Delek aims for stake in Israeli E&P player

Offshore staff

TEL AVIV, Israel – The Delek Group is negotiating to acquire all the holdings of the Cohen and Tadmor families in Cohen Development and Industrial Buildings, amounting to 51.9% of Cohen Development’s share capital.

The main role of this company, which is traded on the Tel Aviv Stock Exchange, is to manage oil and gas exploration and production via its 50% interest in Avner Oil & Gas.

The latter serves as general partner in the limited partnership Avner Oil Exploration, and also owns rights to receive overriding royalties from Avner Partnership.

Avner is involved in existing and planned field developments offshore Israel.

11/28/2011



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