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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Amendment to Gas Agreement with Paper Hadera

Tel Aviv, April 23, 2013. Further to negotiations between the Yam Tethys partners and The Paper Hadera Ltd. (hereinafter:"Hadera Paper") with regard to the reduction in the supply of gas from the Mari B in the scope of the agreement dated July 29, 2005 ("Hadera Paper Agreement"), Delek Group’s gas subsidiaries announced that on April 22, 2013, Yam Tethys partners signed a settlement agreement with Hadera Paper under which the parties agreed as follows:

A.      Hadera Paper confirmed that it gave up all claims to the Yam Tethys partners with regard to a reduction in supply from the date of notification by the Yam Tethys of the event from January 2012 to April 30, 2013.
B.      With regard to the quantity of gas that was not supplied (Shortfall), until the notification was issued as mentioned above, it was determined that Hadera Paper will be entitled to pay a reduced price for the natural gas supplied in April 2013. The total amount of discount Hadera Paper is entitled to (relative to 100% of the rights in the Yam Tethys) is US$ 160 thousand.
C.      It was also determined that the Hadera Paper Agreement will end on May 1, 2013 (instead of July 31, 2013).

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

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