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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Petition to the Israeli High Court on the Development of the South West Tamar Reservoir

Tel Aviv, Wednesday July 23, 2014. On July 22, 2014, Delek Group's gas partnerships together with the other partners in the Tamar I/12 lease, filed a petition to the High Court in Israel with regard to the non-approval of the Petroleum Commissionaire (“the respondent”) to develop Tamar South-West (“Tamar SW”), by linking it to the existing facilities of the Tamar Project. The petition mainly includes the application for a conditional order against the respondent, instructing them to explain the reasoning behind not approving the development plan of the Tamar SW reservoir.

The respondent's refusal to approve the development plan of Tamar SW is appears to be due to the fact that the reservoir covers a small part of the Eran/353 license. Delek Group’s partnerships (including some of the partners in the Tamar lease) had rights in the Eran/353 license, whose validity expired despite their request to extend it.  The partnerships together with the other rights holders in the Eran/353 license have submitted an appeal to the Minister of National Infrastructures, Energy and Water Resources on October 3, 2013, on which a decision has not yet been made.

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

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