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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|Exercise of the Option granted in the Agreement with IEC|
Tel Aviv, April 15, 2013. Delek Group (TASE: DLEKG, OTCQX: DGRLY) (“the Company”) further to note 16.2 to the consolidated financial statements in the Annual Report for 2012 of the Company dated March 24, 2013 (reference 2013-01-016789), with regard to the gas supply agreement between the Tamar partners, including the Company’s gas partnerships, Avner Exploration Oil Limited Partnership and Delek Drilling Limited Partnership (together: the "Partnerships") and the Israel Electric Corporation Ltd. (the "IEC"), the following immediate report was released by the Partnerships. This is with regard to IEC’s decision to exercise the option granted in the scope of the gas supply agreement by the end of 2019.
Quote: “Further to note 10.J. 2 to the consolidated financial statements in the Annual Report for 2012 of the Partnerships which was published on March 15, 2013 (reference 2013-01-006328 and 2013-01-006325), with regard to gas supply agreement between the Partnerships and other partners in the Tamar lease (the "Sellers") and the Israel Electric Corporation Ltd. ("IEC"), the Partnerships are pleased to announce as follows:
As detailed in the note above, in the scope of the supply agreement, an option was granted to IEC to increase the contractual amounts it will consume from the Sellers (the "Option").
On April 11, 2013, IEC announced to the Sellers its decision to exercise the option as mentioned above until the end of 2019. It should be noted that IEC, by way of a notice given to the Sellers until April 15, 2015, may exercise its option to increase the quantity, as mentioned above, as well as in relation to the period starting in 2020 until the end of the agreement.”
Percentage holdings in the Tamar Leases are as follows:
This is a convenience translation of the recent HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on April 14, 2013.
About The Delek Group
The Delek Group, Israel’s dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean’s Levant Basin into one of the energy industry’s most promising emerging regions. Having discovered Tamar and Leviathan, two of the world’s largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 33 TCF .
In addition, Delek has built an extensive network of global downstream assets, including 1,900 gas stations and convenience stores in the U.S., Europe and Israel, and petroleum refineries in the U.S. Delek also holds significant interests in leading water desalination, power generation, insurance and automotive companies .
In 2011, the Company’s revenues were NIS 59 billion. Delek Group’s shares are traded on the Tel Aviv Stock Exchange (TASE: DKLG) as part of the TA25 Index.