Deliver Your News to the World

Negotiation with Woodside to Purchase Rights in the Leviathan Project - Update


Tel Aviv. Delek Group (TASE: DLEKG, OTCQX: DGRLY) is pleased to announce that on February 28, 2013, each of the subsidiaries, Delek Drilling L.P. and Avner Oil Exploration L.P. (together “the Partnerships”) published the following immediate report;

Re: Woodside Petroleum Ltd. Proposal to Purchase Rights in the “Leviathan” Project - Update

Pursuant to the Partnerships’ immediate report dated 03.12.2012 (Delek Drilling reference no. 2012-01-298806, Avner’s reference no.: 2012-01-298812) regarding the ongoing negotiations with Woodside Petroleum Ltd. (“Woodside”) for the sale together with the other partners in the Leviathan project (the “negotiation” and “Leviathan Partners”), of the rights in the Leviathan project in the area of the 349/“Rachel” and 350/“Amit” licenses (the “Leviathan Project”), and towards signing a binding agreement for the sale of rights by the end of February 2013 (“Binding Agreement”), the Partnerships hereby respectfully notify that the negotiation between the Leviathan Partners and Woodside towards signing a Binding Agreement is ongoing. Should a significant development in relation to the abovementioned negotiations take place, the Partnerships will publish an immediate report.

Forward Looking Statement Warning:
The aforementioned information with regard to the negotiation and the possibility of signing the Binding Agreement (if signed) constitutes Forward Looking Information as defined in section 32A of the Securities Law, which there is no certainty that it will be realized, in whole or in part, in the aforementioned manner or in any other manner, and may be realized in a materially different manner, and particularly there is no certainty that a Binding Agreement will be signed, on the aforementioned terms or on other terms. It should also be noted that the execution of the Binding Agreement as aforementioned is subject, inter alia, to completion of due diligence, to completion of the negotiation and receiving approvals of the authorized bodies as required by law, to the extent as required.

The partners in the Leviathan Project and their holdings are as follows:
Noble Energy Mediterranean Ltd. - 39.66%
Delek Drilling - Limited Partnership - 22.67%
Avner Oil Exploration - Limited Partnership - 22.67%
Ratio Oil Exploration (1992) - Limited Partnership - 15.00%

This is a convenience translation of the recent HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on March 1, 2013.

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 33 TCF
In addition, Delek has built an extensive network of global downstream assets, including 1,900 gas stations and convenience stores in the U.S., Europe and Israel, and petroleum refineries in the U.S. Delek also holds significant interests in leading water desalination, power generation, insurance and automotive companies.
In 2011, the Company’s revenues were NIS 59 billion. Delek Group’s shares are traded on the Tel Aviv Stock Exchange (TASE: DKLG) as part of the TA25 Index.


This news content was configured by WebWire editorial staff. Linking is permitted.

News Release Distribution and Press Release Distribution Services Provided by WebWire.