Tamar Petroleum Ltd.

M&A Activity • Sep 10, 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.

TAMAR PETROLEUM LTD

("The Company")

September 10, 2025

To:

Israel Securities Authority Via MAGNA

TEL AVIV STOCK EXCHANGE LTD

22 Kanfei Nesharim St., Jerusalem

2 Ahuzat Bayit St., Tel Aviv

Dear Sir/Madam,

Subject: Engagement of Some of the Tamar Partners in a Non-Binding Memorandum of Understanding with THE ISRAEL ELECTRIC CORP. LTD. – Update

Further to the Company's immediate reports dated July 27, 2025 (Reference No. 2025-01- 055417) and August 24, 2025 (Reference No. 2025-01-062774) regarding the engagement of some of the partners in the Tamar project (Chevron Mediterranean Limited, Isramco Negev 2, Limited Partnership, Mubadala Energy RSC LTD (Tamar), and Dor Gas Exploration, Limited Partnership[¹⁰¹]) with THE ISRAEL ELECTRIC CORP. LTD. (hereinafter: "IEC") in a non-binding memorandum of understanding dated July 24, 2025 (hereinafter: the "MOU") to amend the gas supply agreement between the Tamar partners and IEC dated March 14, 2012 (as amended from time to time) (hereinafter: the "IEC Agreement"), the Company is honored to update that IEC has notified the Company of the extension of the final date to join the MOU or to amend the IEC Agreement until October 23, 2025.

The Company's Board of Directors will make a decision on the matter by the aforementioned date.

The partners in the Tamar project and their respective holdings are as follows:

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.

Chevron Mediterranean Limited	25%
Isramco Negev 2, Limited Partnership	28.75%
TAMAR PETROLEUM LTD	16.75%
Mubadala Energy (Tamar) RSC LTD	11.00%
Tamar Investment 2 Limited	11.00%
Dor Gas Exploration, Limited Partnership	4.00%
Union Energy & Systems 2 Ltd	3.50%

Sincerely,

TAMAR PETROLEUM LTD

By Barak Mishraki, CEO and Efrat Chozeh-Azrad, Legal Counsel and Deputy CEO

FOOTNOTE:

¹⁰¹ It should be noted that on September 9, 2025, Isramco Negev 2, Limited Partnership (hereinafter: "Isramco") announced that the board of directors of the general partner in Isramco decided that, in light of changes in market conditions and the regulatory environment, it would not be in Isramco's interest to promote the amendment to the IEC Agreement at this time.