OREANDA-NEWS. March 28, 2016. Delek Group (TASE: DLEKG, US ADR: DGRLY) (“the Company”), hereby announces that attached is an Immediate Report just submitted by each of Avner Oil Exploration Limited Partnership and Delek Drilling Limited Partnership ("the Partnerships") concerning a ruling on a petition to the High Court of Justice concerning the Natural Gas Outline Plan.

Further to what was stated in the Partnerships' Immediate Reports dated December 21, 2015, December 23, 2015 and December 28, 2015 concerning a number of petitions filed against the Israel Government, the Prime Minister and others, and against the Partnerships and their partners in the Leviathan and Tamar Projects and others, including principally claims against the Natural Gas Outline Plan in whole or in part, which were consolidated into a single hearing before an expanded bench of five justices, the Partnerships hereby announce that on March 27, 2016 a ruling was handed down by the High Court of Justice on the petitions, of which the main points are as follows:

  1. The validity of the entire Outline Plan (apart from the stability section) is not conditional on being anchored in primary legislation.
  2. Use of Section 52 of the Anti--Trust Law, exempting the provisions of this law from foreign policy and security considerations, has been done with due authority.
  3. The stability section in its wording in the Natural Gas Outline Plan, as determined in Government Decision 476 and whose purpose is "the existence of a stable regulatory environment" cannot stand and the Government has been given a period of one year to reorganize the stability. At the end of a year from the date of the ruling if they will not be an arrangement, the Natural Gas Outline Plan will be canceled.

Below is a link to the full text of the ruling (in Hebrew):
http://elyon1.court.gov.il/heb/dover/672374.pdf

The Partnerships intend, together with the relevant government bodies, to reorganize the terms of stability in order to comply with the objectives of the Outline Plan.