Mime Petroleum AS is pleased to confirm a discovery of oil and gas in the King and Prince exploration wells in the Balder area in the Southern North Sea.

The combined King and Prince exploration wells proved successful with the latest preliminary estimates showing volumes between 60-135 million barrels of recoverable oil equivalents.

The licensees, Vår Energi AS (90%) and Mime Petroleum AS (10%) consider the discoveries to be commercial and will assess tie-in to the existing infrastructure in the Balder area. Mime will, together with the operator, continue to analyse the subsurface potential in both King and Prince and mature further upsides in both for potential appraisal.

Reference is made to the attached press release from The Norwegian Petroleum Directorate.

For more information, please contact:

Sverre Skogen

Executive Chairman

+47 9716 2010

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