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 Aphrodite 2 Appraisal Well in Cyprus

Tel Aviv, May 26, 2013. Delek Group's gas subsidiaries, Delek Drilling LP and Avner LP, announced that a decision to drill Aphrodite #2, located in Block 12 offshore Cyprus, has been approved. Noble Energy Mediterranean Ltd., the operator, has recommended to the Aphrodite partners (Delek Drilling and Avner) to approve the appraisal well at Aphrodite #2 as part of the work plan that was approved by Cyprus government under the Production Sharing Contract.
It is noted that this drilling may be used as a production well in the future. The budget of USD 117 million (100%) has been approved. The drilling is expected to start in the coming two weeks and last for approximately four months. The depth of the well is expected to be approximately 1,750 meters, and planned final depth drilling is approximately 5,600 meters below sea level.

For more information please see the immediate reports as published on TASE. http://maya.tase.co.il/bursa/indeximptoday.htm

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