Delek looking to lift stake in offshore Cyprus block

Offshore staff

TEL AVIV, Israel – Delek Group (TASE: DLEKG, US ADR: DGRLY) has started negotiations with Noble Energy for the acquisition of 19.9% of the latter’s share in block 12 offshore Cyprus for $15 million.

The block includes the deepwater Aphrodite gas discovery.

Other partners in the concession, Delek Group subsidiaries Delek Drilling and Avner Oil Exploration, each hold 15% of the rights.

The transaction would be subject to various approvals, including from the Republic of Cyprus.

6/1/2015

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