PL740 Bestla Development (LPA’s interest: 17 per cent) The Bestla oil field was discovered in 2016 and is located 13 km south of the Brage Field in 105 m water depth. Closely linked to the Brage Field, the Bestla licence recorded significant progress in 2025. The development drilling campaign for PL740 Bestla, planned as a tie-back to the Brage Field, was successfully completed by the Operator, OKEA ASA, using the Deepsea Yantai rig. The campaign was executed over a 129-day period and achieved several key technical milestones. A total drilling length exceeding 16 km was successfully completed, including approximately 10 km within the reservoir section. The campaign unlocked nearly 1 km of high‑quality reservoir sands with permeability greater than 1 Darcy and delivered a successful appraisal of the West Segment. Furthermore, the project marked the delivery of OKEA’s first Multi-Lateral Technology (MLT) well. All wells have been safely suspended and are scheduled for Christmas tree installation in Q3 2026. In conjunction, the Brage topside modification for the Bestla subsea field tie-in is ongoing on the Brage platform, and to be finalised in 2026. Targeted production start-up of Bestla will be at end-2026, or early in 2027. Yme Field (LPA’s interest: 25 per cent) Throughout the year, Yme maintained high facility uptime through targeted operational and maintenance activities. Key initiatives including gas lift optimisation, improved energy management, and reduced diesel usage, contributing to improved efficiency and lower emissions. Several modification projects were also completed to strengthen longterm facility reliability. Facility efficiency remains high at 97.3 per cent. Actual total production for the year was below expectations at 4.6 mmbo gross (1.1 mmbo net to LPA), which is equivalent to 12,525 bopd (3,131 bopd net LPA), mainly due to Electrical Submersible Pump (ESP) failures and increased watercut. No drilling campaigns were conducted during the year, in line with the operational plan; however, a successful wireline intervention campaign supported stable base production. The Yme partnership has entered an Area of Mutual Interest agreement and applied for new acreage under APA 2025. PL838 Lunde (LPA’s interest: 30 per cent) Commercialisation of the PL838 Lunde discovery continued in 2025. The Lunde discovery found oil and gas in Middle- and Lower-Jurassic sandstones and is situated near the Skarv Field in the Norwegian Sea. The Operator is currently maturing a development concept for tie-back to the existing Skarv facilities. PL820 S Iving/Evra (LPA’s interest: 30 per cent) During 2025, the PL820S licence continued to mature the Iving/Evra discoveries and prospects within the area. Currently, the main focus is on an exploration prospect near the Iving/Evra discoveries. An application to extend the licence has been sent to authorities, and if granted the licence partnership will make a drill decision on the prospect by 1 June 2026. PL1279 Vette (LPA’s interest: 25 per cent) LPA was awarded an interest in PL1279 in January 2026 after the APA application round of 2025. Repsol, who is currently also operating the Yme Field, is operator of the new licence. The undeveloped Vette, Brisling and Mackerel discoveries and several undrilled prospects and leads are located within the PL1279 licence area. Of these, Vette is by far the largest discovery and will be the main focus for the licence work. Nearby smaller discoveries and prospects may add volumes that can contribute to economical robustness of the project. The partnership will mature a development solution re-using the Yme Inspirer unit, which is currently producing on the Yme Field. Extending production from the Yme tail as part of a joint Vette and Yme re-development will also be evaluated. This could be a commercially viable option since Vette and Yme have the same licence partners and ownership. The next licence milestones are the Decision to Continue (BoV) early 2027 and DG3/delivery of PDO early 2028. PL1178 Palmehaven (LPA’s interest: 50 per cent) The PL1178 licence has continued the maturation of Palmehaven; a Cretaceous chalk reservoir prospect that may, in case of discovery, provide significant volumes to be tied back to the Brage Field. The licence is likely to be extended, in which case a decision to drill-or-drop will be made close to end 2026. PL1252 Barmuda (LPA’s interest: 33.8434 per cent) PL1252 licence was awarded in March 2025. It is located northeast of the Brage Field and has several interesting exploration prospects and leads that could potentially be tied back to the Brage facilities if discovered. The main focus of the licence is currently on the Barmuda prospect. A drill-or-drop decision is expected to take place by 14 March 2027. Rex International Holding Limited 31
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