Tel Aviv, August 22, 2017. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”) announces that below is an Immediate Report by Delek Drilling Limited Partnership (“the Partnership”) concerning the decision of the Minister of Energy in respect of the Alon D license.
Pursuant to what was stated in section 7.10.2 of the Partnership’s Annual Report to December 31, 2016 that was published on March 23, 2017, concerning an appeal submitted by the partners in License 367 / Alon D (“The License” or “Alon D License”) to the Minister of National Infrastructure, Energy and Water (“The Appeal” and “Minister of Energy”) on February 25, 2016 concerning the decision of the Petroleum Commissioner at the Ministry of National Infrastructure, Energy and Water (“The Commissioner”) on February 16, 2016, that the Alon D License would expire on March 1, 2016 and that non-receipt of the approvals required in law for drilling from other authorities was not grounds to extend the Alon D License beyond the period stipulated in the Petroleum Law, 1952, the Partnership announces that on August 21, 2017 the Minister of Energy informed the partners in the Alon D License of his decision, whereby the License would continue to be valid for 32 months from the date of the said decision of the Minister of Energy, subject to the terms below, to which the partners in the License must comply within a reasonable time:
- The partners in the License will clarify to the Commissioner, in writing and without delay, that they acknowledge that at the moment there are still circumstances in the area preventing drilling, which are applicable until further notice, and that in the future there is no intention to recognize additional future obstacles in the area as grounds that will oblige further freezing of the License.
- The partners will undertake to carry out an environmental survey within 18 months, in order to adapt the terms of the ongoing License to the standards acceptable in 2017.
- The partners will ratify again their commitment to drilling, within a reasonable time in the circumstances, from the moment that the go ahead is given to carry out drilling.
Partners in the Alon D License and their percentage holdings are as follows:
|Noble Energy Mediterranean Ltd. ||47.059% |
|Delek Drilling Limited Partnership ||52.941% |
This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on August 22, 2017.
Delek Group is an independent E&P and the pioneering visionary behind the development of the East Med. With eight consecutive finds in the Levant Basin, Delek is leading the region’s development into a major natural gas export hub. In addition, Delek has embarked on an international expansion with a focus on high-potential opportunities in the North Sea and North America. Delek Group is one of Israel’s largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE:DLEKG) and are part of the TA 35 Index.
For more information on Delek Group please visit www.delek-group.com