Altinex Oil Norway AS (Entity no ) 3 quarter 2010 (unaudited)

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1 Altinex Oil Norway AS (Entity no ) 3 quarter 21 (unaudited) 26 November 21

2 Altinex Oil Norway AS Results for the third quarter of 21 Altinex Oil Norway s revenue totalled NOK 124 million for the third quarter of 21. Earning before interest, tax, depreciation and amortization (EBITDA) ended at NOK 89 million for the same period. In this quarter we have a write-down on NOK 133 million regarding Oselvar. Earning before interest and tax (EBIT) ended at NOK -67 million for the third quarter of 21 and the net result was NOK -12 million for the same period. Cash flow from operating activities ended at NOK 753 million for the first nine months of 21 (after a net change in loan to group companies totally on NOK 371 million) compared to NOK 37 million for the same period in 29. The company had NOK 571 million in investing activities mainly on Oselvar and financing activity including repayment of bonds and paid interests in total NOK 137 million. As at 3 September 21 the Company s liquidity is healthy with NOK 86 million in cash. Total equity and liabilities as at 3 September 21 were NOK 1 98 million with equity of NOK 225 million. At the end of the third quarter, the company s net interest bearing debt was NOK 24 million. Net production from the company s two fields averaged 3,25 boe/d for the third quarter of 21. Operations The average gross production from the Brage Field in Q3-21 was approximately 22,8 boe/d. Brage has been running at reduced operating efficiency in the quarter, mainly due to problems with gas compression. The gas compressor was repaired during a shut down from 22 September to 3 October, after which production from high gas production wells has been restored. Increased water production from the Bowmore segment was observed towards the end of the second quarter, and has continued to increase as expected in the third quarter. A new Fensfjord oil producer is expected to be completed in the fourth quarter. The Enoch Field had average gross production in Q3-21 of approximately 3,575 boe/d. Altinex has sold its interest in Enoch to Marubeni Corporation with effective date , subject to approval by Norwegian authorities. Altinex owns 15% of the Dong operated Oselvar field. The field is currently being developed, with first oil expected in 4Q 211. Altinex has sold its interest in Oselvar to Marubeni Corporation with effective date , subject to approval by Norwegian authorities. In September 21 Altinex entered an agreement to sell its shares in PL 274/PL 274CS containing the Oselvar development and PL 48D with the Enoch field to Marubeni Corporation for a total consideration of USD 43 million. Effective date for the transaction will be and Altinex expects to receive approximately USD 33 million net in the pro et contra settlement in addition to the sales price. The transactions are subjected to approval by Norwegian authorities. Altinex expects to report a net gain on this transactions in Q4-21 of approximately Nok 1 million when the deal is completed.

3 ALTINEX OIL NORWAY AS - INCOME STATEMENT All fgures in tnok Q3-21 Q3-29 YTD 21 YTD Revenue Other revenue Total revenues Production expenses Exploration and evaluation expenses Other operating expenses Total operating expenses Operating results before depreciation and amortisation (EBITDA) Depreciation Write-downs Net operating result (EBIT) Net fnancial items Ordinary result before tax (EBT) Tax expenses Net results for the period ALTINEX OIL NORWAY AS - BALANCE SHEET All fgures in tnok Non-Current assets Deferred tax assets License and capitalised exploration expenses Production facilities Machinery and equipment Loan to group companies Total non-current assets Current assets Account receivables Receivables to group companies Other current receivables Bank deposits, cash in hand, etc. Total current assets Total assets

4 Equity Share capital Other equity Total equity Provision and other non-current liabilities Abandonment provisions Bond loan Loan from group companies Total provisions and other non-current liabilities Current liabilities Bond loan Bond loan to group companies Trade payables 78 Current taxes payable Public duties payable Dividende Liabilities to group companies Other current liabilities Total current liabilities Total liabilities Total equity and liabilities ALTINEX OIL NORWAY AS - STATEMENT OF CASH FLOW All fgures in tnok YTD - 21 YTD Net cash fow from operating activities Net cash fow used in investing activities Net cash fow used in fnancing activities Net change in cash and cash equivalents Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period ALTINEX OIL NORWAY AS - STATEMENT OF CHANGES IN EQUITY All fgures in tnok YTD - 21 YTD Balance at the beginning of period Value adjusted fnancial instruments Dividends -1 Net results for the period Balance at the end of period

5 NOTES 1) Basis for preparation The interim financial statements for the third quarter of 21 have been prepared in accordance with NGAAP and The Norwegian Securities Trading Act 5-6. The interim financial statements do not include all information required for annual financial statements and should for this reason be read in conjunction with Altinex Oil Norway s 29 annual report. The accounting principles applied is the same as those used for the Altinex Oil Norway s 29 annual report. 2) Exploration and development costs for oil and gas assets Exploration costs are accounted for in accordance with the successful effort method. This means that all exploration costs including pre-operating costs (seismic acquisitions, seismic studies, internal man hours, etc.) are expensed as incurred. Exceptions are costs related to acquisition of licenses and drilling of exploration wells. These costs are temporarily capitalized pending an evaluation of the economics of the exploration drilling findings. If hydrocarbons are discovered, the costs remain capitalized. If no hydrocarbons are found or if the discoveries are not commercially profitable, the drilling costs are expensed. All costs of developing oil and gas fields are capitalized. 3) Depreciations and amortizations Depreciation of production equipment is calculated in accordance with the unit of production method. The added values which are allocated to producing fields will be amortized in accordance with the unit of production method. 4) Taxes Income tax expenses for the period are calculated based on the tax rate applicable to the expected total annual earnings. The ordinary income tax is 28% in Norway. In addition, there is an extra petroleum tax of 5% related to exploration and production on the Norwegian Continental Shelf. The special tax is applied to relevant income in addition to the standard 28% income tax, resulting in a 78% marginal tax rate on income subject to petroleum tax. The basis for computing the special petroleum to relevant income in addition to the standard 28% income tax, resulting in a 78% marginal tax rate on income subject to petroleum tax. The basis for computing the special petroleum tax is the same as for subject to ordinary income tax, except that onshore losses are not deductible against the special petroleum tax, and a tax-free allowance, or uplift, is granted at 7,5% per year. The uplift is computed on the basis of the original capitalised cost of offshore production installations. The uplift may be deducted from taxable income for a period of four years, starting in the year in which the capital expenditures are incurred. Uplift benefit is recorded when the deduction is included in the current year tax return and impacts taxes payable. Unused uplift may be carried forward indefinitely. Interest expenses on interest-bearing debts are distributed between onshore and offshore. The tax allowance for the offshore debt interests are calculated as interest expense multiplied with 5% of the relationship between the tax value of the offshore-asset and average interest-bearing debt. The remaining net financial expenses are allocated onshore. Deferred tax and deferred tax assets are recognized irrespective of when the temporary differences will be reversed. Deferred tax assets are measured at nominal value and is classified as intangible fixed asset on the balance sheet.

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