Bethel Finance: Petroleum Supervisor extends Delek offshore licenses

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Bethel Finance news:

Petroleum Supervisor Dr. Michael Gardosh has extended several deepwater offshore licenses for Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) to varying dates in 2013, but did not extend some other licenses. Ratio Oil Exploration (1992) LP (TASE:RATI.L) and Noble Energy Inc. (NYSE: NBL) are partners in some of the licenses, which are located northeast of Tamar, which Delek owns with Noble Energy Inc. (NYSE: NBL) and Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L).

Gardosh extended the Ruth A, B, and C licenses and the Alon A, B, D, and F licenses, in which Avner and Delek Drilling each own 26.67% and Noble Energy owns 47%, until September 1, 2013. Until then, the companies must submit a drilling plan for the licenses, including geological and engineering plans, and a report summarizing the findings of the well.

Gardosh did not extend the companies' Ruth D and Alon E licenses.

Gardosh extended the Rachel license, owned by Delek, Noble Energy, and Ratio, to June 14, 2013, subject to meeting the license's work plan, which includes continuing drilling of the Leviathan 1 well to the deep oil-bearing strata on the basis of the plan filed by Noble Energy. He also extended the Amit license to June 14, 2013, subject to meeting the license's work plan, which includes continuing drilling of the Leviathan 3 well.

Gardosh extended the Hannah license, owned by Delek, Noble Energy, and Ratio, to June 14, 2013, subject to meeting the license's work plan, which includes continuing drilling of the Dolphin 1 well to the gas-bearing strata on the basis of the plan filed by Noble Energy.

Gardosh extended the David and Eran licenses, owned by Delek, Noble Energy, and Ratio, to June 14, 2013, subject to the companies submitting a drilling plan for the licenses, including geological and engineering plans, and a report summarizing the findings of the well.

The Rachel, Hannah, David, and Eran licenses are part of the Ratio Yam prospect, Noble Energy owns 47% of these licenses, and Avner and Delek Drilling each own 26.4%.

Gardosh did not extend the Avia and Keren licenses, owned in equal shares by Avner and Delek Energy, citing the companies' failure to meet the terms of the work plans for the licenses and their failure to transfer rights in them or file a revised application after the drilling operator quit the consortium. Finally, the companies failed to submit clarifications as requested by Antitrust Authority director general David Gilo.

Avner's share price fell 0.1% by midday to NIS 2.11, giving a market cap of NIS 7.05 billion and Delek Drilling's share price fell 0.8% to NIS 12.34, giving a market cap of NIS 6.8 billion, but Ratio's share price rose 1.2% to NIS 0.35, giving a market cap of NIS 2.5 billion.