Delek, Avner Provide Clarification on Leviathan Drilling (Israel)

Delek Group gas subsidiaries, Delek Drilling LP and Avner Oil Exploration LP (together “Partnerships”) published the immediate report as detailed below:

“In response to the media reports with regard to the development of a natural gas reservoir at Leviathan, and with regard to the deep reservoir targets of natural gas Leviathan license area Rachel/349 and Amit/350 (the “Leviathan reservoir”, and the “Licenses”, respectively), we wish to clarify and provide an update as follows:

As of the date of this report, the Partnerships operate in accordance with the work plans and budgets approved at the Licenses, as described in sections 9.7.5 (d) and 9.7.5 (i) (1) of the shelf prospectuses of the Partnerships dated May 31, 2013 (as amended on August 5, 2013), and in the immediate reports of the Partnerships dated August 20, 2013.

It is further clarified that as of the date of this report, the plan and budget for the development of Leviathan has not yet been approved by its partners, including the Partnerships (the “Partners”). Therefore, at this stage, it is not possible to formulate an approximate schedule or execute the development plan for the Leviathan. If and when these resolutions, as mentioned above, are adopted, the Partnerships will publish immediate reports pursuant to the securities regulation.
The Partnerships are working together with the operator, Noble Energy Mediterranean Ltd. (the “Operator”) in examining alternatives for the development of Leviathan and to adopt the Operator’s recommendations on scheduling and budget for the development plan. Also simultaneously the Partners will evaluate the progression of FEED for floating liquefied natural gas facility (FLNG) for Leviathan.
Further to sections 9.7.4 (i) (2) and 9.7.30 (e) (2) of the Prospectuses, with regard to a formulation of a plan of the prospected drill to the deep targets of the Licenses and/or at the other oil rights of the Partnerships, the Operator informed the Partners, in a meeting held on December 8, 2013, that in light of the high costs associated with transporting the drilling rig to our region, and given the fact that additional drilling programs have not yet been formulated and approved at this stage in the region, the Operator does not intend to transport the drilling ship “Atwood Advantage” (that is leased by the Operator) for the purpose of a single drilling. The Operator also announced that appropriate alternatives are being evaluated, including the possibility of integrating the deep targets drilling into the scope of a wider drilling plan. That may include additional exploration and production drilling of additional oil assets where the Operator and the Partnerships operate in the region; and assessing the availability of a suitable rig in our region to perform a single well. In this regard it is clarified that the partners have not made a decision on to budget and implementation of the above mentioned drillings. If a decision is made to drill,(in accordance to the above, and as per the Operator’s estimation), the deep targets drilling would be implemented in the fourth quarter of 2014 at the earliest.”

Press Release, December 09, 2013

 

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