Rights in Cyprus

abarrelfullabarrelfull wrote on 12 Feb 2013 19:02
Tags: cyprus delek europe upstream

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Delek Group (TASE: DLEKG, OTCQX: DGRLY) is pleased to announce that on February 11, 2013, each of the partnerships subsidiaries, Delek Drilling – L.P. and Avner Oil Exploration – L.P., 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, and 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 the Partnerships was completed, so the Partnerships are now part of the PSC and each one of them holds directly a 15% interest in the License .

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