Delek to search offshore Israel

Delek Group Ltd., which includes Delek Drilling LP and Avner Oil and Gas LP, has acquired 70% of the rights to a drilling site owned by Ratio Oil Exploration Ltd.

Offshore staff

HAIFA, Israel Delek Group Ltd., which includes Delek Drilling LP and Avner Oil and Gas LP, has acquired 70% of the rights to a drilling site owned by Ratio Oil Exploration Ltd. The site is 2,900 km (1,802 mi) offshore Israel in 120 km (75 mi) west of Haifa.

Delek Drilling and Avner Oil will pay Ratio 70% of the costs it has incurred to date for the permit. The parties also agreed on a $1.3 million work plan.

Offshore drilling for oil and gas in the coast surrounding Israel coastline has been limited to a 30 km (19 mi) strip, mainly in the "Meri" concession. The gas from this site provides 10% of Israel's electricity.

9/17/2007

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