Other Assets New Ofek and New Yahel

New Ofek and New Yahel are two onshore exploration
licenses, located in central and northern Israel, respectively.

The partners in these licenses, led by SOA Energy as operator and joined by NewMed Energy in 2019, are targeting geologic layers of the Permian and Triassic periods, which are highly prospective in the Persian Gulf and in Syria.

The first step in proving the prospectivity of these layers in Israel is by performing production tests in the existing Ofek-2ST well, where they have already been penetrated. With a potential of over 0.9 TCF of natural gas located near industrial complexes and independent powerplants, successful tests are likely to support further appraisal activities towards an optimized development.

The partners are currently planning the first exploration well in the New Yahel license, to examine the Permian and Triassic prospectivity. Commercial findings in the New Ofek license, if encountered, shall significantly increase the chance of success of such an exploration well.