Tel Aviv, October 2, 2019. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) reports that Ithaca Energy, the Company’s North Sea E&P operator, has taken a decision along with the other partners in the Isabella Oil Asset to drill a first trial well in the area. This was based on the recommendation of the project operator, Total E&P North Sea UK Ltd.
According to the terms of the transactions drawn up by Ithaca concerning the Oil Asset, Ithaca is not responsible for payment for drilling costs but will be entitled to 10% of future revenues from the license, if there will be any.
A comprehensive resource report can be accessed at the link on the right of this page.
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on October 2, 2019.
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.