particular there is no certainty that the aforementioned discussions and/or negotiations will mature into binding gas sale agreements and that the conditions required under law for the entering into affect of such agreements will be satisfied, to the extent such agreements will be signed, including the obtaining of all the required approvals from the competent authorities in Israel and in Egypt.
The partners in the Leviathan project and their interests are as follows:
Noble Energy Mediterranean Ltd. 39.660%
Avner Oil Exploration Limited Partnership 22.670% Delek Drilling Limited Partnership 22.670% Ratio Oil Exploration (1992) Limited Partnership 15.000%
The partners in the Tamar project and their interests are as follows:
Noble Energy Mediterranean Ltd. 36.00%
Isramco Negev 2, Limited Partnership 28.75% Avner Oil Exploration – Limited Partnership 15.625% Delek Drilling – Limited Partnership 15.625% Dor Gas Exploration – Limited Partnership 4.00%
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on December 7, 2015.
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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Monday, December 7, 2015
Reference to Press Releases regarding the Suspension of Negotiations for Export of Natural Gas to Egypt | Delek Group
