update on leviathan, page-21

Whispers from Israel back to Berlin indicate that Delek are ready to sign a deal. Basically WPL's stake will be reduced from 30% to 25% and they will front a bit more cash for it but if you consider the field was upgraded by 25% or so, they are not giving anything field share wise and their stake will actually increase by 0.5 TCF or stay the same, but has the possibility to be upgraded if the field expands.

Gaps between the parties are narrow and there is a strong probability that a deal would be reached on the main issues within days. Delek and Ratio will get the additonal 5% Woodside forgoes plus they will pay a premium if gas is sold locally to Turkey, Egypt etc. It's a fair deal and one that opens Woodside to myriad of opportunities in the med and mid-east. They also haven't overpaid as the deal was under-priced in the first place and will be a nice Pluto sized add-on to WPLs portfolio going forward.

Good luck to all holders.