High impact portfolio

Strongly positioned in NW Europe with 10 licenses in 3 countries with an average share of 45%

Near term development of the Causeway field in UK

Current portfolio with gross unrisked exploration potential of more than 4 billion boe (229 million boe net risked)

Well positioned for further growth

Participation in drilling of 4-5 exploration wells within next 3-4 years

Active participation in licensing rounds in Norway, UK and Faroe Islands

Favourable market and area conditions

Positioned to take advantage of improved tax-regime on NCS

- Norwegian government refund 78 % of exploration costs
- Debt financing for exploration available

Oil and gas prices expected to return to attractive levels

Low political risk

Experienced management and staff

Management team served in key positions with Saga Petroleum and top class expertise available in-house

Acted as operational management for Petoro following its formation and subsequently as technical and strategic advisors

Operator in UK, Faroe Islands

Pre-qualified as operator in Norway