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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FLNG Pre-FEED Complete Successfully

Tel Aviv, November 28, 2012. Delek Group gas subsidiaries announced that the Pre-FEED stage of Tamar and Dalit floating liquefied natural gas project (FLNG) has now been successfully complete. Therefore, the Tamar partners decided to begin the second phase - FEED. LNG production is expected to be up to 3 MMTPA. In accordance to that, Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) signed an agreement with Levant LNG Marketing and Pangea LNG BV for the completion of the FEED stage. DSME will carry out the costs of FEED and Tamar partners will contribute a total amount of $15 million (100%). The agreement has been set for two years, or until the date of the final investment decision of the FLNG project, whichever is earlier.

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

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