Israel-based Delek Group is in discussions with Noble Energy International to buy an additional 19.9% stake in Block 12 offshore Cyprus gas field Aphrodite for $155m.

The field estimated to contain 4.54 trillion cubic feet of natural gas, is 70%-owned by Noble Energy, with the remaining 30% owned by Delek through two subsidiaries.

Delek’s subsidiaries include Delek Drilling and Avner Oil Exploration.

"The talks are in the initial stage that is not binding and exclusive."

According to Delek, the talks are in the initial stage that is not binding and exclusive.

It is also uncertain whether the negotiations will result in any binding agreement between both companies, as well as the conditions as determined in the agreement if signed.

Once it progresses, the transaction is subject to various approvals.

The transaction needs to be approved by relevants parties from Noble Cyprus, and the Republic of Cyprus, as well as other required approvals.

Block 12 is located 34km west of Israel’s Leviathan gas field and is believed to hold 3.6 to six trillion cubic feet of natural gas.

Delek discovered Tamar and Leviathan natural gas finds since 2000.

The company and its partners are developing a balanced portfolio of exploration, development and production assets with total gross natural gas resources of about 40 TCF that have been discovered since 2009.