Delek Energy Buys Stake in North Sea Drilling Rights

JERUSALEM Apr 30, 2007 (Dow Jones Newswires)

Delek Energy Systems Ltd. (DEOL.TV), a subsidiary of Delek Group (DLEKG.TV), has purchased 25% of the rights to any oil discovered in a 22-square-mile block of the North Sea, Delek Energy said Sunday.

Other partners in the project are Noble Energy Inc. with a 40% stake, and Dana Petroleum PLC (DNX.LN) with a 35% stake, Delek Energy said.

By the end of the year, these companies, along with Delek, will spend a total of $22 million on exploratory drilling, Delek Energy said. Delek Energy is to pay 28% of the drilling costs and 25% of all other future costs associated with the area purchased, the company added. The area is located east of Scotland, Delek Energy said.

Delek Group is a holding company with interest in real estate, energy and other sectors. It owns 89% of Delek Energy, which works on oil and gas exploration in Israel and abroad.

Dana Petroleum is an independent U.K.-based energy company.

At 1340 GMT, shares of Delek Energy were up 1.1%, or ILS4 ($0.99), at ILS359.00, and shares of Delek Group were down 2.7%, or ILS24.50, at ILS897.60 in a lower Tel Aviv market.

Copyright (c) 2007 Dow Jones & Company, Inc.

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