Pursuant to what was stated in the Partnerships' Annual Reports to December 31, 2015 ("the Annual Reports") concerning the updated development plan for the Leviathan field ("the Development Plan") in the Partnerships' Immediate Report dated May 22, 2016 concerning ratification of the Gas Outline Plan, as defined in the said report ('the Gas Outline Plan"), and to the Partnership's Immediate Report dated June 2, 2016 concerning the Commissioner's approval of the Development Plan, the Company announces that the Partnerships have authorized Noble Energy Mediterranean Ltd., the operator of the Leviathan project ("the Operator"), to enter into an agreement for a cumulative value of USD 120 million (for all the partners) to receive Front End Engineering Design (FEED) for the production platform ("the Platform"), as approved in the Development Plan. It should be noted that the Leviathan Partners are working to close other agreements for the purchase of equipment and/or services related to the Development Plan, as approved, and they expect to sign off on them in the near future.
In this way, the Leviathan Partners are continuing to work to complete the required actions in order to obtain a Final Investment Decision (FID), based on the Development Plan, in Q4 2016 and for that purpose are advancing negotiations at various stages with potential customers, both in the local market and for export, to sign contracts for the supply of natural gas from the Leviathan field, as stated in the Annual Reports. Based on the planned timetable, receipt of the Final Investment Decision within the said timeframe will allow commencement of gas production from the Leviathan project in Q4 2019, as stated in the Annual Reports.
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