Return on Investment
Tel Aviv, September 5, 2018. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that further to what was stated in section 1.7.33(J)(1) of the Company's Periodic Report for 2017 that was published on March 30, 2017 (ref. no. 2018-01-031177) and what is stated in section 2.A.6 to the update of Chapter 1 of the Report for Q2 2018 published on August 20, 2018 (ref. no. 2018-01-082527) (“the Periodic Report”), attached is an Immediate Report published by Delek Drilling Limited Partnership (“the Partnership”) concerning approval of the calculation of the date of the return on investment by the Partnership's Audit Committee and Board of Directors, following completion of the audit by the Partnership's auditors, according to which the date of the return on investment occurred in January 2018 (instead of December 2017). According to what is stated in the Partnership's Immediate Report, according to the updated calculation it made and a correction to a calculation error, royalties of USD 2 million were overpaid by the Partnership. Of this the Company’s share of the surplus royalty it is claimed was overpaid is USD 500 thousand. It is also noted in the Partnership's Report that the return on investment date is still being checked by the royalty owner (namely, in respect of the previous one) as well as by the Partnership's supervisor.
If Tamar Petroleum Ltd. (“Tamar Petroleum”) adopts the said calculation, then apparently the surplus royalties that were overpaid (both from the Partnership and from Tamar Petroleum) will be in an overall amount of USD 2.8 million, of which the Company’s direct share is USD 700 thousand.
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on September 5, 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