NewMed Energy

Regulatory Filings • Dec 17, 2025

17 December, 2025

NewMed Energy – Limited Partnership (the Partnership)

To: To:

Israel Securities Authorityvia MAGNA Tel Aviv Stock Exchange Ltd.via MAGNA

Dear Sir/Madam,

Subject: Receipt of export approval for the Leviathan project

Following the agreement dated 7.8.2025 between the partners in the Leviathan project, including the Partnership (the holders), and (the purchaser) for the amendment to the natural gas export agreement produced from the Leviathan reservoir,Blue Ocean Energy

Leviathan (the reservoir) to Egypt, within which it was agreed to increase the overall contractual quantity by BCM approximately 130 (the additional quantities, and the export agreement, respectively)¹, the Partnership is honored to update that on

17.12.2025 the holders received the approval of the Petroleum Commissioner at the Ministry of Energy and Infrastructure

(the Commissioner) to export the additional quantities under the export agreement to the purchaser (the new approval).

In the Partnership's assessment, the new approval will enable compliance with the provisions of the export agreement, including the supply of the additional quantities to the purchaser. The new approval was given in addition to the export approval granted to the holders on

16.12.2019 (the previous approval), and it was determined that it prevails over any conicting provision in any other document, including in the export agreement.

A concise description of the main conditions set forth in the new approval is provided below:

• 1. It will be possible to export quantities of natural gas under the new approval from the date that the daily production capacity from the Leviathan reservoir stands at no less than
• 1,350. The new approval will be valid until the earliest of the following dates: (1) the date on which the purchaser consumes the maximum total quantity set forth in the new approval; (2) the expiration of the export agreement; (3) the expiration of the Leviathan lease deeds (the export period).MMSCF
• 1. Nothing in the new approval and its provisions derogates from the authority granted to the Minister of Energy and Infrastructure pursuant to Section 33 of the Petroleum Law, 1952 and the provisions of the Natural Gas Sector (Management of the Natural Gas Sector in a State of Emergency) Regulations, 2017.

¹ For details regarding the amendment to the export agreement see the partnership's immediate report dated 7.8.2025 (reference no.: 2025-01-058580), and also see: the partnership's immediate report dated 21.8.2025 (reference no.: 2025-01-062484) regarding the approval of the updated development plan for the Leviathan reservoir by the Petroleum Commissioner at the Ministry of Energy and Infrastructure; immediate reports of the partnership from 30.10.2025 and 30.11.2025 (reference nos.: 2025-01-082110 and 2025-01- 094718, respectively) regarding the extension of time for the fulllment of the conditions precedent for the entry into force of the amendment to the export agreement until 31.12.2025; immediate reports from 16.9.2025 and 26.10.2025 (reference nos.: 2025-01- 069899 and 2025-01-079841, respectively), regarding the agreement between the operator in the Leviathan project and Israel Natural Gas Lines Ltd. for the provision of transmission services to transfer natural gas from the Leviathan project to Egypt through the Nitzana project; Sections 7.12.3, 7.13.2, and 7.24.1 (regarding transactions with customers, export, and Government Resolution No. 476 regarding the gas framework, respectively) to Chapter A of the partnership's periodic report for 2024, as published on 10.3.2025 (reference no.: 2025-01-015633) (the periodic report); Section 11 of the update to Chapter A included in the partnership's Q1 2025 report, as published on 12.5.2025 (reference no.: 2025-01-032985) concerning the inter-ministerial committee report on the periodic review of the natural gas sector policy and strengthening energy security (Dayan Committee); and Sections 10 and 11 of the update to Chapter A included in the partnership's Q3 2025 report, as published on 10.11.2025 (reference no.: 2025-01-085255), whose content is incorporated into this immediate report by reference.

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3.

The supply of any quantity to the purchaser is subject to the condition that the holders of interests will supply the full quantities of gas ordered by domestic market consumers (under agreements or binding orders), including at the Firm Spot daily and annual levels.

4.

The new approval was given in relation to a total maximum amount, which will be added to the export quantities under the previous approval, as follows: (a) up to the date when the daily production capacity from the reservoir reaches 1,850 MMSCF (rst expansion) – the total maximum quantity will be about 20.7; (b) up to the date when the daily production capacity from the reservoir reaches 2,100 MMSCF (second expansion) – the total maximum quantity will be about 95.6; and (c) after the second expansion – the total maximum quantity will be about 130.9 BCM (total export quantity). The quantities mentioned in (b) and (c) above are subject to the possibility of production of a quantity of natural gas over the life of the reservoir (categories 2P+2C) that is not less than 535 as will be determined by the commissioner based on the opinions of professional experts in the eld of reserve estimation, conducted according to industry standards. The commissioner may from time to time reduce the said quantities in the event that the recoverable quantity from the reservoir is lower, or if it becomes evident that the development plan is not being diligently executed.

5.

The new approval specied daily and annual maximum quantities that may be exported, according to the various expansion stages and to the scale of seasonal demand in the domestic market (the maximum quantities). It was also stipulated that if there is a gap between the total daily maximum quantities in a given year and the annual maximum quantity set for that year, the holders of interests will be able to make up the gap in exports on a Spot basis, subject to certain conditions set in the new approval.

As of 1.1.2036 the commissioner will be entitled, in a reasoned decision, to reduce the maximum quantities by up to 60%, whether for all days of the year or for some of them, considering the year-over-year change in the gap between domestic market demand and supply, but without affecting the total export quantity. The holders of interests will be given at least one year advance notice prior to such a decision. Notwithstanding the aforesaid, if after such advance notice the commissioner, near the time of reduction, determines no reduction is required, the holders of interests will be updated as soon as possible. The new approval noted that according to the Ministry of Energy's assessments at the time of the approval, such a gap is expected to exist. Without derogating from the foregoing, if the commissioner determines that the total supply of natural gas to the domestic market from all producing reservoirs is continuously lower for more than 28 days than the amounts required for the domestic market, the commissioner may, after consulting with the Director of the Natural Gas Authority, reduce the maximum quantities. The commissioner's decision to reduce the export quantity under these circumstances will rst be considered in relation to the reservoir from which supply to the domestic market was reduced.

6.

If after the second expansion, the actual production capacity from the interests increases and exceeds 2,100 MMSCF per day (the increase in production), the holders of interests will be entitled to export half the increase through Spot transactions, and regarding the other half, the holders of interests will be entitled to submit a request to the commissioner to increase the maximum daily quantity or to increase the excess quantity that may be exported through Spot transactions as stated above.

7.

The new approval sets out provisions regulating the possibility of reducing the maximum quantities in case the production from the reservoir on a given day is lower than the full production capacity as determined in the new approval, mainly prioritizing allocation to domestic market consumers, while guaranteeing a minimum daily export quantity subject to certain conditions.

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.

Within the framework of obtaining the new approval, the holders of interests undertook to offer all consumers in the domestic market to enter into binding agreements for the purchase of natural gas (Firm ) for a period of between one and eight years, but no longer than the term of the new approval (or a longer period as agreed by the parties),

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For any requested quantity within the difference between the full production capacity at that time, minus the sum of (a) the maximum daily quantity specied in the new permit; and (b) the commitments under existing Firm contracts of the holders, except for the export agreement. The new permit includes provisions regarding the assurance of the xed daily quantity to be offered under Firm contracts, depending on the agreement period. In addition, the holders will offer all consumers in the local market to execute binding contracts with them for the purchase of natural gas on an ad-hoc basis.

For a period of at least one year (Spot contracts), for any quantity requested within the difference between the full production capacity from the Leviathan reservoir at the time of the gas order and the sum of the daily commitments at that time under contracts to which they are signatories, excluding commitments under the export agreement. The holders will offer to local market consumers with whom they negotiate to enter into Firm and Spot contracts as described above,

alternatives for price and linkage formulas detailed in the aforementioned commitment. It should be noted that these alternatives include the price alternatives and linkage formulas determined in Government Decision 476 in the matter of the Gas Outline, as well as an additional linkage formula that will be offered to private electricity producers and is based on the residential electricity tariff. Notwithstanding the above, the commitment to offer the above-mentioned price alternatives regarding Spot contracts will apply only until the date of the second expansion or until the end of 2030 (whichever is later). If the second expansion occurs before the end of 2032, this commitment will continue to apply for the peak months (as dened in the new permit) only, until the end of 2032.

• 1. In the new permit, provisions were specied according to which, in addition to the above, the holders will be permitted to export quantities of natural gas, in accordance with the new and previous permit together, on a Spot basis, provided that all the quantities of gas ordered by the holders' customers in the local market have been supplied and subject to the following limits: until the second expansion date or until the end of 2030 (whichever is later) – without quantitative limitation; from the second expansion date or from the end of 2030 (whichever is later) – up to 2 BCM per year beyond the annual quantity specied in the new permit, subject to certain daily limitations that were specied, and also subject to the authority of the regulator to impose additional quantitative limitations in certain cases, and all up to the total export quantity.
• 1. The new permit set out additional provisions relating, among other things, to the possibility of obtaining approval for gas export to a purchaser beyond the maximum quantities, should a material change in market conditions occur; provisions relating to cases where the export quantity on a certain day was lower than the maximum daily quantity due to orders received from local market consumers; provisions regarding reporting to the regulator, disclosure regarding related agreements, requirement for regulator approval for any changes to the export agreement and related agreements, and additional matters including provisions regarding the authority of the regulator in cases of a breach of the holders' commitments under obtaining the new permit.

Furthermore, concurrently with obtaining the new permit and at the request of the Ministry of Energy, the holders conrmed that they will work jointly with the Natural Gas Authority to promote a platform for secondary trading in natural gas for natural gas consumers in the Israeli market. They will also examine together various possibilities related to the quantities of natural gas that may be allocated to the trading platform when it is established, under Spot agreements, which will be purchased in accordance with the contractual terms prevailing in sales agreements and conducted in accordance with accepted international practices.

The holders intend to act to obtain the purchaser's approval for the provisions of the new permit and for the fulllment of all preconditions for the entry into force of the export agreement to Egypt.

Forward-Looking Information Warning:

The information presented above regarding the new permit and the assessment that it will enable compliance with the provisions of the export agreement, including the supply of additional quantities to the purchaser, constitutes forward-looking information as dened in the Securities Law, 1968. As of the date of the report, and considering the conditions and limitations set forth in the new permit, there is no certainty that this possibility will be realized in full or in part and it may only be partly implemented.

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It may materialize in a manner substantially different from what was anticipated by the parties to the export agreement, due to various events and factors that are not under the partnership's control, including, among other things, the need to reach understandings with the purchaser regarding the terms and restrictions set forth in the new approval. Notably, if there is a contradiction, the provisions of the new approval will prevail over the provisions of the export agreement. This is in consideration of the powers granted by the approval to the commissioner to reduce, in certain cases, the maximum quantities, and also taking into account the priority for supplying natural gas to local market consumers in volumes that may come at the expense of mandatory export quantities according to the export agreement, or due to the realization of any of the other risk factors of the partnership detailed in its periodic report.

The owners of rights in the Leviathan project and their holding percentages are as follows:

45.34%	Partnership
39.66%	Chevron Mediterranean Limited

Ratio Energies - Limited Partnership 15.00% Respectfully,

NewMed Energy Management Ltd.

The General Partner in NewMed Energy - Limited Partnership

By: Yossi Abu, CEO

Saar Perag, Deputy CEO of Natural Gas Commerce