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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Submission of Offer to the Public Tender for the Supply of Natural Gas to Cyprus

Tel Aviv, Wednesday April 16, 2014. On April 14, 2014, a proposal was submitted by Delek Group’s gas partnerships for the supply of natural gas through pipeline from the Leviathan reservoir in a tender published by the Government of Cyprus through the Government gas company - DEFA.

The tender is for the supply of natural gas to Cyprus in the amount of approximately 0.7 BCM to 0.95 BCM per year, in two tracks: one refers to the period of delivery which will commence in early 2016, and at the latest during the second half of 2017, and will terminate at the end of 2022 with three extension options, each to extend for another year; and the second relates to the supply which will commence at the beginning of the delivery period and will terminate at the end of 2025.

This offer is in accordance to the estimated development schedule of Leviathan and subject to, inter alia, the agreement between the bidders and the Cyprus Government on the terms of a binding agreement for the supply of natural gas, not later than August 21, 2014, as well as a number of other conditions.

It is also noted that on April 7, 2014, the Antitrust Commissioner advised the partners in the Leviathan project, that currently enforcement measures will not applied with regard to the joint marketing of natural gas from the Leviathan project to Cyprus, and that is until a final decision with regard to joint marketing of natural gas from Leviathan has been made.

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

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