NewMed Energy

Regulatory Filings • Aug 21, 2025

This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

NewMed Energy - Limited Partnership

("the Partnership")

August 21, 2025

To:

Israel Securities Authority 22 Kanfei Nesharim Street Jerusalem Via MAGNA

TEL AVIV STOCK EXCHANGE LTD 2 Ahuzat Bayit Street Tel Aviv Via MAGNA

Dear Sir/Madam,

Subject: Approval of the Updated Development Plan for the Leviathan Reservoir by the Petroleum Commissioner

Further to the provisions of Sections 7.2.5(b)(2) and 7.2.5(c) of Chapter A (Description of the General Development of the Corporation's Business) of the Partnership's periodic report for 2024, as published on March 10, 2025 (Reference No.: 2025-01-015633) ("the Periodic Report"), regarding the submission of the updated development plan for the Leviathan reservoir for approval by the Petroleum Commissioner at the Ministry of Energy and Infrastructure ("the Reservoir" and "the Commissioner", respectively), and further to the immediate report of the Partnership dated August 7, 2025 (Reference No.: 2025-01-058580), regarding the agreement of the Leviathan partners with Blue Ocean Energy for a transaction to increase the quantities of natural gas exported to Egypt ("the Export Agreement"), the Partnership is pleased to update that, on August 21, 2025, the Commissioner approved the updated development plan for the execution of the first and second stages of Stage 1B ("the Updated Development Plan").

The Commissioner's approval was given subject to several technical conditions, the implementation of which will be carried out in coordination with the professional team at the Natural Resources Administration of the Ministry of Energy and under its guidance.

This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

In his approval, the Commissioner noted that, in order to increase the production rate beyond 2,100 MMSCFD, with the execution of the second stage of Stage 1B, supporting documents will be required to be submitted in accordance with the guidance of the professional team at the Natural Resources Administration of the Ministry of Energy, which will constitute an update to the Updated Development Plan and their approval by the Commissioner.

The Commissioner also noted in his approval that the position of the Ministry of Energy as of this date is that the amount of natural gas that can be produced from the reservoir (i.e., the amount of gas produced since the start of production plus the remaining recoverable gas in the reservoir) is approximately 19.4 TCF (about 551 BCM) (compared to the previous estimate of the Ministry of Energy, which stood at about 17.6 TCF (about 500 BCM)), and that these data will continue to be reviewed by the Ministry in the coming years. It should be noted that the corresponding estimate of the Partnership, based on the report of Netherland, Sewell & Associates Inc ("NSAI") as of December 31, 2024, stands at about 22.3 TCF (632 BCM).

It should be noted that the Leviathan partners intend to advance the procedures for obtaining an export permit for the Export Agreement and to work towards making a Final Investment Decision (FID) for the first stage of Stage 1B during the fourth quarter of 2025. As mentioned, the Leviathan partners have approached the Commissioner with a request to obtain an export permit in accordance with the terms of the Export Agreement. As of the date of the report, such a permit has not yet been received.

Forward-Looking Information Warning - The information detailed above, including regarding the details of the Updated Development Plan, the expected production scope, the estimates regarding the quantities of recoverable natural gas, and the possible timing for making a Final Investment Decision (FID) for the execution of the first stage of Stage 1B, constitutes forward-looking information as defined in the Securities Law, 1968, which there is no certainty will materialize, in whole or in part, and which may materialize in a manner materially different from the above, due to various factors,

This is an unofficial AI generated translation of the official Hebrew version and has no binding force. The only binding version is the official Hebrew version. For more information, please review the legal disclaimer.

1. including changes in the Updated Development Plan, delays in the implementation of the Updated Development Plan, difficulties in obtaining financing in the required scope and terms, delays in obtaining the necessary regulatory approvals, changes in local and global market conditions, including changes in energy prices and demand, geopolitical changes or changes in the security situation in the region, operational or technical difficulties in the development of the reservoir and the establishment of infrastructure, changes in the scope or rate of natural gas consumption in target markets, and the realization of any of the risk factors involved in the exploration, development, and production of natural gas. It should be clarified that the above assessments and assumptions may be updated and even change materially in the future, as a result of a variety of factors related to oil and gas exploration, development, and production projects, including as a result of operational, market, or regulatory conditions, or the realization of any of the risk factors detailed in the Periodic Report.

The ownership rights in the Leviathan project and their respective holdings are as follows:

Partnership
Chevron Mediterranean Limited	39.66%
Ratio Energies - Limited Partnership	15.00%
NewMed Energy Management Ltd.	45.34%

Sincerely,

NewMed Energy Management Ltd.

The General Partner in NewMed Energy - Limited Partnership

By: Yossi Abu, CEO Sari Zinger Kaufman, Legal Counsel, Senior Vice President