Petrolia Noco AS (49.9 % owned) announces today that it has signed an agreement
with Vår Energi ASA to acquire Vår Energi's 12.2575% participating interest in
the Brage field on the Norwegian Continental Shelf with effective date 1 January
2023. Net production (12.2575% WI) from the Brage field in the first half of
2023 was 1.0 kboed and remaining net reserves at year-end 2022 was 1.9 mmboe.

The transaction is subject to normal regulatory approval and is expected to be
completed in Q4 2023.

For further information, please contact:
Morten Stenhaug, CEO Petrolia NOCO AS
+47 911 92 908

or
Erik von Krogh, CFO Petrolia NOCO AS
+47 930 38 075 

This notice contains information which is considered inside information pursuant
to the European Market Abuse Regulation. The notice has been published by Mr.
Sølve Nilsen at 18:55 CEST on 5 October 2023.

The notice is subject to the disclosure requirements pursuant to section 5 -12
of the Norwegian Securities Trading Act.
 
Limassol 5 October 2023

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