Delek Group Ltd.
units
Avner
Oil and Gas LP
and
Delek
Drilling LP
today notified the TASE that, the Cypriot government approved the transfer of
30% of the rights in Block 12 to the two companies from
Noble
Energy Inc
.
On December 9, Noble Energy's Cypriot subsidiary Noble Energy
International Ltd. was notified that, on November 28, the Cypriot government
had approved Delek's application from July 11 to obtain 30% of the rights and
Production Sharing Contract (PSC) to Block 12, 15% each to Avner and Delek
Drilling.
Avner and Delek Drilling may not be the
drilling operator at Block 12 as defined in the concession agreement with Noble
Energy. Furthermore, Noble Energy International will remain the sole operator
with regard to Block 12's license and PSC.
Earlier this month, Noble Energy announced
that the estimated natural gas reserves at Block 12 were 3-9 trillion cubic
feet, with a geological probability of success of 60%, less than earlier
estimates of 10 trillion cubic feet. Last week, Cypriot Minister of Commerce,
Industry and Tourism Praxoula Antoniadu confirmed a "Globes" report
from two weeks ago that technical problems would delay announcement of the
exploratory well's results until around Christmas.
Avner's share price rose 2.5% following
the notification to
NIS
2.37, giving a market cap of
NIS
7.7 billion, and
Delek Drilling's share price rose 2.6% to
NIS
13.83, giving a
market cap of
NIS
7.4 billion. Delek Group's share price rose 2.6% to
NIS
699.70, giving a
market cap of
NIS
7.8 billion.