Delek's Q3 profit soars above NIS 1b after Tamar sale - GLOBES

Asi Bartfeld, CEO, Delek Group

29 Nov, 2017 14:16
Globes correspondent

Delek Group also announced that it intended to cash in its super royalties from the Tamar and Dalit reservoirs in the near future.

Yitzhak Tshuva-controlled Delek Group Ltd. (TASE: DLEKG), whose share price has fallen 30% this year, today reported that its net profit had risen steeply to NIS 1.024 billion in the third quarter. NIS 873 million of this came from the sale of 9.25% of Delek Drilling Limited Partnership's (TASE: DEDR.L) holding in the Tamar natural gas reservoir to the Tamar Petroleum partnership. Delek Group's net profit in the third quarter of 2016 was NIS 85 million.

Israel's Delek Group Mulling $280M Sale of Royalties From Tamar Offshore Gas Field - HAARETZ

Yitzhak Tshuva

Oct 18, 2017 2:57 AMEran Araz
Delek Group faces a government deadline to divest its 31.25% stake in Tamar by 2020 as part of regulation in place to dismantle Israel's gas cartel

In a deal that could be valued at 1 billion shekels ($280 million), Delek Group is weighing a plan to sell the royalties it is entitled to from its Delek Drilling subsidiary to investors, TheMarker has learned.

Known as overriding royalties, the money is paid to Delek Group from revenues generated from the Tamar gas field and are paid out before Delek Drilling pays dividends to the holders of its participation units.

The royalties have amounted to 3% of revenues until now but are due to rise to 13% now that Delek Drilling has earned back the cost of developing Tamar.

Delek to pay NIS 600m tax on sale of Tamar - GLOBES

5 Jul, 2017 14:24
Amiram Barkat

Delek Group will post a $700 million capital gain on the sale of its stake in the offshore gas field.

The state will charge NIS 600 million tax on the $1.1 billion sale of Delek Drilling Limited Partnership's (TASE: DEDR.L) rights in the Tamar natural gas reservoir. The rights are listed in Delek Drilling's books at only $400 million, meaning that the partnership will post a $700 million capital gain on the sale, slated to go ahead tomorrow. The 25% capital gains tax will therefore amount to NIS 600 million at the current exchange rate.

The tax revenue is significant, given the rise in the cumulative deficit over the past 12 months from 2.1% in the early months of the year to 2.4% in May. The deficit was affected by a fairly sharp downturn in revenues from indirect taxes in May, which were 11% less than in May 2016.

Delek Said to Start Roadshow for $1.1 Billion Gas IPO Next Week - BLOOMBERG

Thursday, June 22, 2017Yaacov Benmeleh

(Bloomberg) -- Delek Group Ltd. will start a roadshow next week to sell a stake in a $12.3 billion natural gas field off Israel’s shores, according to a person familiar with the matter.

Israel’s biggest energy company, controlled by billionaire Yitzhack Teshuva, will meet with investors in Tel Aviv, London and the U.S. for the planned initial public offering of Tamar Petroleum, a special purpose vehicle that owns 9.25 percent of the Tamar gas reservoir, the person said, asking not to be identified because the information isn’t public.

Tel Aviv exchange to see largest IPO on gas field sale - CNBC

A large digital ticker shows financial information outside the
entrance to the Tel Aviv Stock Exchange (TASE) in Tel Aviv, Israel
 on August 4, 2016. Rina Castelnuovo | Bloomberg via Getty Images

Ferry Biedermann; special to CNBC.com
22 JUNE 2017

The Tel Aviv Stock Exchange, TASE, is about to see its largest IPO ever with the sale of part of the Tamar natural gas field by Delek Drilling. A new company, Tamar Petroleum, is to acquire 9.25 percent of the field as well as part of Delek's holding in the smaller Dalit field and will next month issue an offering of about $1.2 billion in stocks and bonds to finance the deal.

Delek's divestment is part of antitrust measures under which the company is to sell its entire 31.3 per cent stake in Tamar, currently the main field from which Israel draws its natural gas. Its partner, Texas-based Noble Energy, will reduce its share in the field from 33 to 25 percent. Last year it sold 3 percent to move towards that goal. This allows both companies to maintain their share in the much larger Leviathan gas field that will come online in the coming years.