Participation in a Tender for the Purchase of Oil and/or Gas Exploration Rights in Cyprus – Update - DELEK GROUP

Tel Aviv, January 3, 2017
Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”)

further to what is stated in the Company’s Immediate Report dated July 24, 2016 (ref. no. 2016-01-0088411) concerning submission of a bid for a tender issued by the Government of Cyprus for the acquisition of exploration rights for oil and/or natural gas in the Cyprus EEZ (“the Tender”), by a consortium including among others Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership (together “the Partnerships”), provided below an Immediate Report published by each of the Partnerships with an update of the results of the Tender.

Be cautious, despite oil majors’ interest, warns expert - CYPRUS MAIL

We'll know in Q4-2016 the final picture of the Cypriot EEZ

JULY 28TH, 2016 ELIAS HAZOU

DESPITE the impressive participation in the third hydrocarbons licensing round in Cyprus’ Exclusive Economic Zone (EEZ), the government should not rest on its laurels, an energy analyst has told the Cyprus Mail.

“We are still a long way off from any [exploratory] drilling in the acreage put up for auction, and besides, matters do not seem to be moving forward with regard to the Aphrodite prospect,” Charles Ellinas said.

The expert said the turnout in the third licensing round was particularly impressive, in terms of the calibre of the bidding companies. Three oil majors are involved – ExxonMobil, ENI and Total.

“Competition for block 10 is going to be intense. It will be interesting to see who lands that concession.”

Applications submitted for the 3rd licensing round for hydrocarbon exploration - REPUBLIC OF CYPRUS

27/07/2016 
13:06

Subsequent to today’s, July 27, official briefing of the President of the Republic and the members of the Council of Ministers, the Ministry of Energy, Commerce, Industry and Tourism announces that for the 3rd licensing round for offshore hydrocarbon exploration in Blocks 6, 8 and 10 in the Exclusive Economic Zone of Cyprus, the following applications were received by the application deadline, which was Friday, 22 July 2016:

Delek bids for Cypriot exploration licenses - GLOBES

24/07/2016, 10:18, Globes correspondent

Delek's units Avner and Delek Drilling have bid as part of the Capricorn Oil consortium.
Delek Group Ltd. (TASE: DLEKG) gas and oil exploration units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) reported this morning that they have bid for the Cypriot government tender to buy rights in the country's economic waters. Winning such a bid would by synergistic to its operations in Israel's offshore gas fields. "Globes" was the first to report last week that Delek was about to make such a bid.

The bid by the Delek units was submitted as part of the Capricorn Oil consortium. Capricorn is the consortium's operator and is a unit of Cairn Energy, which is traded on the London Stock Exchange under the CNE ticker.