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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Development Plan of Pinnacles #1 Approved

Tel Aviv, April 16, 2012. Development plan of Pinnacles #1 has been approved based upon operator's conclusion of the existence of natural gas reservoir. The budget of USD 100 million has been approved (of which USD 30 million is for exploration and drilling). A full reservoir update report is expected to be released after the development well is complete, which is expected to be in July 2012.

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