Delek Confirms Aphrodite Reservoir Estimate Increase, Focus on Upstream

Delek Group has revised upwards its estimate of contingent and prospective natural gas resources in the Aphrodite Reservoir from 4.1 TCF to 4.5% TCF, confirming the interest of the company to focus on the upstream segment and offload downstream assets. Delek also confirmed its commitment to additional listing of shares. 

‘On November 19, 2014, a full reservoir update report prepared by Netherland, Sewell & Associates, Inc. was released, which increased the estimate of contingent and prospective natural gas resources in the Aphrodite Reservoir from 4.1 TCF up to a new best estimate of 4.5 TCF, and condensate resources from 8.1 MMboe to 9 MMBoe at the same category, as at September 30, 2014’ reads the note reporting the consolidated results for the third quarter of the year.

The Tel Aviv-based company also said it is making progress on its preliminary works to additional listings of shares on the London Stock Exchange.

Delek Group announced a year-on-year 7% decrease in group revenues to NIS 5.2 billion.

‘There were an increase of revenues from the oil and gas exploration and development operations. On the other hand, there were a decrease in the revenues from the Israeli downstream operations and the Finance and Insurance operations.’

Delek Group proceeded with significant divestments over the last months, betting on the upstream segment. 

“During the third quarter, as well as October, we made a series of successful exits. This is a solid representation of our ongoing achievements and success in executing on our strategic decision to focus on the upstream energy” Asaf Bartfeld, President & CEO, commented on Thursday.