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Agreement for the Sale of Rights to Royalties from Leases I/17 & I/16

Source: www.gulfoilandgas.com 5/25/2020, Location: Middle East

Delek Group (DGRLY) announces that it signed together with Delek Energy Systems Ltd (“Delek Energy”) (“the Sellers”) an agreement with a third party (“the Purchaser”) for the sale of the rights of the Company and Delek Energy to royalties regarding 26.4705% (out of 100%) of the rights in Lease I/17 “Karish” and Lease I/16 “Tanin”, held by Energean Israel Ltd, for oil and/or gas and/or other valuable materials produced and processed at the leases (not including the rights to royalties of Delek Drilling Limited Partnership) (Right to Royalties).

The consideration in the agreement is set at NIS 318,000,000 plus VAT as required in law that will be paid in cash to the Sellers on the date of registration of the Right to Royalties in the Oil Registry in the name of the Purchaser. The consideration will be divided between the Company and Delek Energy according to their percentage holdings in the Right to Royalties (25% to the Company, 75% to Delek Energy).

Close to signing of the agreement the Purchaser will deposit with a joint trustee for the parties a monetary deposit of NIS 50 million. The deposit will serve as part of the consideration that will be paid in cash to the Company and Delek Energy upon completion of the transaction.

According to the law, the transaction is subject to obtaining approval from the Petroleum Commissioner at the Ministry of Energy.

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