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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Drilling Karish 1 Prospect, Alon C License, and Updated Tamar Budget
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Tel Aviv, March 10, 2013. Delek Group’s gas subsidiaries announced that a decision to drill Karish #1 has been approved based upon a report prepared by Netherland, Sewell and Associates (NSAI) of the unrisked gross (for 100% WI) prospective gas resources, as of December 31, 2012, for three prospective reservoirs located in the Karish 1 Prospect, Alon C License, off the shore of Israel (Delek Drilling NSAI report is included below for reference). According to this report the success for finding natural gas is between 36% and 77%. In addition, the chances for finding natural gas, based on previous experience at developing similar fields, are a reasonable indicator for it to be commercial. Also, Noble Energy Mediterranean Ltd., the operator, has recommended to its Karish partners (Delek Drilling and Avner) to approve the exploration well at Karish based on its evaluation of the potential gas and the chances of its commercial success. The budget of USD 90 million (100%) has been approved. The drilling is expected to start in the coming days and last for approximately three months. In addition, Delek Group’s gas subsidiaries together with their partners in the Tamar project have approved an update of its budget to approximately $3.2bn (for 100% WI) versus the previously approved budget of $3.1bn (for 100% WI).

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

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