Israel's Delek Group merges subsidiary

Tel Aviv - Delek Group (TASE: DLEKG) announced March 1 that it will merge with its fully owned subsidiary, Delek Investments & Properties. The merger is subject to approval from the Israeli tax authorities and various other approvals. 

Delek Group is an energy and infrastructure group based out of Israel with investments in upstream and downstream energy, water desalination and power plants globally.

Delek Drilling, with a 22.67% interest, was part of a group of companies that, in late December 2010, discovered significant quantities of natural gas at the Leviathan exploration prospect offshore Israel. Houston, Texas, USA-based Noble Energy Inc., the operator, estimates total gross mean resources to be near 25 trillion cubic feet. 

Noble said that apparent reservoir quality is very good, and the intervals discovered are geologically similar to those intersected at Tamar

In early 2009, Delek along with its partners discovered a second significant gas reservoir; known as Tamar, off the Northern coast of Israel.

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