Delek Group conducts upgrade and improvement work on the Tamar Platform
Monday, Sep 25, 2017
Delek Drilling - Limited Partnership publishes an immediate report regarding upgrade and improvement work on the Tamar platform.

Further to the provisions of Section 3 of the Update to Chapter A (Description of the Partnership's Business), included in the periodic report of the Partnership as of June 30, 2017, as released on August 15, 2017 (ref. no.: 2017-01-083313) regarding upgrade and improvement work on the Tamar platform and the terminal which the Tamar project operator, Noble Energy Mediterranean Ltd., (the "Operator") is scheduled to perform in the months of September-October 2017, the Partnership respectfully updates that on September 20, 2017 the Operator commenced performance of the upgrade work as planned, during which a crack was discovered in the emission pipe used to release natural gas and pressure from the platform routinely and in emergencies (the "Crack" or the "Malfunction"). Following identification of the Crack, and according to the procedures in place at the Tamar Platform, the supply of natural gas from the Tamar reservoir was stopped in a controlled manner on September 21, 2017 .

The Operator has informed the Tamar partners that there is no safety and environmental exposure .

The Operator is acting to repair the Malfunction, and has updated the Tamar Partners that the planned date for completion of the repair and commencement of flow of natural gas from the Tamar reservoir is during the coming week. It is noted that the cost of the repair is not expected to be material .

Following a comprehensive engineering analysis, the Operator decided to continue the planned upgrade work, concurrently with repairing the Malfunction. The said upgrade works are expected to be completed on schedule, as planned .

The Tamar partners are acting to inform their customers as required, in accordance with the terms and conditions of the gas supply agreements signed with them, and are maintaining continuous contact and acting in full coordination with the various Government offices .

In the Company's estimation, the decline in the supply of natural gas form the date of cessation of the flow of natural gas until the expected date of repair of the Malfunction (during which time the gas flow from the Tamar field to the Tamar production platform was in any event planned to be performed through only one of two pipes, and at one half the maximum production capacity, due to the upgrade work), is expected to amount to about 0.1 BCM (100%), reflecting a decrease of approx. U.S. $3.5 million (net, after payment of royalties and taxes) in the Partnership's revenues from the sale of natural gas. Accordingly, the Malfunction is not expected to have a material effect on the Partnership's revenues from the sale of natural gas in the third and fourth quarters of 2017.

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