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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|Discovery of Natural Gas at the "Karish 1" Exploratory Well|
Tel Aviv, May 22, 2013. Delek Group (TASE: DLEKG, OTCQX: DGRLY) further to Section 7.5.10 of the Periodic Report of the Company as at 31.12.2012 and the Company's immediate report dated May 16, 2013, (ref. no. 2013-01-062362), is pleased to announce that its subsidiary partnerships, Delek Drilling LP and Avner Oil Exploration LP, published the below immediately report, with regard to the discovery of Natural Gas at the "Karish 1" Exploratory Well in the area of License 366 / Alon C.
The Karish 1 Well is a maritime borehole located about 75 km north-west of the Haifa coast, at a water depth of 1,740 meters. As reported in the Immediate Report dated 15 May, 2013, the Well reached a final depth of 4,790 meters from sea level (including the depth of the water), and significant signs of petroleum (natural gas) were discovered in the target strata .
The Operator carried out tests at the Well, including Logging While Drilling and Wireline Logging, which included electrical, seismic and magnetic tests as well as tests of the composition of the natural gas, the rocks and liquids in the Karish reservoir. The results and their analysis, as informed to the Partnerships by the Operator, satisfied the Partnerships as to the existence of natural gas at the Well .
According to the initial assessments by the Operator and the Partnerships, the quantity of natural gas discovered at the Well justifies testing and estimating the quantity of resources of natural gas in the reservoir and carrying out an assessment and estimation of the amounts of natural gas that are economically viable to be extracted .
Warning of forecast information - the above assessments concerning the existence of natural gas at the Well, and other aspects concerning the Well, are based upon information, assessments and estimates that have been received from the Operator, including based on the tests carried out as stated above, and these are forecast information. At this point these are assessments and estimates only for which there can be no certainty. The above assessments and estimates are likely to be updated as additional information is obtained, including the results of the continuing analysis of the drilling, and/or carrying out assessment boreholes (if such shall be conducted), and/or as a result of all the factors related to the exploration and production projects for natural gas .The Partners in the "Karish 1" Well and their holdings :
This is a convenience translation of the recent HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on May 22, 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 2012, the Company's revenues were NIS 72 billion ($ 19 billion). Delek Group's shares are traded on the Tel Aviv Stock Exchange (TASE: DLEKG) as part of the TA25 Index.