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Tuesday, December 31, 2013

Israel's Delek examines $3.6 billion energy spinoff, (NYSE: NBL)

Israeli conglomerate Delek Group is examining a spinoff of its oil and gas activities, saying it could help maximise value for shareholders by separately listing a bunch of assets which one analyst valued at some $3.6 billion.Delek, which is 63 percent held by billionaire Yitzhak Tshuva, has major shares in a number of newly discovered gas fields off Israel's coast including Tamar and Leviathan.The Tamar field, which Delek developed together with Texas-based Noble Energy, has estimated reserves of 10 trillion cubic feet (tcf) and began production in late March.Nearby Leviathan, with an estimated 19 tcf of gas reserves, is set to come online in 2016 or 2017. Israel's High Court has upheld a government decision to allow exports of 40 percent of offshore reserves.

Noble Energy, Inc. (Noble Energy) is an independent energy company engaged in worldwide oil and gas exploration and production. Shares of NBL fell by 1.52% or $-1.04/share to $67.17. In the past year, the shares have traded as low as $50.93 and as high as $78.01. On average, 2092700 shares of NBL exchange hands on a given day and today's volume is recorded at 1452263.