Gas Subsidiaries Update

The following updates are based on information released by Delek Group gas subsidiaries, Delek Energy Systems Ltd., Avner Oil & Exploration L.P and Delek Drilling L.P. All financial and business information is given only for the convenience of the reader. The only official financial and business information, is that which is included in the officially published immediate reports and financial reports of Delek Group and its gas subsidiaries, to the Israeli Securities Authority and the Tel Aviv Stock Exchange, in Hebrew. In the event of any conflict between financial and business information given on this site and the Hebrew published immediate reports, the Hebrew published immediate reports shall prevail. More on Delek Group's disclaimer.

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Partners Signed Non-Recourse Loan with HSBC
On December 22, 2011, non-recourse loan agreements were signed between each of the limited partnerships, Delek Drilling and Avner Oil Exploration, with HSBC Bank Plc; so that each partnership will receive a non-recourse loan of US$250 million. These funds will be for investment in the "Leviathan" project, the development of "Tamar", and also for limited investment in the other petroleum assets of the partnerships, as well as for the payment of various expenses related to this loan. The collateral backing the loans are tied to the partnership’s rights in the “Leviathan” project.
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