Longboat Energy : Exploration Update

Longboat Energy plc

Exploration Update

November 2021

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2

Exploration update

Significant exploration portfolio at unique point in time

1. Three wells drilled, three discoveries
2. • Egyptian Vulture: material discovery, significant upside potential
   • Rødhette: potential commersialisation via existing infrastructure
   • Mugnetind: sub-economic discovery
   • Wells all delivered safely and on time/budget
3. Exploration activity levels remain high
4. • Four more exploration wells in next ~6 months targeting 75 mmboe (net) and total upside of 267 mmboe (net)
   • Targeting primarily gas prospects (86%)
5. Infrastructure led (ILX) exploration portfolio
6. • All prospects within tieback distance of existing infrastructure
   • Overlap between exploration partners and infrastructure owners
   • Positive environmental impact and lower CO2 per barrel

4 Using momentum to seek value-accretive opportunities

 Leveraging team, knowledge and market environment

Norwegian Production Forecast

Further development & exploration necessary to arrest forecast decline

Source: Norwegian Petroleum Directorate, Company notation

Egyptian Vulture discovery in line with Equinor's new strategy

With oil proven in Cretaceous sands close to existing infrastructure in the Norwegian Sea, Equinor successfully embarks on new vision to transform the shelf from an oil and gas province to a broad energy province.

expronews.com

2 November 2021

3

Key Well Results

4

Egyptian Vulture result summary

Material discovery with substantial upside
Licence	PL939
Lower Cretaceous Intra-Lange Formation		Longboat (15%)
Partners	Equinor (Op. 55%)
 13m net sand in a 36m hydrocarbon filled gross interval		PGNiG (30%)

• High net-to-gross in upper reservoir section with porosities ~16%
  Combination structural and stratigraphic trap, no oil-water contact encountered

	PL939
Åsgard	Egyptian
Vulture
A	Sierra
Maria	A`

Rodrigues

Solberg

Tyrihans

Trestakk

Intra Lange Sandstone

Egyptian Vulture could extend over more than 80 km2	5