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. It is an Early Jurassic target located at 2050 m and is supported by both a seismic (AVO) and electromagnetic (CSEM) anomalies indicating hydrocarbon filled intra-Realgrunnen sands. Gross recoverable reserves are estimated to be between 20-130 mmboe. Initial chance of success is 25% with a further de-risking to 40% following EM evaluation. The water depth in the area is 330 m. Recently two discoveries have been made in the Goliat area with the Lupa well in PL 229 E at the end of 2022 and Countach in PL 229 in March 2023. The license was awarded in APA 2021. A drill or drop needs to be taken by 11.03.2025

Partners: DNO (Operator) 40%, AkerBP 30%, Longboat JAPEX 15%, Concedo 15% License PL 1182 S is located in the prolific north west Troll area of the North Sea. Concedo farmed into the PL 1182 S license following the agreement with Longboat JAPEX that was announced in December 2023. The Kjøttkake well is expected to be drilled in Q4 2024 and will test Paleocene injectite sandstones that are characterized by exceptional porosities and permeabilities. The gross recoverable volume is 28 mmboe based on the mean probability estimated by Longboat JAPEX, with a chance of success in excess of 50%. The prospect is analogous to the Kveikje discovery, 4 km North that was made in April 2022. There are two different field development studies in the area being conducted by Equinor. Ringvei Vest is a project to develop multiple discoveries, with a premise for oil to be tied into the Troll B platform and a gas export solution via either Troll, Gjøa, or Kvitebjørn. Previous guidance has suggested production to start-up in 2029/2030. Fram Sør is another development involving the Blasto and Echinø discoveries with a tie-back concept to the Troll C platform. If Kjøttkake is successful it could potentially be incorporate into one of the two developments in the future.

Partners: DNO (Operator) 40%, Longboat JAPEX 25%, Petoro 20%, Concedo 15% 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 1-year re-process decision that was taken in February 2024, with a further 1-year drill or drop decision in February 2025.

Partners: DNO (Operator) 40%, Equinor 30%, Concedo 30% PL 1209 is located just north of the Oseberg field in the North Sea. The license was one of the two awarded to Concedo in the 2023 APA. The prospect is contained within a southernly tilted fault block and lies in the Intra-Draupne and Heather formations of the Upper Jurassic. The license has a deadline for a drill or drop decision in March 2026 with potential for a decision to be made sooner.

Partners: AkerBP (Operator) 60%, Concedo 40% PL 1176 is located just south of the giant Oseberg field in 105 m of water depth. The Koseberg prospect is contained in the Brent Group reservoir at approximately 2300 m and involves a sealing fault to the north. The license was awarded in the 2022 APA and the deadline for a drill or drop decision is 17.02.2025. 3D seismic mapping is ongoing.