Tuesday 31 August 2021

Hartshead Resources NL has announced the identification of an additional 112 Bcf of gas‐initially‐in‐place (GIIP) in the Viking Wx gas field, equivalent to a 43%  increase. This takes the total Phase I GIIP to 603 Bcf, including the Viking Wx and Victoria gas fields.

This operational update follows the delivery of the Viking Wx geological model by Xodus Group (Xodus)  with associated revised GIIP estimates, and the completion of cost and revenue estimations for  multiple greenfield development scenarios, to be used to screen, rank and select development  concepts. The Phase I Gas Field Development Planning work program remains on schedule and within  budget.

 Key Development Planning Tasks Performed

o Subsurface Interpretation & Modelling

 Completion of Viking Wx geo‐cellular static reservoir model with gas‐initially‐ in‐place (GIIP) volumetrics

 GIIP of 368 Bcf which is a 112 Bcf increase (43%) on estimates made previously  by Hartsthead and within the CPR (dated October 2020)

 Additional undrilled extension to Viking Wx gas field identified which has  added 40 Bcf to total field in‐place volumes

 Prospective undrilled fault compartment identified adjacent to Viking Wx (not  included in the increase in calculated GIIP)

 Reservoir simulation and history matching for Viking Wx commenced

 Victoria field geo‐cellular static reservoir model construction underway

o Development Well Planning

 Initial development well costs received for subsea, single platform and dual  platform development options

o Production Facilities Planning

 CAPEX, OPEX & ABEX cost estimates complete for multiple greenfield  development scenarios

 Net Present Cost and Net Present Revenue for all options compared to rank  and screen concepts

 Greenfield Concept Select Report received from Petrofac

o Commercial Gas Transportation

 Workshops with third party infrastructure owners held with further  workshops scheduled

 Short‐listing of export routes underway

o QHSE

 Safety and environmental workshops held with Petrofac

 Introductory meeting held with the EMT (Environmental Management Team)  within the UK Government BEIS (Department for Business, Energy & Industrial  Strategy).