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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Tamar Signed an Agreement with Paz Ashdod Refinery

Tel Aviv, November 29, 2012. On November 28, 2012, Delek Group gas subsidiaries announced that an agreement for the supply of condensate generated (a hydrocarbon liquid that is generated during the production of natural gas) if any, was signed by the Tamar Partners with Paz Ashdod Refinery Ltd. under various terms and conditions. Under the agreement, the condensate price will be linked to Brent, and the supply of condensate is expected once the Tamar reservoir begins to produce condensate, if any, for a period of five years. Provisions regarding daily limits (minimum and maximum), monthly and annual quantities of condensate, fines in case of violation of the provisions of the agreement, etc. were determined in the agreement. Prior to the end of the agreement, the parties will renegotiate the price for an additional period of five years. In absence of a new agreed price, the agreement will not be extended. The estimated cumulative revenues are US $ 30-50 million per year. Note that there is no certainty with regard to the scope or quantities of the condensate generated and to be obtained, if any. Actual revenues are driven by various factors, including condensate quantities produced and sold to Paz Ashdod, as well as the price of Brent.

For more information please see the immediate reports as published on TASE.

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