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Decision Approved to Drill Well at SW Tamar Prospect

Source: www.gulfoilandgas.com 11/11/2013, Location: Middle East

Delek Group's gas subsidiaries, Delek Drilling LP and Avner LP, announced that a decision to drill exploration well at South West (SW) Tamar prospect, located in Tamar I/12 lease and Eran/353 license offshore Israel, has been approved. According to the resources report prepared by Netherland Sewell and Associates Inc. and which was prepared according to SPE-PRMS rules, the best estimate of the undiscovered resources located in SW Tamar prospect, as published on August 21, 2013, amounted to 684 BCF (for 100% WI) at a 90% probability of success. Noble Energy Mediterranean Ltd., the operator, has recommended to the the partners to approve the exploration well.

The budget of USD 122 million (100%) has been approved (excluding production tests). The drilling is expected to start in the coming two weeks, after finishing the drilling and production tests at Aphrodite A-2 in Cyprus, and last for approximately four months. The depth of the well is expected to be approximately 1,650 meters, and planned final depth drilling is approximately 5,300 meters below sea level.

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