Israel Energy Initiatives, a subsidiary of Genie Energy Ltd.
(NYSE: GNE), said that it was pleased by a favorable ruling issued today
by the Supreme Court of Israel. The Court’s decision clears a major
legal roadblock and enables this nationally important project to move
forward to the permitting phase.

In its ruling today, the Supreme Court of Israel rejected a petition
filed by the Israel Union for Environmental Defense (the “Union”)
against various ministries of the State of Israel, IEI and another
Israeli oil and gas company, seeking to cancel the regulations governing
the permitting process of oil and gas exploration, and seeking to cancel
the exploration license granted to IEI. In October, the Court rejected a

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