Delek Signs PSC for Block 12 Offshore Cyprus

Delek Group announced that on February 11, 2013, each of the partnerships subsidiaries, Delek Drilling and Avner Oil Exploration, signed the Production Sharing Contract (PSC) which is originally dated October 24, 2008, granting exploration rights, appraisal, development and production of oil and/or gas in the territorial waters of the Republic of Cyprus, the area known as Block 12, and were granted search license rights.

Transfer of 30% of Noble Energy International rights to the Partnerships was completed, so the Partnerships are now part of the PSC and each one of them holds directly a 15% interest in the License .

[mappress]
LNG World News Staff, February 12, 2013; Image: mcit.gov.cy