Israel’s Delek Drilling – L.P. and Avner Oil Exploration – L.P., yesterday signed the Production Sharing Contract which is originally dated October 24, 2008 (the “PSC”), granting exploration rights, appraisal, development and production of oil and/or gas in the territorial waters of the Republic of Cyprus, the area known as Block 12.
The companies were granted search license rights – as per the PSC (the “License”). With the above mentioned signature, the transfer of 30% of Noble Energy International Ltd (“Noble Cyprus”) rights to Delek Drilling and Avner Oil Exploration was completed, so the two Israeli companies are now part of the PSC and each one of them holds directly a 15% interest in the License. Noble now holds 70% of the rights.
February 12, 2013