Regulatory Filings • Dec 30, 2025
Regulatory Filings
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December 30, 2025
To: Israel Securities Authority 22 Kanfei Nesharim St. Jerusalem
To: Tel Aviv Stock Exchange Ltd. 2 Ahuzat Bayit St. Tel Aviv
Via Magna
Dear Sir/Madam,
Further to the provisions of section 9.2.2.5 of Part A of the Company's Periodic Report for 2024 published on March 31, 2025 (Reference No.: 2025-01-023400) (hereinafter: the Periodic Report), in section 1.5.24 of the Company's Board of Directors' Report for the second quarter of 2025 published on August 31, 2025 (Reference No.: -2025-01-065780),
and in section 1.5.1.14 of the Company's Board of Directors' Report for the third quarter of 2025 published on November 30, 2025 (Reference No.: 2025-01-094740), regarding the planned work program in the Tamar Project and regarding the advancement of the drilling of an additional well, planned to be executed in parallel with the Tamar 12 well, the Company is honored to announce the receipt of a nal investment decision (FID) by the Tamar partners to conduct two new development drillings
in the area of Tamar Lease 12/I (Tamar 12 and Tamar 3ST drillings) (hereinafter: the Drillings). Additional information about the drillings is provided below:
Additional details about the Drillings:
In addition, the necessary infrastructure will be established in the Tamar eld to connect the drillings to the existing Tamar project subsea production system.
The Tamar partners intend to immediately advance obtaining all remaining permits required for the drillings, including the approval of the Petroleum Commissioner in the Ministry of Energy for the updated development plan, according to which the drillings will be drilled and connected to the Tamar eld's production system, approval for the Drilling Program, discharge permit, and certication that the rig executing the drillings meets the requirements of the Ministry of Energy and the Ministry of Environmental Protection.
¹ Tamar 3-Side Track, which is a drilling based on the existing Tamar 3 well, that will be drilled diagonally to another layer in the reservoir.
2024-06-08
6.
Drilling schedule: The drilling campaign is expected to commence in the second half of 2027 and continue until the fourth quarter of 2028 (including completion and connection to the production system).²
7.
Target layers in the drillings: Tamar sands from the Miocene age.
8.
Type of drillings, their purpose, and future stages dependent on their ndings: Development drillings, which will join the other
production wells in the Tamar reservoir and whose purpose is to preserve the production capability from the Tamar reservoir in the long term,
and to ensure its redundancy. The drilling, completion, and connection of the drillings to the existing subsea production system of the Tamar Project
are expected to be carried out consecutively.
9.
Depths: The water depth at the drilling sites is approximately 1,700 meters, and the planned nal depth for the drillings is approximately 4,600–4,800 meters from sea level.
10.
Budget: The total budget approved for the implementation of the drillings amounts to approximately 466.5 million dollars (100%
Tamar partners, Isramco Negev 2 portion approx. 134 million dollars)³, where the budget for drilling Tamar 12 is approx. 313.6 million dollars and the budget for drilling Tamar 3ST is approx. 152.9 million dollars. The budget
includes drilling and completion costs and the costs of establishing associated infrastructures in the Tamar Project,
including the development of the subsea system and connection of the drillings to the existing infrastructure. It is noted that the budget
was approved under the assumption that the drillings will be carried out in parallel with an additional drilling campaign, which may
be conducted in the Leviathan reservoir. If, in the end, it is not possible to synchronize the drillings with a parallel
drilling campaign as stated above, an additional budget approval for the drillings will be required in the amount of approximately 74–94
million dollars (100% Tamar partners).
11.
Name of the operator: Chevron Mediterranean Limited.
12.
Name of the company conducting the drillings: Chevron Mediterranean Limited.
The share of the company's equity holders in the drilling budget: ⁴5.83%.
13.
14.
The share of the company's equity holders in the possible revenues that will arise from the drillings:
7.00%, taking into consideration royalties paid to the state and interested parties. ⁵
15.
Names of the partners in the oil asset where the drillings are being carried out and their shares of the drilling budget: Tamar partners
according to their holding percentages as detailed below.
16.
Reference to the description of the oil asset in the periodical report: see Section 9.2.2 of the periodical report.
Forward-looking Information Warning: The above assessments regarding the budget and schedules for the execution of the drillings constitute
forward-looking information as dened in the Securities Law, 1968, which is based, among other things, on assessments
and estimates received from the operator concerning the availability and costs of equipment and services, and assumptions regarding regulatory approvals, geological, geophysical, technical-engineering, and other information, accumulated, inter alia, from the seismic survey conducted in the Tamar lease area. There is no certainty that the above assessments will be realized, in whole or in part, and they may materialize in a materially different manner, due to various factors that are not under the company's control, including geological conditions, operational and technical conditions, changes in the availability and costs of equipment and services, regulatory changes, the actual performance of the reservoir and the production system, and developments in the security situation.
² Note that the planning and procurement process of the equipment required for the drilling began prior to the investment decision for the drillings.
³ Note that as of the date of the report, the Tamar partners have approved budgets to ensure initial orders to preserve supply timelines in connection with investment in the drillings, for a total of up to approximately 44.8 million dollars (100% Tamar Project, Isramco Negev 2 portion approximately 12.9 million dollars).
⁴ See calculation in section 9.2.2.11 of the periodical report.
⁵ See calculation in section 9.2.2.10 of the periodical report.
2024-06-11
In Israel, as well as from a variety of factors related to oil and natural gas development and production projects, including the occurrence of any of the risk factors detailed in Section 9.20 of Chapter A of the periodic report.
The partners in the Tamar Project and their holding percentages are as follows:
| 28.75% | Isramco Negev 2, Limited Partnership |
|---|---|
| 25% | Chevron Mediterranean Limited |
| 16.75% | Tamar Petroleum Ltd. |
| 11.00% | Mubadala Energy (Tamar) RSC LTD |
| 11.00% | Tamar Investment 2 Limited |
| 4.00% | Dor Gas Exploration, Limited Partnership |
Union Energy & Systems 2 Ltd 3.50%
Respectfully,
By Eran Landner, CEO and Eitan Voloch, CFO
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