DELEK Group Set To Hold Exploration Talks

Executives from the Delek Group are expected in Athens this week to hold initial talks with the Greek government over energy exploration south of Crete, the Greek financial website “Capital” said in a report. Sources told the website that talks would focus on the business aspects of exploratory operations but contacts with the Ministry of Environment, Energy and Climate Change could not be ruled out.

The Capital website noted that, under the new law on hydrocarbons and new regulations, promoted by Deputy Energy Minister Ioannis Maniatis, there are three licenses for exploration and production of oil. Bids will be assessed, and the ministry will issue an invitation within 90 days.

The Greek government declined to comment regarding the potential interest of specific companies in the area south of Crete . However, Maniatis said recently that there is major interest in the region and there might be drilling by the end of 2012.

Delek units Avner Oil and Gas LP andDelek Drilling LP are partners in the Yam Tethys, Tamar. Dalit, and Leviathan licenses withNoble Energy Inc.. The Greek website also said that Delek holds a 5% stake in Noble Energy.

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