18 October LPH raises NOK 450 million (approximately US$40.92 million#) through the tap mechanism in its existing Senior Secured Bond with ISIN NO0013276410. After the tap issue is carried out, the total outstanding amount is NOK 1,650 million (approximately US$149.75 million). Settlement was on 29 October 2024. 15 November LPA and its licence partners in the Brage Field, in which LPA has a 33.8434 per cent interest, are granted the PL055FS licence in the Sognefjord East area, near to 2023 Kim discovery within the Brage Field for exploration and, if successful, development. 19 November The Norwegian Ministry of Energy approves the Plan for Development and Operation (PDO) for PL740 Bestla (previously known as Brasse), in which LPA has a 17 per cent interest. The project will be developed as a tieback to the Brage Field with first oil expected in early 2027. 23 September Rex announces the signing of a Joint Study Agreement with the cofounders of Helios Aragon to explore for natural hydrogen in Oman, which is widely regarded as one of the more prospective countries for the near-term discovery of commercial quantities of natural hydrogen. 23 September LPA signs an agreement to acquire OKEA AS’s 15 per cent interest in the producing Yme Field on the Norwegian North Sea. With the acquisition, LPA will increase its share in the Yme Field from 10 per cent to 25 per cent. 11 October RII signs a restructuring agreement with Schroder & Co Banque S.A. (“Schroders”), the terms of which are confidential, with respect to Schroders’ shares in MOL and LPA. After completion, the Group’s indirect interests in MOL would be 98.17 per cent; in LPH would be 80.14 per cent. LPA would be 100 per cent held by LPH. 29 November LPA’s acquisition of a 15 per cent interest in the Yme Field is completed. 30 December Rex announces that the closing of the Settlement Agreement with Petroci has been completed, with the Group’s indirect interest in MOL at 87.5 per cent. MILESTONES Yumna Field, Oman #US$1 = NOK 10.9973 2 0 Annual Report 2024
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