• Throughout 2024, there were 22 active wells on the Brage Field, out of 40 well slots. There are 17 oil producers, one gas producer, four water injectors and one water producer from the shallower Utsira formation. The produced water is used for water injection, which is more beneficial for the reservoir than using sea water. Yme Field (LPA’s interest: 25 per cent) • In 2024, LPA increased its ownership in the Yme Field from 10 per cent to 25 per cent. Yme Field’s performance and uptime has improved gradually over the last years and reached an average plant efficiency of 95 per cent for the full year of 2024 for the Mobile Offshore Drilling & Production Unit (MODPU). Average total net production for the year was around 5,600 bopd, which is 4.6 per cent below budget, adjusted for the increased share in the Yme asset. There are currently four active oil producers on the Gamma structure and two oil producers on the Beta structure. • No gas is being exported from the Yme Field since gas is being re-injected or used for fuel and gas lift. In 2023, the Operator initiated an operating expenses reduction task force which has resulted in several million NOKs in annual operating expense savings in 2024, compared to the 2023 baseline operating expenses. • The drilling campaign with a jack-up-rig on the Beta structure was successfully completed with new oil producers on both Beta and Gamma structures, which added significant production to Yme. The Operator and licence partners are working on maturing new drilling targets for both Gamma and Beta structures. Bestla (LPA’s interest: 17 per cent) • The Norwegian Ministry of Energy approved the NOK 6.3 billion (about US$571 million) Plan for Development and Operation (PDO) in November 2024. The project is being developed as a tie-back to the Brage Field, in which LPA has a 33.8434 per cent interest, with first oil expected in early 2027. • Activities are ongoing as planned for the development of Bestla (previously known as Brasse). Rig contract was signed and confirmed. Brage modifications planned for the Bestla development are progressing according to plan. PL838 Shrek/Lunde (LPA’s interest: 30 per cent) • Commercialisation of the PL838 Shrek (also known as Lunde) discovery continued in 2024, seeking a lower cost development solution. A decision for development is possible to come in 2025. PL820 S Iving/Evra (LPA’s interest: 30 per cent) • LPA is working closely with the operator Vår Energi to further mature the Iving and Evra discoveries. A drilling decision on an appraisal well is possible in 2025. PL1125 Falk/Linerle (LPA's interest: 50 per cent) • The licence PL1125 Falk/Linerle was relinquished and fully impaired in 2024. PL867/B Gjengalunden (LPA’s interest: 20 per cent) • The licences PL867/B Gjengalunden was relinquished and fully impaired in 2024. boepd: barrels of oil equivalent per day Rex International Holding Limited 2 9
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