Israeli energy company takes over 50% of the extraction rights in the "Khan Asparuh" Block NewMed Energy becomes a partner of OMV

"OMV Offshore Bulgaria" GmbH - Austria transfers 50% of its rights under the permit for exploration and exploration of oil and natural gas in the "Block 1-21 Khan Asparuh" area. This is possible after the Council of Ministers authorized at its meeting today "NewMed Energy Balkan Limited" to acquire a share of 50% of the rights and obligations under the permit of "OMV Offshore Bulgaria" GmbH - Austria.

After the transfer, the two companies have an equal ratio of the rights and obligations under the granted exploration and exploration permit.

The possibility of transferring the rights and obligations under the granted exploration and exploration permit is regulated in Art. 25, para. 1 and para. 2, item 2 of the Mineral Resources Act.

"Block 1-21 Khan Asparuh" is located in the exclusive economic zone of the Republic of Bulgaria in the deep Black Sea. The contract for exploration of this territory has been in force since September 2012.

With today's decision, the Council of Ministers authorized the Minister of Energy within one month to sign the necessary additional agreement to the contract for the search and exploration of oil and natural gas in the area "Block 1-21 Khan Asparuh".

NewMed Energy is a leading Israeli company in the field of exploration, development, production and sale of natural gas and condensate.