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Delek Group: participation in tender for Cyprus O&G exploration rights

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Oilfield Technology,


Delek Group further to what is stated in the Company’s Immediate Report dated July 24, 2016 concerning submission of a bid for a tender issued by the Government of Cyprus for the acquisition of exploration rights for oil and/or natural gas in the Cyprus EEZ, by a consortium including among others Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership, provided below an Immediate Report published by each of the Partnerships with an update of the results of the Tender.

Further to the provisions of the Partnerships immediate report of July 24, 2016 regarding the submission of a bid in a tender which was published by the Cypriot government for the purchase of oil and/or natural gas exploration rights in the area of Cyprus’s EEZ by a consortium which includes the Partnerships and Capricorn Oil Limited, the Partnerships respectfully update that on January 2, 2017, the Partnerships received notice from the Cypriot government that the process of review of the bids in the Tender has been completed and that the Bid was ranked second. According to the notice as aforesaid, if the negotiations between the chosen bidder and the Cypriot government do not lead to an exploration and production agreement, the Bidders will be invited to negotiate the terms and conditions of such an agreement based on the Bid. In this framework, the Bidders granted the request of the Cypriot government to extend the validity of the Bid.

This is a convenience translation of the original HEBREW immediate report issued to the Tel Aviv Stock Exchange by the Company on January 2, 2017.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/05012017/delek-group-participation-in-tender-for-cyprus-og-exploration-rights/

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