Cyprus authorities' approval with regards to Block 12 in Cyprus

abarrelfullabarrelfull wrote on 12 Dec 2011 14:04
Tags: cyprus delek upstream

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Delek Group (TASE: DLEKG, OTCQX: DGRLY) (“the Company”) is pleased to announce its subsidiary, Delek Energy Systemts Ltd., has published an immediate report referring to Cypriot authorities approval with regards to “Block 12” in Cyprus and conversion rights of the limited partnerships Delek Drilling and Avner Oil and Exploration (collectively the "Partnerships"). Please find a copy of the Delek Drilling –Limited Partnership's report below;

Following on from the immediate reports dated August 21, 2011, September 18, 2011 and December 6, 2011 (Reference numbers 2011-01-246678, 2011-01-277785 and 2011-01-353337 respectively), the Partnerships is pleased to announce that:

1. On December 9, 2011, Noble Energy International Ltd. ("Nobel Cyprus”) received a letter from the Minister of Commerce, Industry and Tourism of Cyprus (the appointed Minister of Energy in Cyprus), addressed to Noble with copies to Delek Drilling Limited Partnership ("Delek Drilling") and Avner Oil Exploration Limited Partnership ("Avner")("The Letter").

2. According to the letter (following Noble Cyprus’ announcement to the partnerships, the contents and its implications are studied by Noble), the Council of Ministers of the Republic of Cyprus decided on November 28, 2001 – following on from Noble’s request dated July 11, 2011 (including the information specified and added to it) for partial conversion of the rights in the Production Sharing Contract ("PSC") and in the exploratory license in Block 12 ("License") – to permit conversion of 30% (15% to Delek Drilling and 15% to Avner) of the revenues Noble is entitled to according to the PSC and the conversion of 30% (based on the above mentioned percentages) of the License (“conversion”).

3. According to the letter, this conversion is subject to the following conditions:

a. Participation of Delek Drilling and Avner will not be as an “operator”, as defined in the PSC and the License.

b. All other obligations and rights of Noble according to the PSC and the License will remain unchanged, and Noble Cyprus will continue to serve as a single operator and carry out exclusively all obligations as per the PSC and the License.

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