2025 OPERATIONS UPDATE • Was awarded a 33.8434 per cent interest in PL1252 Barmuda, located in the North Sea just west of the producing Brage Field, in the 2024 Awards in Predefined Areas (“APA 2024”) round in Norway. • Issued Summary Independent Qualified Person’s Reports (QPRs) for the Yme, Brage and Bestla Fields and the Lunde discovery. • Achieved a new discovery on the Prince prospect in the Brage Field. Preliminary estimates place the size of the discovery between 1.9 to 17.5 mmboe in place. With preliminary estimates for recovery factor, this corresponds to between 0.3 to 2.8 mmboe. • Was a licence partner in the spudding of an exploration well in the producing Brage Field in the southern part of the Talisker discovery, to test hydrocarbon presence in geological layers that had not been penetrated before. This exploration well was the first of three consecutive wells to be drilled in the same campaign by the rig on the Brage platform. • Was a licence partner in the spudding of the first of two production wells in PL740 Bestla, which was being developed as a subsea tie-back to the Brage Field. • Achieved new commercial oil discoveries in the Cook and Statfjord formations in the Talisker exploration well in the Brage Field. The discoveries are considered commercial with preliminary estimates of gross recoverable resources in the range of 16 to 33 mmboe combined i.e. 2 to 7 mmboe in the Cook formation and 14 to 26 mmboe in the Statfjord formation. • Relinquished interests in PL1093 Orion/Timanfaya and PL1190 Taco. These were fully impaired in 2025. 2026 OPERATIONS UPDATE • Was awarded a 25 per cent interest in PL1279 Vette, in the 2025 Awards in Predefined Areas (“APA 2025”) round in Norway. The Yme partnership is looking to develop the licence with the Yme Inspirer. • Was a licence partner in the commencement of production at the new Talisker production well in the Brage Field as planned, despite an ambitious timeline. • Was a licence partner in the completion of the development of PL740 Bestla as a tie-back to the Brage Field. The wells were safely suspended and were ready for Christmas tree installation in Q3 2026. • Achieved a new discovery in the Knockando Fensfjord prospect in the Brage Field. Preliminary estimates indicate additional resources for Brage of between 0.5 and 1.5 million Sm3 of recoverable oil equivalent (o.e.) if the discovery is oil. If it is gas, the preliminary volume estimate is between 0.4 and 0.9 million Sm3 of o.e.. The Brage Field partners would be considering opportunities for developing Knockando Fensfjord. Brage Field (LPA’s interest: 33.8434 per cent) The Brage Field delivered outstanding performance in 2025, reflecting strong operatorship and a well‑executed work programme by the Operator and licence partners. Production efficiency reached approximately 93 per cent, significantly exceeding the 88 per cent originally budgeted. Total gross production from the Brage Field amounted to 6.7 mmboe, corresponding to 2.2 mmboe net to LPA. This represents an average gross daily production rate of 18,416 boepd, or 6,232 boepd net to LPA. The production results surpassed expectations primarily due to exceptional performance from key producing wells, coupled with consistently high facility uptime. The Talisker drilling campaign, initiated on 8 July 2025, represented a significant operational milestone for the asset. The three‑well programme - comprising an exploration well, an appraisal well, and a production well - was executed using the rig on the Brage platform and was completed within the planned timeframe. The Talisker exploration well resulted in new commercial oil discoveries within the Cook and Statfjord formations. Preliminary estimates indicate combined gross recoverable resources of 16 to 33 mmboe, consisting of 2 to 7 mmboe in the Cook formation and 14 to 26 mmboe in the Statfjord formation. The production well was brought onstream as scheduled, despite an accelerated delivery timeline, and early production performance is considered favourable. Additionally, the well encountered a 38.5‑metre hydrocarbon column within sandstone layers of the lower Fensfjord Formation, demonstrating moderate to good reservoir quality and no identified petroleum–water contact. The Brage Field partners are now assessing development options for this Knockando Fensfjord prospect. Another important project matured in 2025 is the Brage Life Time Extension (LTE), which aims to secure safe and economically viable operation of the Brage facility beyond 2030, with a target horizon to 2040. It outlines required studies, modifications, and regulatory applications, supported by a defined schedule and budget. Key risks, opportunities, and success factors are identified to ensure technical integrity and regulatory compliance throughout the programme. mmboe: million barrels of oil equivalent Sm³ : standard cubic metres boepd. : barrels of oil equivalent per day 30 Annual Report 2025
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