Tel Aviv, April 4, 2018. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announced that on April 4, 2018 it contracted with a third party to sell all the Company’s holdings in Faroe Petroleum PLC (“Faroe”), representing 15.3% of Faroe’s share capital, for a cash consideration of NIS 350 million (GBP 70.44 million).
The transaction will be completed within 2 business days.
The expected consideration from the sale of shares amounts to NIS 350 million and the cost of acquisition of the shares was NIS 234 million. The total profit for the investment in the Faroe shares comes to NIS 116 million. NIS 43 million of this profit will be allocated to the income statement and capital funds to December 31, 2017, and the balance of the profit of NIS 73 million will be allocated to the 2018 income statement (of which profit of NIS 53 million in Q2 2018).
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on April 4, 2018.
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