Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva is increasing his holdings in the company's oil and gas exploration units, Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L), both of which are held through Delek Energy Systems Ltd. (TASE: DEOL).
After the markets closed yesterday, Delek Drilling and Avner notified the Tel Aviv Stock Exchange (TASE) that Delek Group wholly-owned subsidiary Delek Investments and Properties Ltd. bought shares in both companies. Delek Investments bought 2.1 million shares in Avner at NIS 1.53 per share for a total of NIS 3.2 million, boosting its holding to 13.25%. Delek Investments also bought 433,000 shares in Delek Drilling at NIS 9.16 per share for a total of NIS 4 million, boosting its holding to NIS 6.88%.
Yesterday's purchases were the latest deals in the slow but steady accumulation of shares by Tshuva in the two partnerships. Over the past 10 days, Delek Group units have bought NIS 8.9 million worth of shares in Avner and NIS 14.2 million worth shares in Delek Drilling. The purchases total NIS 23.1 million altogether.
Avner and Delek Drilling each own 15.625% of the Tamar gas prospect, alongside Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) with 28.75%, Noble Energy Inc. (NYSE: NBL) with 36%, and Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) unit Dor Alon Energy Exploration Ltd. with 4%. Delek Drilling and Avner are also partners with Noble Energy in Yam Tethys, which sells gas from its field offshore from Ashkelon.
In addition, Delek Group subsidiary Excellence Investments Ltd. (TASE: EXCE) yesterday sold 10,890 Delek Drilling shares at NIS 9.49 per share, but this morning bought 101,721 shares at NIS 9.30 per share. Excellence now owns 0.89% of Delek Drilling. Excellence also sold 84,864 shares in Avner at NIS 1.58 per share yesterday, and bought 140,546 shares today at NIS 1.55, and now owns 1.15% of the partnership.
Delek Group's share rose 0.9% in early trading today to NIS 806, Delek Energy's shares 1.8% to NIS 105.60, Delek Drilling's share rose 0.9% to NIS 9.28, and Avner's share rose 3% to NIS 1.59.
Published by Globes [online], Israel business news - www.globes-online.com - on January 27, 2010
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