JAPEX transaction to strengthen E&P operations in Norway

JAPEX agreed with Aker BP to acquire 10% interest in Alve Nord and 3.5% interest in Verdande Unit in exchange for 25% interest in licenses containing the Kveikje discovery, a 20% in license PL1212S and $14 million.

In early 2025, the company made a discovery in the Kjøttkake exploration well in the prolific Northern North Sea, and have made progress in their initiatives to enhance the asset value, together with our adjacent Kveikje discovery.

The acquired development assets in the Norwegian Sea are expected to commence production in the near term, specifically Verdande in autumn 2025 and Alve Nord in H1 2027.