Cyprus cancels Leviathan tender

Leviathan

The Cypriot Natural Gas Public Co. (DEFA) has been unable to reach agreement to buy gas from the Leviathan field.

The Leviathan partners notified the Tel Aviv Stock Exchange (TASE) today that the Cypriot Natural Gas Public Company (DEFA) had cancelled its gas supply tender from the leviathan gas field. The Leviathan partners reported that they were unable to reach agreement with the Cypriot government on the terms for the tender for supplying gas. The partners also reported that they are still talking to the Cypriot government about supplying gas from Cyprus's Aphrodite field. The Leviathan partners are Noble Energy Inc. (NYSE: NBL) (39.66%) of Leviathan, Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) each own 22.67% and Ratio Oil Exploration (1992) LP (TASE:RATI.L) owns 15%. Noble and Delek's units also own most of the Aphrodite field.

Following the notification share prices in the Leviathan partners fell sharply.

The Cypriot tender was for the supply of 0.7-0.95 billion cubic meters (BCM) of gas in 2017-25 (at the latest).

Published by Globes [online], Israel business news - www.globes-online.com - on February 9, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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