Response to Reports Regarding a Possible Amendment to the Natural Gas Supply Agreement Between the Tamar Partners and the Israel Electric Company

September 24, 2019 at 5:00 PM IDT

Response to Reports Regarding a Possible Amendment to the Natural Gas Supply

Agreement Between the Tamar Partners and the IEC

 

Tel Aviv, September 24, 2019. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) refers to the regulatory filing of its subsidiary Delek Drilling (60% owned) for a response to the immediate reports that were released by Isramco Negev 2, Tamar Petroleum. and Dor Gas Exploration regarding negotiations that are being conducted with the Israel Electric Corporation Ltd.

In response to the immediate reports that were released this morning by Isramco Negev 2, Limited Partnership, Tamar Petroleum Ltd. and Dor Gas Exploration, Limited Partnership regarding negotiations that are being conducted between the said Tamar partners (and Everest Infrastructures, Limited Partnership) and the Israel Electric Corporation Ltd. (the “IEC”) in connection with an amendment to the agreement that was signed between the partners in the Tamar project, including the Partnership, and the IEC (the “IEC Agreement”), the Partnership respectfully announces that the said Tamar partners approached the Partnership and Noble Energy Mediterranean Ltd. several days ago to present an outline for a possible amendment to the IEC Agreement (the “Amendment to the Agreement”).

In this context, the Partnership wishes to clarify that the signing of the Amendment to the Agreement, if signed, is subject to the consent of all of the Tamar partners, of which there is no certainty will be received.

The partners in the Tamar project and their proportionate holdings are as follows:

 

Isramco Negev 2, Limited Partnership

Noble Energy Mediterranean Ltd.

Delek Drilling, Limited Partnership

Tamar Petroleum Ltd.

Dor Gas Exploration, Limited Partnership

Everest Infrastructures, Limited Partnership

28.75%

25.00%

22.00%

16.75%

4.00%

3.50%

 

 

Sincerely,

Delek Drilling Management (1993) Ltd.

General Partner of Delek Drilling – Limited Partnership

By Yossi Abu, CEO

Yossi Gvura, Deputy CEO

 

This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on September 24, 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.

 

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