Ithaca Energy - Completion of Acquisition of Greater Stella Area Assets

December 13, 2018 at 8:55 AM CET

Ithaca Energy Inc. - Acquisition of Additional Rights in GSA Project - Completion of Transaction

Tel Aviv, December 12, 2018. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces further to the Company's Immediate Report dated August 26, 2018 (ref. no. 2018-01-080763) and the Immediate Report dated October 25, 2018 (ref. no. 2018-01-101145), the Company announces that the transaction of a subsidiary of the Company, Ithaca Energy Inc.  (“Ithaca”) to acquire all the rights in the facilities and licenses of its partners in the Greater Stella Area project (“GSA”) has been completed.

The additional rights transferred to Ithaca in the transaction include all the ownership rights in the floating production facility that serves as the production center of the GSA project - “FPF-1” (“Floating Production Facility”) (see section 1.8.5(c)(5) of the Company’s 2017 Periodic Report) and all the rights in the Stella, Harrier and Hurricane licenses.  Completion of the transaction for the acquisition of the licenses significantly increases Ithaca’s share of the reserves and production of the GSA project, and allows Ithaca full long-term control and flexibility over the development of the productive assets of the GSA project.

With completion of this transaction the percentage holdings of Ithaca in the production facility and licenses of the project are as follows:

 

Percentage Holding

Production Facility FPF-1 Limited:

100%

License Stella/Harrier  (P.011):

100%

License Hurricane (P.1665 / P.2190):

100%

This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on December 12, 2018.

About The Delek Group

Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. With major finds in the Levant Basin, including the Leviathan (21.4 TCF) and Tamar (11.2 TCF) reservoirs and others, Delek is leading the region’s development into a major natural gas export hub. In addition, Delek has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek Group is one of Israel’s largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE:DLEKG) and are part of the TA 35 Index.

For more information on Delek Group please visit www.delek-group.com

Contact

Investors

Yonah Weisz
Head of Investor Relations
Delek Group Ltd.
Tel: +972 9 863 8443
investor@delek-group.com