Israeli trio agree to license changes

Three companies have agreed to changes in their oil and gas licenses in Israel following talks with the Commissioner for Oil at the Ministry of Infrastructures.

Offshore staff

TEL AVIV -- Three companies have agreed to changes in their oil and gas licenses in Israel following talks with the Commissioner for Oil at the Ministry of Infrastructures.

The partnership of Delek Drilling, Noble Energy Mediterranean Ltd and Avner Oil Exploration has agreed to focus exploration effort on specific licenses and to waive rights in others:

• In the Zuk Tamrur enclave in the Zerah license, the partners have filed an application for possession in the enclave area. If this is denied, they will not request an extension of the license term

• The partners have waived all rights in the Halamish enclave in the Zurim license and in the Ruth E and Ruth F licenses.

• Noble and its partnerships will file an application under Section 76 of Israel’s Oil Law to transfer some of their rights in Ruth D and Ruth C, and in Avia and Keren. This would limit Noble's rights in Ruth D and Ruth C licenses to 25%, and the partnerships' rights in all four licenses to 25%.

11/24/2010

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