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Mailing address

Espehaugen 32 B
5258 Blomsterdalen
Norway

Visiting address

Espehaugen 32 B
5258 Blomsterdalen
Norway

5 October 2023

Acquisition of 12.2575% interest in the Brage field

Bergen, 5 October 2023

Petrolia Noco AS (“the Company”) is pleased to announce that it has signed an agreement with Vår Energi ASA to acquire Vår Energi’s 12.2575% participating interest in the Brage field on the Norwegian Continental Shelf with effective date 1 January 2023.

Net production (12.2575% WI) from the Brage field in the first half of 2023 was 1.0 kboed and remaining net reserves at year-end 2022 was 1.9 mmboe.

The transaction is subject to normal regulatory approval and is expected to be completed in Q4 2023.

For further information, please contact:

Morten Stenhaug, CEO

+47 911 92 908

or

Erik von Krogh, CFO

+47 930 38 075