Israel sets terms for offshore license extensions

The expiration date for the Rachel/349 and Amit/350 licenses offshore Israel has been extended until Dec. 14, 2013.

Offshore staff

TEL AVIV, Israel --The expiration date for the Rachel/349 and Amit/350 licenses offshore Israel has been extended until Dec. 14, 2013.

However, the Delek Group said, there are conditions for the extension, including:

· Processing of 3D depth seismic data and submission of the data and the report prior to Sept. 1

· Submission offield data and gravimetric survey reports and genetics prior to the same date; processing of 3D seismic data prior to Nov. 1

· Submission of the updated field development conceptual plan for theLeviathan gas discovery, including a geological and geophysical description of the field, scenarios for the development, including export and delivery options to the domestic market, and a calculation of estimated costs and cash flows, prior to Nov. 1.

8/29/2013

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