Gulf Oil and Gas accountACCOUNT

Clarification Concerning Reports in the Press

Source: www.gulfoilandgas.com 12/19/2016, Location: Middle East

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Delek Group provides below an Immediate Report published by both Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership (“the Partnerships”), which addresses and clarifies on publications made in the press concerning the negotiations between the Tamar Partners and Union Fenosa Gas SA (“UFG”), to achieve a binding agreement for the supply of natural gas from the Tamar Project for the existing UFG liquefaction installations in Egypt.

Further to Section 7.13.5(a)(2) of the periodic report of the Partnerships as of December 31, 2015, as released on March 28, 2016 regarding a letter of intent executed between the Tamar partners and Union Fenosa Gas SA ("UFG"), under which the parties are negotiating a binding agreement for the supply of natural gas from the Tamar project to UFG, for the purpose of feeding the existing UFG liquefaction plants in Egypt, and in response to reports in the media, the Partnerships wishes to clarify that, contrary to implications arising from the said reports, and following clarifications received from UFG on the matter, the parties are even now continuing to conduct negotiations on a continuous basis with the aim of reaching a binding agreement for the supply of natural gas from the Tamar project to the existing UFG liquefaction plants in Egypt.

Warning regarding forward-looking information: The information specified above on the forecast for the execution of a binding contract constitutes forward-looking information, as defined in the Securities Law, 5728-1968, which there is no certainty will materialize, in whole or in part, in the manner stated or in any other manner, and it may materialize in a materially different manner to the aforesaid, and in particular there is no certainty that the parties will reach an agreement on the terms and conditions of a binding contract.

The partners in the Tamar Project and their holding rates are as follows:

- Noble Energy Mediterranean Ltd. 36.00%
- Isramco Negev 2, Limited Partnership 28.75%
- Avner Oil Exploration, Limited Partnership 15.625%
- Delek Drilling, Limited Partnership 15.625%
- Dor Gas Exploration, Limited Partnership 4.00%

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