As per the Natural Gas Framework Plan, in July 2017, Tamar Petroleum, a special purpose company established by Delek Group’s partnership, Delek Drilling LP, commenced trading on the Tel Aviv Stock Exchange, following a successful IPO, under the ticker ‘TMRP’. Delek Drilling sold its working interest of 9.25% in the Tamar and Dalit Leases to Tamar Petroleum. In exchange, Delek Drilling received approximately NIS 3 billion (approximately USD 850 million) as well as a shareholding in Tamar Petroleum amounting to 40%. As a result, Delek Group will recognize an after-tax profit attributed to the Company’s shareholders of approximately NIS 800 million in the third quarter of 2017. This amount also includes the estimate of the fair value of the Group’s entitlement to receive future production-based royalties for the rights sold to Tamar Petroleum.
Delek Group’s partnership is continuing to assess various alternatives for the sale of the balance of its remaining holdings in Tamar and Dalit.
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