Delek Drilling Drops to Six-Month Low on Gas Contract Probe

Delek Drilling-LP (DEDRL), a partner in Israel’s Tamar natural gas field, dropped to its lowest level in almost six months after the regulator said it would examine contracts signed for domestic natural gas sales.

Delek Drilling fell 2.9 percent to 12.44 shekels, the lowest intraday level since Nov. 30, at 10:33 a.m. in Tel Aviv. Avner Oil Exploration LLP (AVNRL), another partner in the field, retreated 2.8 percent to 2.29 shekels. Isramco Negev 2 LP (ISRAL) retreated 2.5 percent to 0.5 shekel. The TA-25 benchmark index was trading 0.8 percent lower.

Delek Drilling said Israel’s Antitrust Authority is examining the contracts of the Tamar gas field partners with Israel Electric Corp. and other utilities.

Delek Group Ltd. (DLEKG), which has stakes in Delek and Avner, retreated 4 percent, headed for the biggest decline since Jan. 15, to 654.70 shekels.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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