Delek Group provide negotiation with Woodside to purchase rights in the Leviathan Project - update

Monday, Mar 04, 2013

Delek Group (TASE: DLEKG, OTCQX: DGRLY) is pleased to announce that on February 28, 2013, each of the subsidiaries, Delek Drilling L.P. and Avner Oil Exploration L.P. (together "the Partnerships") published the following immediate report.

Pursuant to the Partnerships' immediate report dated 03.12.2012 (Delek Drilling reference no. 2012-01-298806, Avner's reference no.: 2012-01-298812) regarding the ongoing negotiations with Woodside Petroleum Ltd. ("Woodside") for the sale together with the other partners in the Leviathan project (the "negotiation" and "Leviathan Partners"), of the rights in the Leviathan project in the area of the 349/"Rachel" and 350/"Amit" licenses (the "Leviathan Project"), and towards signing a binding agreement for the sale of rights by the end of February 2013 ("Binding Agreement"), the Partnerships hereby respectfully notify that the negotiation between the Leviathan Partners and Woodside towards signing a Binding Agreement is ongoing. Should a significant development in relation to the abovementioned negotiations take place, the Partnerships will publish an immediate report.

About The Delek Group

The Delek Group, Israel's dominant integrated energy company, is the pioneering leader of the natural gas exploration and production activities that are transforming the Eastern Mediterranean's Levant Basin into one of the energy industry's most promising emerging regions. Having discovered Tamar and Leviathan, two of the world's largest natural gas finds since 2000, Delek and its partners are now developing a balanced, world-class portfolio of exploration, development and production assets with total gross natural gas resources discovered since 2009 of approximately 33 TCF

In addition, Delek has built an extensive network of global downstream assets, including 1,900 gas stations and convenience stores in the U.S., Europe and Israel, and petroleum  refineries in the U.S. Delek also holds significant interests in leading water desalination, power generation, insurance and automotive companies.

Source: Delek Group

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today