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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Technical Notice re Completion of Production Tests in the “Aphrodite A-2” Appraisal Well in Cyprus

Tel Aviv, September 22, 2013. Delek Group's gas subsidiaries provided a technical notice with regard to production tests at the "Aphrodite A-2" well (“the Well”) in the Cyprus Block 12 License, which were conducted as planned and completed successfully, in accordance with the provisions of Section 13 of the Israeli Securities Authority Regulation (Immediate and Periodic Reports) (Amendment 2), 2013, as follows:

 

Technical Notice re the completion of production tests at the “Aphrodite A-2” Appraisal Well

83.7 MMSCF of natural gas

166.9 BBL of condensate

Total quantity of produced petroleum

61.7 hours

Accumulated duration in which petroleum was produced

47.2 BBL of water

 

Total quantity  of produced associated water

0.7 MMSCF of natural gas

Associated water - gas ratio

23.5 MMSCFD

Initial flow rate

32.7 MMSCFD

Average flow rate[1]

30.5 MMSCFD

Final flow rate

8961 psi

Reservoir pressure [initial]

Yes

Was pressure analysis conducted at the well?

No

Significant decline in pressure conditions

120 hours

Duration of  test

None conducted

Effects of stimulation operations

 

It is noted that the production rate during the production tests was controlled and constrained, inter alia, by the equipment used to conduct the production tests. It is further noted that the Ensco 5006 rig, which carried out the production tests, is expected to leave the drilling site in the coming days to the Tamar South-West drilling site[2].

 

Warning with regard to "forward-looking statements" – the aforesaid information and data regarding the results of the production tests conducted in the Well, are based on technical, geological, geophysical and other information, received from the Well and the Operator. At this stage these are non-binding evaluations regarding which there is no certainty, and they are considered to be forward-looking information as defined under the Israel Securities' Law. The partnerships have not conducted independent estimate or evaluation of these said estimates and they express no position regarding their accuracy and they may be updated insofar as additional information is accumulated and/or as a result of a gamut of factors related to projects of oil and natural gas, exploration and production, including the continued analysis of the findings of the production tests.

 

1 It is noted that the maximum flow rate during the production tests exceeded 60 MMSCFD.

2 For further details please see the immediate report of the Partnership dated September 10, 2013

(reference number 2013-01-141237).

 

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

 



[1] It is noted that the maximum flow rate during the production tests exceeded 60 MMSCFD.

[2] For further details please see the immediate report of the Partnership dated September 10, 2013 (reference number 2013-01-141237).

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