Israel sets terms for offshore license extensions

Offshore staff

TEL AVIV, Israel -- The expiration date for the Rachel/349 and Amit/350 licenses offshore Israel has been extended until Dec. 14, 2013.

However, the Delek Group said, there are conditions for the extension, including:

·         Processing of 3D depth seismic data and submission of the data and the report prior to Sept. 1

·         Submission of field data and gravimetric survey reports and genetics prior to the same date; processing of 3D seismic data prior to Nov. 1

·         Submission of the updated field development conceptual plan for the Leviathan gas discovery, including a geological and geophysical description of the field, scenarios for the development, including export and delivery options to the domestic market, and a calculation of estimated costs and cash flows, prior to Nov. 1.

8/29/2013

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