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Publication of a Draft Prospectus of Tamar Petroleum Ltd.
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Tel Aviv, June 22, 2017. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that attached is an Immediate Report published on June 21, 2017 by Delek Drilling Limited Partnership ("the Partnership") concerning publication of a draft prospectus of Tamar Petroleum Ltd, a wholly owned (100%) subsidiary of the Partnership.
It should be noted that a market report has been attached to the Partnership's Immediate Report and draft prospectus, including an expert opinion on the Israel natural gas market in the period 2017-2040, including forecasts for demand of natural gas and the development of the Israeli natural gas market in that period.Click here for the BDO Israel Natural Gas Demand Forecast Report.

For details, see the Partnership's report on the distribution site at the following link: http://maya.tase.co.il/reports/details/1105242.

Further to the Immediate Report of the Partnership of April 25, 2017, regarding the outline for the sale of part of the Partnership's holdings in the Tamar and Dalit reservoirs, located in the areas of the I/12 "Tamar" and I/13 "Dalit" Leases, respectively (the "Tamar and Dalit Leases") and further to the immediate report released on June 20, 2017, regarding the convening of a general meeting for approval of the planned sale outline, the Partnership respectfully announces as follows:

  1. On June 21, 2017 Tamar Petroleum Ltd. ("Tamar Petroleum"), a wholly-owned (100%) subsidiary of the Partnership, published a draft prospectus for completion pursuant to which securities will be offered to the public (the "Draft Prospectus"), the proceeds from which will be used by Tamar Petroleum for the acquisition of the Partnership's rights in the Tamar and Dalit Leases as detailed in the immediate report on the convening of the meeting of June 20, 2017.
  2. The Draft Prospectus includes data and updates with respect to the Tamar and Dalit Leases in addition to the data included in the December 31, 2016 periodic report of the Partnership, released on March 23, 2017 (the "Periodic Report") and the March 31, 2017 quarterly report, released on May 17, 2017, including the following data:
  3. 2.1 Further to Section 7.13.4(a) of the Periodic Report, following is a breakdown of the proforma revenues of the Partnership (which include the total revenues of Avner Oil Exploration, Limited Partnership, and the Partnership before their merger which was completed on May 17, 2017) from agreements for the supply of natural gas from the Tamar lease in the three months ended March 31, 2017 and in 2015 and 2016, according to the linkage basis of the price set forth therein:


     

    2015

    2016

    Mar 31, 2017

    Type of customer

    Total revenues (in USD millions)

    % of total reven-ues

    Total revenues (in USD millions)

    % of total revenues

    Total revenues (in USD millions)

    % of total revenues

    Israel Electricity Corporation - US CPI

    271

    55

    297

    55

    79

    55

    Private Electricity Producers - linkage formula based mainly on linkage to the production price of electricity and including a "floor price".

    Dalia Power Energies Ltd

    32

    7

    56

    10

    16

    11

    Others

    67

    13

    111

    21

    31

    22

    Industrial customers and marketing companies - linkage formula mainly based on linkage to the Brent price and including a "floor price".

    Bazan

    52

    11

    37

    7

    7

    5

    Others

    71

    14

    39

    7

    10

    7

    2.2 Further to Section 7.4.4 (d) of the Periodic Report, it shall be noted that the discounted cash flow data of the Tamar lease assumes that the Tamar SW reservoir will be connected to the production system in 2022. The abovementioned assumption is based on the estimation of the Partnership's management.

    2.3 The Draft Prospectus presents summary production data in relation to the Tamar project, according to which since the commencement of gas flow from the Tamar project until March 31, 2017, natural gas was supplied to the Tamar customers in a total quantity of c. 32.9 BCM. It was further noted that the average daily volume of natural gas production in the past two years (1.4.2015-31.3.2017) was c. 875 MMCF.

  4. It is further noted that the Draft Prospectus includes proforma financial statements of Tamar Petroleum. Furthermore, a market report was annexed to the Draft Prospectus, which includes an expert's assessment regarding the natural gas market in Israel in the years 2017-2040, including forecasts on the demand for natural gas and the development of the natural gas market in Israel during the said period. The said market report is attached hereto, including consent to the inclusion thereof in this report.

This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on June 21, 2017.

About The Delek Group

Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. With eight consecutive finds in the Levant Basin, 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

Dina Vince
Head of Investor Relations
Delek Group Ltd.
Tel: +972 9 863 8444
investor@delek-group.com

Media

Nilly Richman
Head of Communications
Delek Group Ltd.
Tel : +972 9 863 8444
media@delek-group.com

 

 

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