Delek Group Ltd. (TASE: DLEKG) controlling shareholder Yitzhak Tshuva took advantage of yesterday's panic on the Tel Aviv Stock Exchange (TASE) listed oil and gas exploration shares. Delek Group bought more shares in subsidiary Delek Energy Systems Ltd. (TASE: DEOL) and its subsidiaries Delek Drilling LP (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L).
The shares fell on unfounded rumors that the Leviathan exploratory well found no oil.
At around the worst of yesterday's falls, Delek Group bought 1,060 Delek Energy shares for NIS 1.5 million, boosting its stake in the subsidiary to 79.65%.
Delek Group bought 185,379 participating units in Delek Drilling at NIS 13.48 per unit, for a total of NIS 2.5 million, and it bought 1,024,677 participating units in Avner at NIS 2.44 per unit, for a total of NIS 2.5 million. Delek Group boosted its stake in Avner to 14.23% and in Delek Drilling to 8.65%.
Avner and Delek Drilling each own 22.67% of Leviathan and 15.625% of Tamar.
On Tuesday, Excellence Investments Ltd. (TASE: EXCE), controlled by Delek through Israel Phoenix Assurance Ltd. (TASE: PHOE1;PHOE5), became a party at interest in Leviathan partner Ratio Oil Exploration (1992) LP (TASE:RATI.L). Excellence bought 15.5 million Ratio participating units at NIS 0.647 per unit, to reach a stake of 5.05%.
Delek Group's share price fell 0.8% by midday today to NIS 875, after falling 0.9% yesterday. Delek Energy's share price fell 1.5% to NIS 1,393, after falling 1.6% yesterday; Delek Drilling's share price 0.9% to NIS 13.45, after falling 1.7% yesterday; and Avner's share price fell 1.3% to NIS 2.41, after falling 2.4% yesterday. Ratio's share price fell 4.5% to NIS 0.593, after falling 9% yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on February 10, 2011
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