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Extension of Rachel/349 and Amit/350 Licenses

Source: www.gulfoilandgas.com 2/13/2014, Location: Middle East

Delek Group's gas subsidiaries announced that the Petroleum Commissioner of the Ministry of Energy and Water Resources (the Commissioner) announced to the partners in Rachel/349 and Amit/350 licenses its decision with regards to extending the validity of these licenses until March 20, 2014, in accordance with the article 18(B)(2) of the Petroleum Law; subject to posting guaranties by the partners in the licenses in the amount of $2.5 million for each license.

Delek Groupís gas subsidiaries will continue to work to obtain a lease permit in accordance with its rights under the Petroleum Law.

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