2024 OPERATIONS UPDATE • Issued Summary Independent Qualified Person’s Reports (QPRs) for the Yme, Brage and Brasse (renamed Bestla) Fields. • Made Final Investment Decision (FID) with licence partners for the PL740 Brasse (renamed Bestla) Field development (LPA interest: 17 per cent), which will be developed as a tie-back to the Brage Field, in which LPA has a 33.8434 per cent interest. • Officially submitted a NOK 6.3 billion (about US$571 million) Plan for Development and Operation (PDO) for the Brasse (renamed Bestla) Field with licence partners in PL740. • Was awarded a 30 per cent interest in the EXLOO9 Iroko carbon storage licence, located in the North Sea about 130 kilometres west of the coast from Haugesund, in partnership with OMV Norge AS and Vår Energi ASA (Operator). • Signed agreement to acquire OKEA AS’s 15 per cent interest in the producing Yme Field on the Norwegian North Sea. With the acquisition, LPA increased its share in the Yme Field from 10 per cent to 25 per cent. • Granted a 33.8434 per cent interest in the PL055FS licence in the Sognefjord East area, near to 2023 Kim discovery within the Brage Field. Exploration drilling from the Brage platform commenced in December 2024. • Obtained Norwegian Ministry of Energy’s approval for the PDO PL740 Bestla (previously known as Brasse), in which LPA has a 17 per cent interest. The project is being developed as a tie-back to the Brage Field with first oil expected in early 2027. Brage Field (LPA’s interest: 33.8434 per cent) • Several rig activities were successfully performed in 2024, including the drilling of two new producers. These wells are now accounting for a large portion of Brage’s production and have made a positive impact on cash flow. Additionally, another producer with two geopilots is currently being drilled, with possible hydrocarbons discoveries in a prospect considered as an extension of the Kim discovery made in 2023. • Production efficiency in 2024 was around 94 per cent. This illustrates that the old Brage facilities are operated and maintained with high quality. Net production from the Brage Field was around 6,440 boepd and exceeded budget for 2024 by 17 per cent. Brage Field, Norway Photo courtesy of OKEA ASA boepd: barrels of oil equivalent per day 2 8 Annual Report 2024
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