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.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit