The Company announces that attached is an Immediate Report issued by Delek Drilling – Limited Partnership and Avner Oil Exploration – Limited Partnership (“the Partnerships”) in respect of a repeat article that appeared yesterday in the Globes newspaper concerning the process of estimating the resources of the Leviathan field, since there has been no change in the estimate of resources included in section 1.7.5(i) of the Company’s Annual Report as of December 31, 2014, which was published on March 30, 2015 (Ref . no. 2015-01-067483).
In respect of the article in yesterday’s Globes newspaper concerning the process of assessing the resources of the Leviathan field, which is in the area of Leases I/14 “Leviathan South” and I/15 “Leviathan North”, carried out by the Ministry of National Infrastructures, Energy and Water using external consultants (“Leviathan Field” and “Ministry of Energy”, respectively), the Partnerships wish to clarify as follows:
1. There has been no change in the assessment of natural gas and condensate resources in the Leviathan Field, for which the best estimate has been 21.9 TCF, as published and included in section 7.5.9 of the Annual Reports of the Partnerships dated December 31, 2014, published on March 18, 2015(“Resources Report”). The Resources Report was prepared by Netherland Sewell and Associates Inc, an independent company specializing in natural resources assessments around the world and the leading assessor for publicly traded energy companies in the USA for publication for the public. The Resources Report was drawn up in accordance with the rules of the Petroleum Resources Management System (SPE-PRMS) and as per the Securities Regulations (Periodic and Immediate Reports), 2013.
2. The Ministry of Energy, using outside consultants, carried out an assessment process of the Leviathan Field, which to the best of the Partnerships’ and project operator’s knowledge has not been completed and has not yet incorporated all the relevant and up to date data concerning the Leviathan Field.
3. The article in Globes repeats previous articles – cf. also the Partnership’s Immediate Reports dated November 19, 2014.
Partners in the Leviathan Reservoir and their percentage holdings are as follows:
Noble Energy Mediterranean Ltd. 39.66%
Avner Oil Exploration – Limited Partnership 22.67%
Delek Drilling Limited Partnership 22.67%
Ratio Oil Exploration (1992) – Limited Partnership 15.00%
Source: Delek Group
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