Comments by Delek Energy Systems Ltd. (TASE: DEOL) CEO Gideon Tadmor at a meeting of the Israel-Cyprus Trade Association imply that the company may begin drilling a new offshore well in Cypriot waters.
Delek Energy's partner in the Tamar and Dalit natural gas prospects, Noble Energy Inc. (NYSE: NBL) owns 100% of the drilling rights in Block 12, offshore from Cyprus. When Noble Energy bought the rights, it gave Delek Energy subsidiaries Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) an option to 15% each in Block 12. Tadmor said that the company was considering exercising these options.
Noble Energy has not yet begun drilling in Block 12, and it has the discretion as to when to start.
Delek Energy told "Globes" in response, "As we disclosed in the company's financial report and prospectus, the company has an option to buy 30% of the drilling rights. Subject to obtaining the necessary permits, the company intends to exercise the options and participate in the drilling."
Delek Group Ltd. (TASE: DLEKG) share rose 3.3% by mid-afternoon to NIS 641.60, Delek Energy's share rose 4.8% to NIS 692, Delek Drilling's share rose 1.8% to NIS 6.40, and Avner's share rose 3.8% to NIS 1.07
Published by Globes [online], Israel business news - www.globes-online.com - on September 22, 2009
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