The partnership will carry out a $22 million exploratory drilling at the site by year-end.
Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Energy Systems Ltd. (TASE: DEOL) will buy 25% of the rights in the North Sea 22-sq.m. concession Block 21/20f, located 190 kilometers east of Scotland.
The other partners in the concession are Noble Energy Inc. (NYSE:NBL) subsidiary Noble Energy (Oilex) Ltd. and with a 40% stake, Dana Petroleum plc (LSE:DNX) (35%). Delek Energy will bear 28.33% of the initial drilling costs at the concession, and 25% of all other costs in the project.
The companies plan to carry out a 2,700-meter deep exploratory drilling at the site by year-end at an estimated cost of $22 million.
Published by Globes [online], Israel business news - www.globes.co.il - on April 29, 2007
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