Milestones

1992 Givot Olam Partnership receives a permit for exploration activities from the Petroleum Commissioner – the Rosh Ha’Ayin Permit, I/11.

1993 Givot Olam Partnership issues participation units to the public on the Tel Aviv Stock Exchange (TASE).

1994 Meged 2 – the company’s first exploration well is drilled to 5200m and signs of oil are found. Details can be found in section 12.9.1 from the report dated 19.5.2009.

1998 During further tests on Meged 2, the well produced oil. Details can be found in section 12.9.1 from the report dated 19.5.2009.

2000 The second exploration well, Meged 3, is drilled to 4742m and logs indicate the presence of oil. Details can be found in section 12.9.1 from the report dated 19.5.2009.

2003 The third exploration well, Meged 4, is drilled to 4919m (Israel’s first horizontal well) and oil is produced during well tests. Details can be found in section 12.9.1 from the report dated 19.5.2009.

2004 Based on signs of oil from previous Meged wells, the Ministry of National Infrastructures, Energy and Water declares the Meged field an oil discovery and Givot Olam Partnership received a Production License.

2006 Givot Olam Partnership receives an Exploration Permit from the Ministry of National Infrastructures, Energy and Water – the Maccabi Permit, in the southern region of the Meged field.

2009 Meged 5 is drilled to 4700m in the south eastern section of the exploration lease, and production tests indicate commercial quantities of oil.

2010 In light of success from Meged 5 well, field development plans are planned, as well as an oil and gas reserves report.

2011 Long term production tests are carried out at Meged 5, during which oil is produced and sold, in a process that continues to this day.

2012 Ministry of National Infrastructures, Energy and Water authorizes the development plan for the Meged field, as well as drilling of Meged 6-11 wells. In addition, the necessary permits are obtained from the necessary authorities for the beginning of drilling of wells Meged 6, 7, and 8.

2013 Meged 6 is drilled to 4754m and significant signs of oil are found.

2014 Meged 6 Site is currently readying for production flow tests to determine the oil potential of the well