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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Public Utility Authority and Antitrust Authority Have Published Their Decisions on Tamar Agreements – Sunday, 17 June 2012
Tel Aviv, June 17, 2012. The gas subsidiaries announced that the Public Utility Electricity Authority published on its website a decision with regard to approval of gas prices concerning the agreement between the Tamar partners and the Israel Electric Company, and the agreements between Tamar partners and private electricity producers. In addition, the Antitrust Authority has approved its exemption from restrictive arrangements in relation to the gas agreements, covering the agreement between the Tamar partners and the Israel Electric Company, as well as the agreements between Tamar’s partners and other private electricity producers. That outline is similar to that which was published by the Electricity Public Utility Authority, as mentioned above. Implementation of these decisions as stated above, may adversely affect the projected cash flows of the Tamar project, however, currently there is no ability to evaluate with a high level of certainty the extent of such impact. The gas partnerships intend, together with other Tamar project partners, to study and explore resolutions with the authorities and gas consumers, and the way these maybe implemented.

For more information please see the immediate reports as published on TASE. http://maya.tase.co.il/bursa/indeximptoday.htm
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