Based on the latest developments, the previously communicated challenges related to Covid-19 in maintaining scheduled progress remains.

It is expected that the timing of first oil is delayed beyond first half of 2023. Covid-19 has impacted equipment deliveries and available workforce at yard due to closed borders.

Detailed work and assessments to evaluate the impact of the current situation are ongoing, and it is currently not possible to provide a new specific scheduled first oil date or provide further guidance on the expected cost increase.

Based on the sources of capital available to the Company, Mime Petroleum is fully financed till Balder Future project first oil.

For more information, please contact:

Sverre Skogen

Executive Chairman

M: +47 9716 2010