EXPLORATION PORTFOLIO

Partners: Vår (Operator) 50%, Concedo 50% PL 1168 is located in the Hammerfest Basin of the southern Barents Sea. David is one of our key prospects that, if successful, would be considered high-value barrels just 18 km from the producing Goliat FPSO. The prospect is a 3-way structural trap in the Late Triassic with stratigraphic elements. The main target is the Reke Member of the Fruholmen formation located at approximately 2050 m MSL. It is supported by both a seismic (AVO) and electromagnetic (CSEM) anomalies indicating hydrocarbon filled sands in the Reke member. Gross recoverable reserves are estimated to be between 20-80 mmboe. Initial chance of success is 25% with a further de-risking to 40% following EM evaluation. The well is planned to be drilled with the COSL Prospector rig in either late 2026 or early 2027. The water depth in the area is 330 m and a conductor system is already installed at the well location. The license was awarded in APA 2021 and a drill decision was taken in March 2025.

Partners: DNO (Operator) 40%, Concedo 40%, Petoro 20% Like Kjøttkake, PL 1049 also lies in the prolific area NW of Troll. Concedo farmed into the license as part of the Longboat JAPEX agreement announced in December 2023. The Cambozola dry well was drilled in the PL 1049 license in 2022 to test a lower Cretaceous prospect. However two shallower, Tertiary targets have been identified therefore the license was horizontally split 100 m below the top Cretaceous and a new partnership was formed. The two prospects are Sjøkreps and Jasmine. Sjøkreps is a Paleocene target that has a fault-bounded 3-way dip closure. Preliminary recoverable volumes are between 20 to 300 mmboe, with the main risk being reservoir quality. Jasmine is an Eocene target with an injectite reservoir. The schedule of the work programme involved a re-process decision that was taken in February 2024 and a drill or drop decision in August 2026.