January 8, 2018 / 9:39 AM / a year ago

Israel's Delek Group partners in Gulf of Mexico drilling

JERUSALEM, Jan 8 (Reuters) -

* Israel’s Delek Group said on Monday it has signed a deal with GulfSlope Energy and Texas South Energy to explore 12 concessions in the Gulf of Mexico.

* Delek, through a foreign subsidiary, agreed to cover 90 percent of the costs for the first two drill sites - up to $50 million - in exchange for 75 percent of the rights in those prospective drilling sites at the first stage.

* Delek said it will use its own funds for the project and will have the option to buy rights in the other concessions as well.

* A third-party resource report showed a first stage best estimate of 99 million barrels of oil and 177 billion cubic feet of natural gas, Delek said. (Reporting by Ari Rabinovitch; Editing by Steven Scheer)

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