Delek: Significant progress in Cyprus Block 12 talks

Delek Drilling and Avner said they have yet to receive official notification on their request for 30% rights in the Block 12 gas field.

Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) today notified the TASE that there has been signficant progress in their application to be granted options by the Cypriot government to 30% of the offshore Block 12 concession. The notice is in response to yesterday's media reports that the Cypriot government granted the options. However, the Delek units added that they have not yet received any official notification from the Cypriot government regarding the granting of their application.

Delek's partner in Yam Tethys, Tamar, Leviathan, and other offshore leases in Israel, Noble Energy Inc. (NYSE: NBL), owns the Block 12 Concession. Noble Energy announced that Block 12 has an estimated 3-9 trillion cubic feet (TCF) of natural gas, with a 60% chance of geological success. The amount is less than preliminary estimates of 10 TCF, and less than the 16 TCF at Leviathan nearby, but equal to Tamar's 9 TCF.

Delek Drilling's share price fell 0.8% in morning trading to NIS 13.26, giving a market cap of NIS 7.3 billion, and Avner's share price fell 0.9% to NIS 2.30, giving a market cap of NIS 7.7 billion.

Published by Globes [online], Israel business news - - on December 6, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018