TABLE OF CONTENTS TECHNICAL DISCUSSION (Continued) 6.0 MonArb Area (Continued) 6.8 Wood Field 34 6.9 Figures 7.0 Mariner Area 36 7.1 Mariner Field 37 7.2 Mariner East Field 40 7.3 Cadet Field 41 7.4 Figures 8.0 Jade and Jade South Fields 42 8.1 Geology 42 8.2 Methodology 42 8.3 Reserves by Project 43 8.4 Figures

TABLE OF CONTENTS TECHNICAL DISCUSSION (Continued) 9.0 Cook Field 44 9.1 Geology 44 9.2 Methodology 45 9.3 Contingent Resources by Project 45 9.4 Figures 10.0 Erskine Field 47 10.1 Geology 47 10.2 Methodology 47 10.3 Contingent Resources by Project 48 10.4 Figures 11.0 Elgin-Franklin Field 49 11.1 Elgin Area 50 11.2 Franklin Area 50 11.3 West Franklin Area 51 11.4 Compression Projects 51 11.5 Reserves and Contingent Resources by Project 51 11.6 Figures 12.0 Alba Field 53 12.1 Geology 53 12.2 Methodology 53 12.3 Reserves and Contingent Resources by Project 54 12.4 Figures 13.0 Pierce Field 56 13.1 Geology 56 13.2 Methodology 57 13.3 Contingent Resources by Project 57 13.4 Figures 14.0 Columba Terraces Area 58 14.1 Geology 58 14.2 Methodology 58 14.3 Figures

TABLE OF CONTENTS TECHNICAL DISCUSSION (Continued) 15.0 Cambo Field 59 15.1 Geology 59 15.2 Methodology 59 15.3 Contingent Resources by Project 60 15.4 Figures 16.0 Rosebank Field 62 16.1 Geology 62 16.2 Methodology 63 16.3 Contingent Resources by Project 63 16.4 Figures 17.0 Tornado Field 64 17.1 Geology 64 17.2 Methodology 64 17.3 Contingent Resources by Project 65 17.4 Figures 18.0 Marigold Field 66 18.1 Geology 66 18.2 Methodology 67 18.3 Contingent Resources by Project 67 18.4 Figures 19.0 Fotla Field 68 19.1 Geology 68 19.2 Methodology 68 19.3 Contingent Resources by Project 69 19.4 Figures 20.0 Isabella Field 70 20.1 Geology 70 20.2 Methodology 70 20.3 Contingent Resources by Project 71 20.4 Figures 21.0 Leverett Field 72 21.1 Geology 72 21.2 Methodology 72 21.3 Contingent Resources by Project 73 21.4 Figures 22.0 Decommissioning Assets 74

TABLE OF CONTENTS TECHNICAL DISCUSSION (Continued) 23.0 Economic Analysis 75 23.1 Prices and Price Adjustments 75 23.2 Sales Conversion Factors 76 23.3 Operating, Capital, and Abandonment Costs 78 23.3.2.1 Operating Costs 79 23.3.2.2 Capital Costs 79 23.3.2.3 Abandonment Costs 80 23.3.4.1 Operating Costs 80 23.3.4.2 Capital Costs 80 23.3.4.3 Abandonment Costs 80 23.4 Figures 24.0 Summary of Reserves, Contingent Resources, and Recovery 85 24.1 Figures – Summary Projections of Reserves and Revenue by Area and Field – Before UK Corporate Income Taxes

TABLE OF CONTENTS TECHNICAL DISCUSSION (Continued) 24.0 Summary of Reserves, Contingent Resources, and Recovery (Continued) 24.2 Figures – Summary Projections of Resources and Cash Flow by Area and Field – Before UK Corporate Income Taxes 24.3 Figures – Summary of Estimated Ultimate Recovery and Recovery Factors by Field 25.0 Reconciliation with Previous NSAI Estimates 86

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF JUNE 30, 2022 SUMMARY - CERTAIN PROPERTIES ITHACA ENERGY (UK) LIMITED INTEREST LOCATED IN THE UNITED KINGDOM SECTOR OF THE PROVED (1P) RESERVES NORTH SEA AND IN THE NORTH ATLANTIC OCEAN PERIOD GROSS RESERVES WORKING INTEREST RESERVES AVERAGE PRICES WORKING INTEREST REVENUE AFTER ROYALTIES ENDING OIL GAS OIL GAS NGL EQUIV OIL GAS NGL OIL GAS NGL TOTAL M-D-Y MBBL MMCF MBBL MMCF MBBL MBOE $/BBL $/MCF $/BBL M$ M$ M$ M$ 12-31-2022 33,477.2 142,284.2 8,632.7 26,921.2 682.4 13,956.7 102.26 33.213 71.71 882,809.2 1,825,889.6 12-31-2023 59,167.2 245,482.5 14,993.7 44,879.9 1,227.3 23,958.9 94.08 24.684 66.38 1,410,537.1 2,599,848.9 12-31-2024 52,975.5 197,125.4 13,512.7 37,693.4 1,050.2 21,061.8 84.00 15.907 59.37 1,135,111.2 1,797,039.8 12-31-2025 54,581.3 159,210.0 19,351.5 31,750.1 866.5 25,692.1 77.60 12.689 54.27 1,501,738.1 1,951,619.4 12-31-2026 47,110.8 120,379.4 16,654.5 22,916.0 600.6 21,206.1 78.79 10.406 53.89 1,312,226.1 1,583,068.2 12-31-2027 36,864.2 96,103.0 10,850.2 14,456.5 350.6 13,693.4 79.89 10.390 52.08 866,830.9 1,035,295.4 12-31-2028 31,417.3 78,338.0 8,619.6 12,353.8 287.2 11,036.8 81.89 10.575 52.80 705,866.3 851,678.1 12-31-2029 28,059.4 64,083.9 7,455.0 10,472.1 237.5 9,498.0 82.90 10.763 53.03 618,054.4 743,357.9 12-31-2030 22,142.6 49,581.4 4,690.7 8,317.7 198.9 6,323.6 84.55 10.892 54.15 396,615.7 497,979.2 12-31-2031 18,884.9 40,773.6 2,938.9 6,798.4 160.5 4,271.6 86.04 11.015 54.69 252,873.0 336,540.1 12-31-2032 14,665.5 22,258.3 1,407.5 2,780.8 58.8 1,945.8 87.84 11.120 54.68 123,638.5 157,775.4 12-31-2033 11,994.6 14,613.8 1,129.2 900.6 25.4 1,309.8 89.81 11.645 61.82 101,418.3 113,474.0 12-31-2034 10,415.1 13,664.5 985.9 842.4 23.7 1,154.8 92.91 11.871 63.84 91,607.7 103,118.5 12-31-2035 9,205.6 12,789.4 875.8 788.8 22.1 1,033.9 95.00 12.101 65.18 83,203.6 94,188.0 12-31-2036 8,330.5 11,981.4 795.6 739.3 20.6 943.7 98.06 12.334 67.20 78,020.2 88,524.8 SUBTOTAL 439,291.8 1,268,668.7 112,893.7 222,610.8 5,812.3 157,087.2 84.69 17.394 59.67 9,560,550.4 13,779,397.4 REMAINING 14,524.1 19,669.2 1,553.3 1,243.4 28.4 1,796.1 104.80 12.114 69.86 162,777.8 179,824.4 TOTAL 453,815.9 1,288,337.9 114,446.9 223,854.2 5,840.7 158,883.2 84.96 17.364 59.72 9,723,328.2 13,959,221.8 CUM PROD 2,543,413.8 8,704,724.1 ULTIMATE 2,997,229.6 9,993,062.0 FUTURE NET REVENUE NET DEDUCTIONS/EXPENDITURES AFTER UK CORPORATE INCOME TAXES PERIOD NUMBER OF TAXES CAPITAL ABDNMNT OPERATING UNDISCOUNTED DISC AT 10.000% PRESENT WORTH PROFILE ENDING ACTIVE COMPLETIONS PRODUCTION INCOME COST COST EXPENSE PERIOD CUM CUM DISC RATE CUM PW M-D-Y GROSS NET M$ M$ M$ M$ M$ M$ M$ M$ % M$ 12-31-2022 201 72.2 0.0 295,373.5 214,509.0 272.4 258,279.3 1,057,455.4 1,057,455.4 1,031,399.2 12-31-2023 212 73.9 0.0 351,473.9 368,048.9 6,585.4 531,465.3 1,342,275.4 2,399,730.8 2,256,337.1 12-31-2024 217 74.3 0.0 147,479.5 367,886.8 2,890.9 544,925.6 733,857.0 3,133,587.8 2,862,738.8 12-31-2025 225 81.2 0.0 202,476.9 321,477.2 3,923.3 563,053.0 860,689.0 3,994,276.8 3,505,209.6 12-31-2026 211 75.2 0.0 159,585.6 205,195.1 11,674.9 519,019.2 687,593.3 4,681,870.2 3,978,819.4 12-31-2027 199 66.9 0.0 108,342.3 231,444.7 69,420.3 373,289.3 252,798.7 4,934,668.9 4,136,019.7 12-31-2028 161 51.2 0.0 109,904.1 69,519.3 69,107.9 346,704.0 256,442.8 5,191,111.7 4,279,430.3 12-31-2029 158 49.1 0.0 75,334.7 51,296.8 101,057.4 339,888.2 175,780.8 5,366,892.6 4,368,750.7 12-31-2030 150 44.3 0.0 -4,652.6 36,502.8 191,171.1 285,814.1 -10,856.2 5,356,036.4 4,362,916.2 12-31-2031 132 35.5 0.0 -61,183.3 22,959.4 279,031.9 238,493.2 -142,761.1 5,213,275.3 4,300,496.1 12-31-2032 101 15.4 0.0 -84,380.6 610.3 343,612.2 94,821.7 -196,888.1 5,016,387.2 4,225,812.7 12-31-2033 71 6.9 0.0 -93,053.0 863.6 352,738.8 70,048.3 -217,123.6 4,799,263.6 4,149,952.3 12-31-2034 71 6.9 0.0 -72,348.7 972.6 272,783.3 70,524.9 -168,813.7 4,630,449.9 4,096,164.9 12-31-2035 67 6.6 0.0 -39,791.6 473.0 155,474.0 70,879.8 -92,847.1 4,537,602.8 4,068,645.3 12-31-2036 65 6.4 0.0 -37,255.6 912.1 140,059.9 71,738.1 -86,929.7 4,450,673.1 4,045,028.6 SUBTOTAL 0.0 1,057,305.0 1,892,671.6 1,999,803.7 4,378,944.0 4,450,673.1 4,450,673.1 4,045,028.6 REMAINING 0.0 -60,501.2 3,482.0 419,970.9 156,405.6 -339,532.9 4,111,140.2 3,985,975.0 TOTAL OF 18.0 YRS 0.0 996,803.8 1,896,153.7 2,419,774.6 4,535,349.6 4,111,140.2 4,111,140.2 3,985,975.0 check All estimates and exhibits herein are art of the NSAI report and are subject to its parameters and conditions. BASED ON ESCALATED PRICE AND COST PARAMETERS 599,576.2 62,352.3 894,144.2 48,936.2 1,107,835.8 81,476.0 402,862.1 47,019.2 238,472.8 32,369.3 150,202.1 18,262.4 130,646.6 15,165.2 112,710.3 12,593.2 90,594.4 10,769.1 74,887.4 8,779.7 30,921.0 3,215.9 10,488.1 1,567.6 3,887,067.3 348,826.3 10,000.7 1,510.1 9,545.0 1,439.4 9,118.3 1,386.3 3,872,005.1 346,841.9 15,062.2 1,984.4 05.000 4,138,102.9 10.000 3,985,975.0 15.000 3,780,450.1 20.000 3,569,394.1 25.000 3,370,554.8 30.000 3,189,576.9 50.000 2,637,316.3 35.000 3,027,199.1 40.000 2,882,250.0 45.000 2,752,922.9 Table I

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF JUNE 30, 2022 SUMMARY - CERTAIN PROPERTIES ITHACA ENERGY (UK) LIMITED INTEREST LOCATED IN THE UNITED KINGDOM SECTOR OF THE PROBABLE RESERVES NORTH SEA AND IN THE NORTH ATLANTIC OCEAN PERIOD GROSS RESERVES WORKING INTEREST RESERVES AVERAGE PRICES WORKING INTEREST REVENUE AFTER ROYALTIES ENDING OIL GAS OIL GAS NGL EQUIV OIL GAS NGL OIL GAS NGL TOTAL M-D-Y MBBL MMCF MBBL MMCF MBBL MBOE $/BBL $/MCF $/BBL M$ M$ M$ M$ 12-31-2022 4,519.9 15,854.0 1,357.2 2,969.3 64.3 1,933.4 101.81 35.129 72.59 138,176.4 247,149.7 12-31-2023 12,037.3 41,876.3 3,922.5 8,751.4 208.4 5,639.8 93.92 26.311 67.92 368,419.4 612,836.4 12-31-2024 17,725.6 43,639.2 4,786.0 11,801.1 322.5 7,143.2 83.70 16.711 62.17 400,609.2 617,867.3 12-31-2025 19,635.9 47,870.7 6,055.5 12,566.0 348.5 8,570.6 77.27 13.201 57.02 467,895.4 653,647.8 12-31-2026 20,932.2 58,463.2 7,283.0 12,805.5 375.6 9,866.5 78.03 10.932 57.82 568,299.2 730,005.5 12-31-2027 20,317.0 57,578.2 6,889.7 15,530.7 468.2 10,035.6 78.66 11.158 58.71 541,910.1 742,686.0 12-31-2028 18,798.0 50,168.9 5,920.9 12,137.5 374.5 8,388.1 80.66 11.348 59.94 477,599.4 637,780.6 12-31-2029 14,837.1 35,037.6 4,263.2 6,681.6 214.4 5,629.7 82.22 11.278 59.46 350,541.7 438,650.3 12-31-2030 13,734.6 30,263.7 3,704.2 3,967.7 100.2 4,488.5 84.41 11.260 58.42 312,665.9 363,196.7 12-31-2031 12,964.5 28,616.0 3,428.1 3,996.1 103.1 4,220.2 86.42 11.563 60.16 296,247.5 348,653.9 12-31-2032 13,147.2 38,633.2 3,921.9 6,765.6 175.3 5,263.7 89.67 11.551 60.10 351,680.4 440,366.7 12-31-2033 10,337.6 34,184.1 3,005.9 6,996.0 162.8 4,374.9 91.86 11.619 59.05 276,125.0 367,019.5 12-31-2034 7,038.6 25,746.7 1,636.1 5,654.4 131.7 2,742.7 94.80 11.785 60.23 155,112.2 229,684.4 12-31-2035 4,395.8 7,877.5 461.9 1,611.8 35.1 774.9 94.98 12.144 62.25 43,872.4 65,627.4 12-31-2036 3,638.0 2,056.3 358.5 130.8 2.8 383.8 97.71 11.579 67.20 35,023.7 36,727.7 SUBTOTAL 194,059.3 517,865.7 56,994.9 112,365.5 3,087.4 79,455.7 83.94 13.902 60.13 4,784,177.7 6,531,899.7 REMAINING 48,868.1 17,875.4 5,299.8 1,251.1 3.6 5,519.1 113.69 10.689 69.86 602,530.9 616,155.4 TOTAL 242,927.4 535,741.1 62,294.7 113,616.6 3,091.0 84,974.8 86.47 13.866 60.14 5,386,708.6 7,148,055.1 CUM PROD  3,099. ULTIMATE  538,840. FUTURE NET REVENUE NET DEDUCTIONS/EXPENDITURES AFTER UK CORPORATE INCOME TAXES PERIOD NUMBER OF TAXES CAPITAL ABDNMNT OPERATING UNDISCOUNTED DISC AT 10.000% PRESENT WORTH PROFILE ENDING ACTIVE COMPLETIONS PRODUCTION INCOME COST COST EXPENSE PERIOD CUM CUM DISC RATE CUM PW M-D-Y GROSS NET M$ M$ M$ M$ M$ M$ M$ M$ % M$ 12-31-2022 5 2.7 0.0 60,482.1 579.2 0.0 4,178.8 181,909.6 181,909.6 176,793.0 12-31-2023 9 5.1 0.0 149,589.4 0.0 -6,391.0 14,478.6 455,159.3 637,069.0 589,880.3 12-31-2024 14 7.1 0.0 155,230.4 13,928.8 -2,885.0 28,436.0 423,157.1 1,060,226.1 938,179.8 12-31-2025 15 6.5 0.0 655,277.7 0.0 2,760.1 40,637.0 -45,027.0 1,015,199.0 903,273.6 12-31-2026 29 11.9 0.0 415,656.9 1,875.1 -9,684.6 82,642.6 239,515.5 1,254,714.5 1,067,116.4 12-31-2027 37 16.9 0.0 257,364.1 4,261.6 -63,396.7 211,867.0 332,590.0 1,587,304.5 1,273,986.9 12-31-2028 67 26.7 0.0 217,337.9 1,445.4 -59,446.7 232,935.9 245,508.3 1,832,812.8 1,414,154.8 12-31-2029 66 25.1 0.0 179,601.4 0.0 -69,992.3 114,402.8 214,638.3 2,047,451.1 1,526,044.8 12-31-2030 33 12.0 0.0 130,105.0 2,081.9 -81,789.2 107,735.4 205,063.5 2,252,514.6 1,622,623.7 12-31-2031 43 15.2 0.0 132,736.5 1,373.6 -187,316.0 147,966.9 253,892.9 2,506,407.5 1,731,285.5 12-31-2032 68 33.4 0.0 141,096.3 1,401.3 -278,692.1 294,285.3 282,275.9 2,788,683.4 1,839,133.7 12-31-2033 92 40.0 0.0 86,671.0 952.9 -203,231.4 275,076.3 207,550.6 2,996,234.0 1,912,430.0 12-31-2034 67 29.5 0.0 -10,131.8 0.0 19,135.8 175,587.5 45,092.9 3,041,326.9 1,927,925.3 12-31-2035 43 10.1 0.0 -75,884.4 0.0 194,875.6 27,303.2 -80,667.0 2,960,659.9 1,905,610.5 12-31-2036 9 0.8 0.0 -92,554.2 0.0 234,850.4 2,216.3 -107,784.9 2,852,875.0 1,877,895.1 SUBTOTAL 0.0 2,402,578.1 27,899.9 -511,203.0 1,759,749.7 2,852,875.0 2,852,875.0 1,877,895.1 REMAINING 0.0 -289,494.4 3,398.7 660,902.3 425,081.8 -183,733.0 2,669,142.0 1,841,135.4 TOTAL OF 25.5 YRS 0.0 2,113,083.8 31,298.7 149,699.3 2,184,831.5 2,669,142.0 2,669,142.0 1,841,135.4 check All estimates and exhibits herein are art of the NSAI report and are subject to its parameters and conditions. BASED ON ESCALATED PRICE AND COST PARAMETERS 197,205.6 20,052.5 104,306.7 4,666.7 230,260.3 14,156.7 165,881.0 19,871.4 139,987.8 21,718.5 173,288.2 27,487.7 137,735.2 22,446.0 75,358.2 12,750.3 44,677.0 5,853.8 46,206.7 6,199.7 78,148.7 10,537.6 81,283.6 9,610.8 1,575,439.4 185,907.1 66,639.7 7,932.6 19,572.9 2,182.1 1,515.0 188.9 1,562,066.5 185,655.5 13,372.9 251.6 05.000 2,203,399.0 10.000 1,841,135.4 15.000 1,568,987.1 20.000 1,363,499.3 25.000 1,205,887.5 30.000 1,082,748.3 50.000 785,213.0 35.000 984,737.5 40.000 905,328.8 45.000 839,917.9 Table II

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF JUNE 30, 2022 SUMMARY - CERTAIN PROPERTIES ITHACA ENERGY (UK) LIMITED INTEREST LOCATED IN THE UNITED KINGDOM SECTOR OF THE PROVED + PROBABLE (2P) RESERVES NORTH SEA AND IN THE NORTH ATLANTIC OCEAN PERIOD GROSS RESERVES WORKING INTEREST RESERVES AVERAGE PRICES WORKING INTEREST REVENUE AFTER ROYALTIES ENDING OIL GAS OIL GAS NGL EQUIV OIL GAS NGL OIL GAS NGL TOTAL M-D-Y MBBL MMCF MBBL MMCF MBBL MBOE $/BBL $/MCF $/BBL M$ M$ M$ M$ 12-31-2022 37,997.2 158,138.2 9,989.9 29,890.5 746.7 15,890.1 102.20 33.404 71.79 1,020,985.6 2,073,039.4 12-31-2023 71,204.5 287,358.8 18,916.2 53,631.3 1,435.8 29,598.8 94.04 24.950 66.61 1,778,956.5 3,212,685.2 12-31-2024 70,701.0 240,764.6 18,298.7 49,494.5 1,372.7 28,205.0 83.93 16.098 60.03 1,535,720.4 2,414,907.0 12-31-2025 74,217.2 207,080.7 25,407.0 44,316.1 1,215.0 34,262.7 77.52 12.834 55.06 1,969,633.5 2,605,267.2 12-31-2026 68,043.0 178,842.5 23,937.5 35,721.5 976.2 31,072.6 78.56 10.595 55.40 1,880,525.3 2,313,073.7 12-31-2027 57,181.1 153,681.2 17,739.9 29,987.2 818.8 23,729.0 79.41 10.788 55.87 1,408,741.0 1,777,981.4 12-31-2028 50,215.2 128,506.8 14,540.5 24,491.3 661.7 19,424.9 81.39 10.958 56.84 1,183,465.7 1,489,458.7 12-31-2029 42,896.5 99,121.5 11,718.3 17,153.7 451.9 15,127.7 82.66 10.964 56.08 968,596.1 1,182,008.1 12-31-2030 35,877.2 79,845.1 8,394.9 12,285.4 299.1 10,812.2 84.49 11.011 55.58 709,281.6 861,175.8 12-31-2031 31,849.4 69,389.6 6,367.1 10,794.5 263.6 8,491.8 86.24 11.218 56.83 549,120.4 685,194.0 12-31-2032 27,812.7 60,891.4 5,329.4 9,546.4 234.1 7,209.5 89.19 11.425 58.74 475,318.9 598,142.2 12-31-2033 22,332.2 48,798.0 4,135.2 7,896.6 188.1 5,684.8 91.30 11.622 59.42 377,543.4 480,493.5 12-31-2034 17,453.7 39,411.1 2,622.1 6,496.8 155.4 3,897.6 94.09 11.797 60.78 246,719.8 332,802.9 12-31-2035 13,601.5 20,666.9 1,337.8 2,400.5 57.1 1,808.8 94.99 12.130 63.39 127,076.0 159,815.5 12-31-2036 11,968.6 14,037.7 1,154.1 870.1 23.4 1,327.6 97.95 12.221 67.20 113,043.9 125,252.5 SUBTOTAL 633,351.1 1,786,534.3 169,888.6 334,976.4 8,899.8 236,542.8 84.44 16.222 59.83 14,344,728.1 20,311,297.2 REMAINING 63,392.2 37,544.6 6,853.1 2,494.5 32.0 7,315.2 111.67 11.399 69.86 765,308.7 795,979.8 TOTAL 696,743.3 1,824,079.0 176,741.6 337,470.8 8,931.8 243,858.0 85.49 16.187 59.87 15,110,036.8 21,107,276.9 CUM PROD  8,707,823. ULTIMATE  10,531,902. FUTURE NET REVENUE NET DEDUCTIONS/EXPENDITURES AFTER UK CORPORATE INCOME TAXES PERIOD NUMBER OF TAXES CAPITAL ABDNMNT OPERATING UNDISCOUNTED DISC AT 10.000% PRESENT WORTH PROFILE ENDING ACTIVE COMPLETIONS PRODUCTION INCOME COST COST EXPENSE PERIOD CUM CUM DISC RATE CUM PW M-D-Y GROSS NET M$ M$ M$ M$ M$ M$ M$ M$ % M$ 12-31-2022 206 74.8 0.0 355,855.6 215,088.2 272.4 262,458.2 1,239,365.0 1,239,365.0 1,208,192.1 12-31-2023 221 79.0 0.0 501,063.3 368,048.9 194.4 545,943.9 1,797,434.7 3,036,799.7 2,846,217.4 12-31-2024 231 81.4 0.0 302,709.9 381,815.6 5.9 573,361.6 1,157,014.1 4,193,813.8 3,800,918.6 12-31-2025 240 87.7 0.0 857,754.5 321,477.2 6,683.5 603,689.9 815,662.0 5,009,475.9 4,408,483.2 12-31-2026 240 87.1 0.0 575,242.5 207,070.2 1,990.3 601,661.8 927,108.8 5,936,584.7 5,045,935.9 12-31-2027 236 83.7 0.0 365,706.4 235,706.3 6,023.6 585,156.3 585,388.7 6,521,973.4 5,410,006.6 12-31-2028 228 77.8 0.0 327,241.9 70,964.7 9,661.2 579,639.9 501,951.1 7,023,924.5 5,693,585.1 12-31-2029 224 74.2 0.0 254,936.0 51,296.8 31,065.1 454,291.1 390,419.1 7,414,343.6 5,894,795.6 12-31-2030 183 56.3 0.0 125,452.3 38,584.8 109,381.9 393,549.5 194,207.4 7,608,551.0 5,985,539.9 12-31-2031 175 50.7 0.0 71,553.2 24,333.0 91,715.9 386,460.1 111,131.8 7,719,682.8 6,031,781.6 12-31-2032 169 48.8 0.0 56,715.6 2,011.6 64,920.1 389,107.0 85,387.8 7,805,070.6 6,064,946.4 12-31-2033 163 47.0 0.0 -6,382.0 1,816.5 149,507.4 345,124.5 -9,573.0 7,795,497.6 6,062,382.3 12-31-2034 138 36.4 0.0 -82,480.5 972.6 291,919.2 246,112.5 -123,720.8 7,671,776.8 6,024,090.1 12-31-2035 110 16.6 0.0 -115,676.1 473.0 350,349.6 98,183.1 -173,514.1 7,498,262.7 5,974,255.8 12-31-2036 74 7.2 0.0 -129,809.7 912.1 374,910.4 73,954.4 -194,714.6 7,303,548.1 5,922,923.7 SUBTOTAL 0.0 3,459,883.1 1,920,571.6 1,488,600.7 6,138,693.7 7,303,548.1 7,303,548.1 5,922,923.7 REMAINING 0.0 -349,995.5 6,880.8 1,080,873.1 581,487.3 -523,265.9 6,780,282.2 5,827,110.4 TOTAL OF 25.5 YRS 0.0 3,109,887.6 1,927,452.3 2,569,473.8 6,720,181.1 6,780,282.2 6,780,282.2 5,827,110.4 check All estimates and exhibits herein are art of the NSAI report and are subject to its parameters and conditions. BASED ON ESCALATED PRICE AND COST PARAMETERS 796,781.8 82,404.8 998,450.9 53,602.9 1,338,096.0 95,632.7 568,743.1 66,890.6 378,460.6 54,087.8 323,490.3 45,750.1 268,381.8 37,611.2 188,068.5 25,343.5 135,271.4 16,622.8 121,094.1 14,979.5 109,069.7 13,753.6 91,771.7 11,178.5 5,462,506.7 534,733.4 76,640.4 9,442.7 29,118.0 3,621.5 10,633.3 1,575.2 5,434,071.6 532,497.5 28,435.1 2,236.0 05.000 6,341,502.0 10.000 5,827,110.4 15.000 5,349,437.2 20.000 4,932,893.4 25.000 4,576,442.3 30.000 4,272,325.2 50.000 3,422,529.3 35.000 4,011,936.6 40.000 3,787,578.8 45.000 3,592,840.9 Table III

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF JUNE 30, 2022 SUMMARY - CERTAIN PROPERTIES ITHACA ENERGY (UK) LIMITED INTEREST LOCATED IN THE UNITED KINGDOM SECTOR OF THE POSSIBLE RESERVES NORTH SEA AND IN THE NORTH ATLANTIC OCEAN PERIOD GROSS RESERVES WORKING INTEREST RESERVES AVERAGE PRICES WORKING INTEREST REVENUE AFTER ROYALTIES ENDING OIL GAS OIL GAS NGL EQUIV OIL GAS NGL OIL GAS NGL TOTAL M-D-Y MBBL MMCF MBBL MMCF MBBL MBOE $/BBL $/MCF $/BBL M$ M$ M$ M$ 12-31-2022 4,107.2 9,158.5 886.4 1,737.7 37.6 1,223.6 102.22 34.544 74.00 90,611.8 153,417.8 12-31-2023 12,746.6 29,623.5 3,464.2 5,578.0 127.8 4,553.7 94.44 25.865 67.26 327,174.4 480,043.1 12-31-2024 19,281.4 39,748.0 4,895.9 6,785.1 165.7 6,231.4 84.18 16.333 60.22 412,131.6 532,928.1 12-31-2025 20,166.7 48,034.0 6,546.9 12,232.4 339.2 8,995.1 77.58 13.084 56.48 507,873.8 687,082.8 12-31-2026 17,264.3 39,819.4 6,119.7 10,570.3 280.0 8,222.1 78.59 10.849 57.39 480,964.9 611,716.1 12-31-2027 17,095.4 40,348.1 6,132.2 9,633.5 255.9 8,049.1 79.15 10.991 57.84 485,374.6 606,053.5 12-31-2028 15,066.4 42,488.4 4,966.6 9,424.5 273.2 6,864.7 81.17 11.250 59.40 403,117.1 520,373.5 12-31-2029 15,933.2 52,423.0 5,008.7 12,674.2 377.7 7,571.6 81.61 11.654 60.71 408,763.0 579,395.4 12-31-2030 14,864.7 46,340.3 4,262.4 11,451.8 372.3 6,609.2 83.94 11.738 61.75 357,779.4 515,195.4 12-31-2031 13,579.6 40,904.1 3,637.5 9,480.2 313.9 5,585.9 86.04 11.889 62.78 312,949.5 445,363.5 12-31-2032 10,653.6 32,321.2 2,666.6 6,191.4 195.3 3,929.4 89.56 12.040 64.13 238,820.9 325,890.6 12-31-2033 10,603.9 31,050.5 2,658.7 4,023.7 126.5 3,478.9 91.52 12.027 64.10 243,326.7 299,828.9 12-31-2034 11,428.3 30,506.9 3,366.9 4,176.1 116.4 4,203.3 94.66 12.229 65.62 318,710.5 377,419.1 12-31-2035 11,935.8 42,954.8 3,785.0 7,328.0 192.5 5,240.9 97.10 12.225 64.31 367,521.2 469,481.6 12-31-2036 10,975.2 42,296.9 3,391.6 7,858.6 196.0 4,942.5 100.12 12.463 65.71 339,564.5 450,389.6 SUBTOTAL 205,702.3 568,017.7 61,789.1 119,145.4 3,370.1 85,701.5 85.69 13.077 61.36 5,294,683.8 7,054,579.1 REMAINING 43,185.1 61,766.4 10,503.5 12,120.2 274.7 12,867.9 108.17 13.045 70.13 1,136,152.1 1,313,527.5 TOTAL 248,887.4 629,784.1 72,292.6 131,265.7 3,644.8 98,569.3 88.96 13.075 62.02 6,430,835.9 8,368,106.6 CUM PROD   ULTIMATE  632,77. FUTURE NET REVENUE NET DEDUCTIONS/EXPENDITURES AFTER UK CORPORATE INCOME TAXES PERIOD NUMBER OF TAXES CAPITAL ABDNMNT OPERATING UNDISCOUNTED DISC AT 10.000% PRESENT WORTH PROFILE ENDING ACTIVE COMPLETIONS PRODUCTION INCOME COST COST EXPENSE PERIOD CUM CUM DISC RATE CUM PW M-D-Y GROSS NET M$ M$ M$ M$ M$ M$ M$ M$ % M$ 12-31-2022 1 0.3 0.0 38,071.5 0.0 0.0 1,132.0 114,214.4 114,214.4 111,564.4 12-31-2023 2 1.2 0.0 117,630.7 0.0 0.0 9,520.5 352,891.9 467,106.3 430,349.1 12-31-2024 7 5.0 0.0 473,099.2 0.0 0.0 12,461.4 47,367.5 514,473.8 469,218.8 12-31-2025 12 6.4 0.0 529,308.9 0.0 -6,683.5 33,138.1 131,319.3 645,793.1 566,982.4 12-31-2026 15 7.8 0.0 241,630.6 853.0 -1,990.3 40,533.8 330,689.0 976,482.1 793,609.3 12-31-2027 20 10.1 0.0 223,114.8 4,016.5 537.2 43,085.2 335,299.8 1,311,781.9 1,001,632.7 12-31-2028 24 10.9 0.0 194,697.7 0.0 -5,506.0 39,135.3 292,046.5 1,603,828.4 1,167,258.9 12-31-2029 20 8.7 0.0 180,412.5 1,179.4 -24,840.5 151,840.9 270,803.1 1,874,631.5 1,306,853.9 12-31-2030 59 24.5 0.0 180,212.3 1,203.0 -105,799.9 169,073.5 270,506.4 2,145,137.9 1,434,355.2 12-31-2031 62 23.8 0.0 149,306.0 612.8 -82,939.1 154,328.9 224,054.8 2,369,192.8 1,530,735.7 12-31-2032 59 22.3 0.0 115,882.6 -1.1 -37,272.2 73,457.5 173,823.8 2,543,016.5 1,597,603.7 12-31-2033 25 7.9 0.0 108,196.5 475.4 -37,231.1 65,735.2 162,652.9 2,705,669.4 1,653,180.9 12-31-2034 42 15.6 0.0 154,569.1 1,456.8 -174,260.4 163,420.2 232,233.3 2,937,902.7 1,724,974.8 12-31-2035 65 33.7 0.0 189,863.6 1,486.0 -297,995.5 291,026.1 285,101.5 3,223,004.2 1,806,839.9 12-31-2036 95 39.8 0.0 179,159.7 1,515.7 -309,581.7 310,177.1 269,118.9 3,492,123.0 1,877,778.0 SUBTOTAL 0.0 3,075,155.7 12,797.6 -1,083,563.0 1,558,065.8 3,492,123.0 3,492,123.0 1,877,778.0 REMAINING 0.0 -363,220.4 2,071.7 1,285,336.5 934,498.9 -545,159.1 2,946,963.9 1,812,942.5 TOTAL OF 25.5 YRS 0.0 2,711,935.3 14,869.3 201,773.5 2,492,564.6 2,946,963.9 2,946,963.9 1,812,942.5 check All estimates and exhibits herein are art of the NSAI report and are subject to its parameters and conditions. BASED ON ESCALATED PRICE AND COST PARAMETERS 110,818.6 9,977.9 60,026.3 2,779.6 144,271.6 8,597.1 160,049.7 19,159.3 114,681.7 16,069.5 105,878.0 14,800.9 106,028.3 16,228.0 147,704.1 22,928.3 134,424.2 22,991.8 112,705.4 19,708.6 74,542.5 12,527.2 48,393.7 8,108.5 1,716,235.0 226,035.7 51,070.5 7,638.1 89,582.4 12,378.0 97,945.4 12,879.8 1,558,122.5 206,772.8 158,112.5 19,262.9 05.000 2,307,240.2 10.000 1,812,942.5 15.000 1,455,685.2 20.000 1,199,403.0 25.000 1,013,084.5 30.000 874,771.1 50.000 571,195.1 35.000 769,722.8 40.000 688,140.0 45.000 623,454.6 Table IV

SUMMARY PROJECTION OF RESERVES AND REVENUE AS OF JUNE 30, 2022 SUMMARY - CERTAIN PROPERTIES ITHACA ENERGY (UK) LIMITED INTEREST LOCATED IN THE UNITED KINGDOM SECTOR OF THE PROVED + PROBABLE + POSSIBLE (3P) RESERVES NORTH SEA AND IN THE NORTH ATLANTIC OCEAN PERIOD GROSS RESERVES WORKING INTEREST RESERVES AVERAGE PRICES WORKING INTEREST REVENUE AFTER ROYALTIES ENDING OIL GAS OIL GAS NGL EQUIV OIL GAS NGL OIL GAS NGL TOTAL M-D-Y MBBL MMCF MBBL MMCF MBBL MBOE $/BBL $/MCF $/BBL M$ M$ M$ M$ 12-31-2022 42,104.4 167,296.7 10,876.3 31,628.2 784.3 17,113.7 102.20 33.466 71.89 1,111,597.4 2,226,457.2 12-31-2023 83,951.0 316,982.4 22,380.4 59,209.3 1,563.6 34,152.5 94.11 25.036 66.66 2,106,130.9 3,692,728.4 12-31-2024 89,982.4 280,512.7 23,194.6 56,279.5 1,538.4 34,436.4 83.98 16.127 60.05 1,947,851.9 2,947,835.1 12-31-2025 94,383.9 255,114.7 31,953.9 56,548.5 1,554.2 43,257.8 77.53 12.888 55.37 2,477,507.3 3,292,350.0 12-31-2026 85,307.3 218,662.0 30,057.2 46,291.8 1,256.3 39,294.8 78.57 10.653 55.85 2,361,490.2 2,924,789.8 12-31-2027 74,276.5 194,029.3 23,872.2 39,620.7 1,074.7 31,778.0 79.34 10.837 56.34 1,894,115.6 2,384,034.9 12-31-2028 65,281.6 170,995.2 19,507.1 33,915.9 934.9 26,289.6 81.33 11.039 57.59 1,586,582.9 2,009,832.2 12-31-2029 58,829.7 151,544.5 16,727.0 29,827.9 829.6 22,699.3 82.34 11.257 58.18 1,377,359.1 1,761,403.6 12-31-2030 50,741.9 126,185.4 12,657.3 23,737.2 671.4 17,421.4 84.30 11.362 59.00 1,067,060.9 1,376,371.2 12-31-2031 45,429.1 110,293.7 10,004.5 20,274.7 577.5 14,077.7 86.17 11.532 60.06 862,070.0 1,130,557.5 12-31-2032 38,466.4 93,212.7 7,996.0 15,737.8 429.5 11,138.9 89.31 11.667 61.19 714,139.8 924,032.7 12-31-2033 32,936.1 79,848.5 6,793.8 11,920.3 314.6 9,163.7 91.39 11.759 61.30 620,870.1 780,322.5 12-31-2034 28,882.1 69,918.0 5,988.9 10,672.9 271.8 8,100.9 94.41 11.966 62.85 565,430.3 710,222.0 12-31-2035 25,537.3 63,621.7 5,122.7 9,728.5 249.6 7,049.7 96.55 12.201 64.10 494,597.1 629,297.1 12-31-2036 22,943.8 56,334.7 4,545.7 8,728.7 219.5 6,270.1 99.57 12.439 65.87 452,608.4 575,642.1 SUBTOTAL 839,053.4 2,354,552.0 231,677.6 454,121.8 12,269.9 322,244.3 84.77 15.397 60.25 19,639,412.0 27,365,876.3 REMAINING 106,577.3 99,311.0 17,356.6 14,614.7 306.7 20,183.0 109.55 12.764 70.10 1,901,460.7 2,109,507.3 TOTAL 945,630.7 2,453,863.1 249,034.2 468,736.5 12,576.5 342,427.4 86.50 15.315 60.49 21,540,872.7 29,475,383.5 CUM PROD  8,710,81 ULTIMATE  11,164,67 FUTURE NET REVENUE NET DEDUCTIONS/EXPENDITURES AFTER UK CORPORATE INCOME TAXES PERIOD NUMBER OF TAXES CAPITAL ABDNMNT OPERATING UNDISCOUNTED DISC AT 10.000% PRESENT WORTH PROFILE ENDING ACTIVE COMPLETIONS PRODUCTION INCOME COST COST EXPENSE PERIOD CUM CUM DISC RATE CUM PW M-D-Y GROSS NET M$ M$ M$ M$ M$ M$ M$ M$ % M$ 12-31-2022 207 75.2 0.0 393,927.1 215,088.2 272.4 263,590.1 1,353,579.4 1,353,579.4 1,319,756.5 12-31-2023 223 80.2 0.0 618,694.0 368,048.9 194.4 555,464.4 2,150,326.6 3,503,906.1 3,276,566.5 12-31-2024 238 86.4 0.0 775,809.1 381,815.6 5.9 585,823.0 1,204,381.6 4,708,287.6 4,270,137.3 12-31-2025 252 94.1 0.0 1,387,063.4 321,477.2 0.0 636,828.0 946,981.4 5,655,269.0 4,975,465.7 12-31-2026 255 94.9 0.0 816,873.2 207,923.2 0.0 642,195.6 1,257,797.8 6,913,066.8 5,839,545.1 12-31-2027 256 93.8 0.0 588,821.2 239,722.9 6,560.8 628,241.5 920,688.5 7,833,755.3 6,411,639.3 12-31-2028 252 88.7 0.0 521,939.6 70,964.7 4,155.2 618,775.2 793,997.6 8,627,752.9 6,860,844.0 12-31-2029 244 82.9 0.0 435,348.5 52,476.2 6,224.6 606,132.0 661,222.2 9,288,975.1 7,201,649.5 12-31-2030 242 80.8 0.0 305,664.6 39,787.8 3,582.0 562,623.0 464,713.8 9,753,688.9 7,419,895.1 12-31-2031 237 74.5 0.0 220,859.2 24,945.8 8,776.8 540,789.0 335,186.6 10,088,875.5 7,562,517.3 12-31-2032 228 71.1 0.0 172,598.3 2,010.5 27,647.9 462,564.5 259,211.6 10,348,087.1 7,662,550.1 12-31-2033 188 54.8 0.0 101,814.6 2,291.9 112,276.3 410,859.8 153,079.9 10,501,167.0 7,715,563.2 12-31-2034 180 52.0 0.0 72,088.6 2,429.5 117,658.8 409,532.7 108,512.5 10,609,679.5 7,749,064.9 12-31-2035 175 50.3 0.0 74,187.5 1,959.0 52,354.0 389,209.2 111,587.4 10,721,266.9 7,781,095.7 12-31-2036 169 47.0 0.0 49,349.9 2,427.8 65,328.7 384,131.5 74,404.2 10,795,671.1 7,800,701.7 SUBTOTAL 0.0 6,535,038.8 1,933,369.2 405,037.7 7,696,759.5 10,795,671.1 10,795,671.1 7,800,701.7 REMAINING 0.0 -713,215.9 8,952.5 2,366,209.6 1,515,986.2 -1,068,425.1 9,727,246.0 7,640,053.0 TOTAL OF 25.5 YRS 0.0 5,821,822.9 1,942,321.6 2,771,247.3 9,212,745.7 9,727,246.0 9,727,246.0 7,640,053.0 check All estimates and exhibits herein are art of the NSAI report and are subject to its parameters and conditions. BASED ON ESCALATED PRICE AND COST PARAMETERS 907,600.4 92,382.7 1,058,477.2 56,382.6 1,482,367.6 104,229.8 728,792.8 86,049.9 493,142.3 70,157.3 429,368.2 60,551.0 374,410.1 53,839.3 335,772.6 48,271.8 269,695.6 39,614.6 233,799.5 34,688.1 183,612.2 26,280.8 140,165.4 19,287.0 7,178,741.7 760,769.1 127,710.9 17,080.8 118,700.4 15,999.6 108,578.7 14,455.0 6,992,194.1 739,270.2 186,547.6 21,498.9 05.000 8,648,742.2 10.000 7,640,053.0 15.000 6,805,122.4 20.000 6,132,296.4 25.000 5,589,526.7 30.000 5,147,096.3 50.000 3,993,724.4 35.000 4,781,659.4 40.000 4,475,718.8 45.000 4,216,295.5 Table V

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF JUNE 30, 2022 SUMMARY - CERTAIN PROPERTIES ITHACA ENERGY (UK) LIMITED INTEREST LOCATED IN THE UNITED KINGDOM SECTOR OF THE LOW ESTIMATE (1C) CONTINGENT RESOURCES NORTH SEA AND IN THE NORTH ATLANTIC OCEAN PERIOD GROSS RESOURCES WORKING INTEREST RESOURCES AVERAGE PRICES WORKING INTEREST REVENUE AFTER ROYALTIES ENDING OIL GAS OIL GAS NGL EQUIV OIL GAS NGL OIL GAS NGL TOTAL M-D-Y MBBL MMCF MBBL MMCF MBBL MBOE $/BBL $/MCF $/BBL M$ M$ M$ M$ 12-31-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.000 0.00 0.0 0.0 12-31-2023 349.0 2,327.0 13.2 139.5 4.7 42.0 96.00 24.956 63.84 1,264.7 5,050.0 12-31-2024 3,978.2 14,028.2 1,304.6 4,587.9 67.0 2,162.6 84.00 16.429 62.26 109,587.1 189,135.5 12-31-2025 11,115.0 32,327.4 6,424.4 13,019.3 140.1 8,809.1 77.89 13.152 57.69 500,420.3 679,729.5 12-31-2026 22,788.7 59,241.7 9,284.0 24,359.6 99.5 13,583.5 78.70 10.850 59.95 730,646.6 1,000,922.2 12-31-2027 41,467.1 91,657.1 10,746.8 34,690.3 175.9 16,903.7 79.68 10.952 59.84 856,342.2 1,246,802.0 12-31-2028 44,950.1 79,912.2 14,112.1 30,488.6 133.9 19,502.6 81.79 11.208 61.28 1,154,284.0 1,504,212.9 12-31-2029 45,923.4 67,161.5 17,166.0 26,088.9 82.0 21,746.1 82.90 11.477 61.79 1,423,062.9 1,727,545.0 12-31-2030 38,083.7 50,219.0 14,233.9 18,325.1 10.2 17,403.6 84.95 11.522 62.67 1,209,136.5 1,420,908.9 12-31-2031 29,957.0 43,889.5 10,871.6 16,562.9 8.9 13,736.2 86.92 11.597 64.12 944,976.5 1,137,630.9 12-31-2032 23,615.2 38,047.9 8,084.7 15,154.2 1.4 10,698.9 89.87 11.688 66.33 726,531.5 903,752.9 12-31-2033 18,701.8 33,921.4 6,251.3 13,938.5 0.0 8,654.5 91.84 11.841 0.00 574,128.5 739,178.5 12-31-2034 15,720.4 28,014.5 5,231.1 11,558.9 0.0 7,224.0 94.81 12.127 0.00 495,942.2 636,113.0 12-31-2035 13,102.3 22,823.0 4,358.5 9,398.6 0.0 5,979.0 96.79 12.428 0.00 421,866.4 538,672.3 12-31-2036 10,305.5 19,332.0 3,425.9 8,124.4 0.0 4,826.6 99.80 12.913 0.00 341,911.0 446,820.9 SUBTOTAL 320,057.6 582,902.5 111,508.0 226,436.7 723.6 151,272.4 85.11 11.671 60.28 9,490,100.2 12,176,474.5 REMAINING 27,220.5 58,691.1 13,656.4 27,200.1 0.0 18,346.1 112.08 13.936 0.00 1,530,616.1 1,909,670.8 TOTAL 347,278.0 641,593.6 125,164.4 253,636.8 723.6 169,618.5 88.05 11.914 60.28 11,020,716.3 14,086,145.3 CUM PROD .0  ULTIMATE 347,  FUTURE NET CASH FLOW NET DEDUCTIONS/EXPENDITURES AFTER UK CORPORATE INCOME TAXES PERIOD NUMBER OF TAXES CAPITAL ABDNMNT OPERATING UNDISCOUNTED DISC AT 10.000% DISCOUNTED CASH FLOW PROFILE ENDING ACTIVE COMPLETIONS PRODUCTION INCOME COST COST EXPENSE PERIOD CUM CUM DISC RATE CASH FLOW M-D-Y GROSS NET M$ M$ M$ M$ M$ M$ M$ M$ % M$ 12-31-2022 0 0.0 0.0 -40,294.4 89,543.0 0.0 0.0 -49,248.7 -49,248.7 -48,157.4 12-31-2023 1 0.1 0.0 -351,473.9 547,739.5 -5,502.5 282.0 -185,995.0 -235,243.7 -206,957.3 12-31-2024 7 2.5 0.0 -147,479.5 720,181.8 -1,978.8 3,746.3 -385,334.4 -620,578.0 -522,390.9 12-31-2025 16 9.1 0.0 -202,476.9 782,461.6 3,728.3 35,679.8 60,336.6 -560,241.5 -480,110.6 12-31-2026 34 14.2 0.0 -159,585.6 685,880.6 -3,456.2 134,560.3 343,523.1 -216,718.4 -247,491.6 12-31-2027 42 17.7 0.0 -97,274.3 745,418.8 -38,983.9 278,538.2 359,103.2 142,384.8 -22,941.9 12-31-2028 52 23.3 0.0 270,400.2 327,201.9 -569.6 276,246.7 630,933.7 773,318.5 328,881.6 12-31-2029 57 25.1 0.0 400,249.5 122,304.7 4,177.0 266,898.2 933,915.6 1,707,234.1 809,415.8 12-31-2030 56 22.3 0.0 340,762.8 143,241.3 -26,931.0 168,722.8 795,113.1 2,502,347.2 1,181,586.2 12-31-2031 56 20.3 0.0 269,068.4 137,327.4 -51,277.5 154,686.4 627,826.2 3,130,173.4 1,449,238.3 12-31-2032 64 21.3 0.0 219,176.5 25,184.6 34,210.3 169,629.1 455,552.4 3,585,725.8 1,625,749.9 12-31-2033 66 21.5 0.0 163,280.0 14,679.0 75,241.2 161,085.5 324,892.7 3,910,618.5 1,740,702.3 12-31-2034 70 22.5 0.0 125,169.4 19,411.5 85,099.6 155,202.8 251,229.7 4,161,848.2 1,821,504.2 12-31-2035 65 16.6 0.0 124,648.8 16,193.5 30,028.9 145,063.9 222,737.1 4,384,585.3 1,886,118.7 12-31-2036 66 17.3 0.0 54,292.9 77,431.4 31,393.2 158,976.6 124,726.8 4,509,312.1 1,918,985.4 SUBTOTAL 0.0 968,463.8 4,454,200.7 135,179.1 2,109,318.7 4,509,312.1 4,509,312.1 1,918,985.4 REMAINING 0.0 -238,358.9 0.0 1,133,009.9 1,123,232.9 -108,213.0 4,401,099.1 1,958,529.3 TOTAL OF 25.4 YRS 0.0 730,105.0 4,454,200.7 1,268,189.0 3,232,551.6 4,401,099.1 4,401,099.1 1,958,529.3 check All estimates and exhibits herein are art of the NSAI report and are subject to its parameters and conditions. BASED ON ESCALATED PRICE AND COST PARAMETERS 75,376.6 4,171.8 0.0 0.0 3,482.2 303.2 171,227.7 8,081.5 264,308.5 5,967.1 379,935.4 10,524.4 341,726.0 8,203.0 299,416.1 5,066.0 211,134.7 637.7 192,083.1 571.2 177,129.5 92.0 165,050.0 0.0 3,021,811.1 43,618.0 140,170.8 0.0 116,805.8 0.0 104,910.0 0.0 2,642,756.3 43,618.0 379,054.8 0.0 05.000 2,952,775.1 10.000 1,958,529.3 15.000 1,301,225.3 20.000 864,374.9 25.000 569,313.2 30.000 366,487.7 50.000 1,064.8 35.000 224,822.8 40.000 124,539.8 45.000 52,793.3 Table VI

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF JUNE 30, 2022 SUMMARY - CERTAIN PROPERTIES ITHACA ENERGY (UK) LIMITED INTEREST LOCATED IN THE UNITED KINGDOM SECTOR OF THE BEST ESTIMATE (2C) CONTINGENT RESOURCES NORTH SEA AND IN THE NORTH ATLANTIC OCEAN PERIOD GROSS RESOURCES WORKING INTEREST RESOURCES AVERAGE PRICES WORKING INTEREST REVENUE AFTER ROYALTIES ENDING OIL GAS OIL GAS NGL EQUIV OIL GAS NGL OIL GAS NGL TOTAL M-D-Y MBBL MMCF MBBL MMCF MBBL MBOE $/BBL $/MCF $/BBL M$ M$ M$ M$ 12-31-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.000 0.00 0.0 0.0 12-31-2023 486.6 3,244.3 18.4 194.5 6.6 58.5 96.00 24.956 63.84 1,763.3 7,040.8 12-31-2024 3,179.1 8,566.7 417.1 1,405.0 17.7 677.0 83.19 17.181 60.33 34,694.3 59,902.4 12-31-2025 18,443.1 72,989.3 7,998.8 19,973.3 191.1 11,633.6 77.88 13.599 57.64 622,936.8 905,578.7 12-31-2026 35,948.8 94,459.3 14,693.3 33,205.0 126.9 20,545.2 78.75 10.768 58.92 1,157,083.3 1,522,103.1 12-31-2027 57,601.9 128,328.4 15,870.7 42,946.5 77.6 23,352.8 79.72 10.865 59.92 1,265,238.8 1,736,493.5 12-31-2028 60,667.4 108,627.2 18,996.4 37,521.4 51.1 25,516.7 81.80 11.095 61.71 1,553,919.1 1,973,368.7 12-31-2029 64,975.0 100,145.4 24,285.1 37,147.3 95.1 30,784.9 82.80 11.441 62.91 2,010,927.4 2,441,917.6 12-31-2030 64,200.3 92,008.3 25,783.0 36,787.1 166.0 32,291.6 84.86 11.670 63.64 2,187,858.6 2,627,746.3 12-31-2031 56,092.4 78,536.6 21,616.2 31,055.1 89.3 27,059.8 86.85 11.840 65.48 1,877,332.8 2,250,877.3 12-31-2032 45,426.5 64,767.9 16,078.7 25,013.8 19.3 20,410.7 89.80 11.930 71.24 1,443,817.9 1,743,606.2 12-31-2033 37,097.6 54,991.0 12,619.1 21,327.7 0.4 16,296.7 91.88 11.938 71.12 1,159,383.7 1,414,017.1 12-31-2034 31,827.6 50,268.1 10,587.6 19,871.4 0.3 14,014.1 94.81 12.148 73.43 1,003,809.3 1,245,240.6 12-31-2035 26,768.5 41,875.9 8,454.9 16,389.0 0.1 11,280.6 96.74 12.461 74.98 817,915.0 1,022,136.3 12-31-2036 22,209.5 35,334.6 6,846.3 13,842.6 0.0 9,232.9 99.74 12.930 0.00 682,817.9 861,809.4 SUBTOTAL 524,924.4 934,142.9 184,265.4 336,679.6 841.5 243,155.1 85.85 11.705 61.33 15,819,498.1 19,811,838.0 REMAINING 151,955.5 182,818.7 47,909.0 61,588.9 0.0 58,527.8 122.41 15.092 0.00 5,864,650.0 6,794,169.9 TOTAL 676,879.8 1,116,961.6 232,174.4 398,268.5 841.5 301,682.9 93.40 12.229 61.33 21,684,148.1 26,606,007.9 CUM PROD 0.0 0.0 ULTIMATE 676,879.8 1,116,961.6 FUTURE NET CASH FLOW NET DEDUCTIONS/EXPENDITURES AFTER UK CORPORATE INCOME TAXES PERIOD NUMBER OF TAXES CAPITAL ABDNMNT OPERATING UNDISCOUNTED DISC AT 10.000% DISCOUNTED CASH FLOW PROFILE ENDING ACTIVE COMPLETIONS PRODUCTION INCOME COST COST EXPENSE PERIOD CUM CUM DISC RATE CASH FLOW M-D-Y GROSS NET M$ M$ M$ M$ M$ M$ M$ M$ % M$ 12-31-2022 0 0.0 0.0 -40,294.4 89,543.0 0.0 0.0 -49,248.7 -49,248.7 -48,157.4 12-31-2023 1 0.1 0.0 -346,509.5 506,388.2 0.0 362.2 -153,200.1 -202,448.8 -176,791.3 12-31-2024 5 1.0 0.0 -302,709.9 939,912.0 0.0 3,555.8 -580,855.6 -783,304.4 -647,758.8 12-31-2025 21 10.4 0.0 -622,645.7 890,892.5 -5,724.8 48,285.8 594,771.0 -188,533.4 -208,311.0 12-31-2026 40 16.3 0.0 86,118.5 697,233.1 -419.7 123,104.2 616,067.0 427,533.6 209,211.0 12-31-2027 44 17.7 0.0 159,296.4 734,620.4 -2,378.0 205,337.0 639,617.8 1,067,151.4 610,647.6 12-31-2028 57 24.2 0.0 450,130.8 469,752.9 3,998.8 210,375.9 839,110.4 1,906,261.8 1,081,305.9 12-31-2029 67 31.1 0.0 686,349.9 364,734.9 -2,644.9 306,963.1 1,086,514.7 2,992,776.4 1,639,077.4 12-31-2030 76 34.6 0.0 850,244.3 158,747.3 -36,373.1 354,956.8 1,300,170.8 4,292,947.2 2,246,518.3 12-31-2031 77 34.9 0.0 710,074.7 137,327.4 3,168.5 313,737.3 1,086,569.4 5,379,516.7 2,710,490.5 12-31-2032 81 32.8 0.0 569,658.3 25,184.6 24,848.2 265,492.6 858,422.5 6,237,939.2 3,042,683.5 12-31-2033 80 31.5 0.0 491,361.8 14,679.0 -51,187.5 219,543.5 739,620.2 6,977,559.4 3,302,619.7 12-31-2034 82 31.3 0.0 420,769.3 19,411.5 -47,509.2 218,230.1 634,338.9 7,611,898.3 3,505,186.4 12-31-2035 75 24.6 0.0 280,225.2 16,193.5 97,302.0 205,473.6 422,942.0 8,034,840.3 3,628,859.9 12-31-2036 75 25.1 0.0 183,795.0 77,431.4 100,828.4 211,821.0 287,933.6 8,322,773.9 3,705,443.7 SUBTOTAL 0.0 3,575,864.8 5,142,051.8 83,908.6 2,687,238.9 8,322,773.9 8,322,773.9 3,705,443.7 REMAINING 0.0 736,733.3 0.0 1,608,360.5 3,344,628.2 1,104,447.9 9,427,221.8 3,994,985.5 TOTAL OF 40.9 YRS 0.0 4,312,598.1 5,142,051.8 1,692,269.0 6,031,867.1 9,427,221.8 9,427,221.8 3,994,985.5 check All estimates and exhibits herein are art of the NSAI report and are subject to its parameters and conditions. BASED ON ESCALATED PRICE AND COST PARAMETERS 24,138.7 1,069.4 0.0 0.0 4,854.9 422.7 271,625.6 11,016.3 357,542.2 7,477.6 466,607.6 4,647.1 416,295.9 3,153.7 425,009.5 5,980.7 429,322.1 10,565.5 367,698.9 5,845.6 298,414.2 1,374.1 254,602.6 30.7 4,870,245.5 51,614.3 241,406.1 25.2 204,215.7 5.6 178,991.5 0.0 3,940,725.6 51,614.3 929,519.9 0.0 05.000 6,091,449.6 10.000 3,994,985.5 15.000 2,705,167.1 20.000 1,882,466.0 25.000 1,337,281.2 30.000 964,040.4 50.000 271,404.3 35.000 701,537.6 40.000 512,743.6 45.000 374,396.3 Table VII

SUMMARY PROJECTION OF RESOURCES AND CASH FLOW AS OF JUNE 30, 2022 SUMMARY - CERTAIN PROPERTIES ITHACA ENERGY (UK) LIMITED INTEREST LOCATED IN THE UNITED KINGDOM SECTOR OF THE HIGH ESTIMATE (3C) CONTINGENT RESOURCES NORTH SEA AND IN THE NORTH ATLANTIC OCEAN PERIOD GROSS RESOURCES WORKING INTEREST RESOURCES AVERAGE PRICES WORKING INTEREST REVENUE AFTER ROYALTIES ENDING OIL GAS OIL GAS NGL EQUIV OIL GAS NGL OIL GAS NGL TOTAL M-D-Y MBBL MMCF MBBL MMCF MBBL MBOE $/BBL $/MCF $/BBL M$ M$ M$ M$ 12-31-2022 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.000 0.00 0.0 0.0 12-31-2023 532.3 3,548.4 20.1 212.8 7.2 64.0 96.00 24.956 63.84 1,928.5 7,700.7 12-31-2024 3,940.7 10,163.0 534.7 1,819.1 20.5 868.8 83.06 17.244 60.57 44,408.1 77,019.1 12-31-2025 25,332.2 67,954.3 8,881.4 14,958.5 71.7 11,532.1 77.97 14.217 58.33 692,524.7 909,365.5 12-31-2026 49,696.4 118,056.8 19,286.3 41,064.4 246.2 26,612.6 78.87 10.826 58.56 1,521,158.3 1,980,144.7 12-31-2027 78,070.5 166,345.6 22,581.0 56,134.7 158.6 32,418.0 79.69 10.789 59.44 1,799,527.1 2,414,582.6 12-31-2028 84,792.9 157,800.0 27,238.2 54,538.6 106.2 36,747.6 81.74 11.057 61.12 2,226,359.0 2,835,891.9 12-31-2029 93,371.6 142,943.7 34,298.2 51,501.3 74.1 43,251.8 82.82 11.351 62.10 2,840,689.5 3,429,881.4 12-31-2030 91,480.4 136,151.5 33,454.2 48,201.2 73.6 41,838.3 84.79 11.612 64.79 2,836,424.7 3,400,899.4 12-31-2031 84,502.6 121,314.2 30,760.7 44,017.4 62.9 38,412.8 86.73 11.848 67.18 2,667,823.0 3,193,558.6 12-31-2032 76,178.6 109,714.1 27,811.5 41,777.3 82.0 35,096.5 89.77 12.108 68.57 2,496,575.0 3,008,030.9 12-31-2033 70,325.5 103,892.2 26,707.1 42,200.9 181.7 34,164.8 91.81 12.352 68.50 2,451,950.2 2,985,678.9 12-31-2034 60,580.2 93,086.1 21,086.5 37,543.9 148.6 27,708.1 94.77 12.541 70.73 1,998,309.4 2,479,656.8 12-31-2035 53,330.4 74,627.9 17,602.9 28,591.2 89.4 22,621.8 96.83 12.775 71.70 1,704,500.6 2,076,154.8 12-31-2036 45,881.2 57,710.3 14,806.5 20,337.5 0.5 18,313.5 99.85 13.192 77.30 1,478,461.6 1,746,802.6 SUBTOTAL 818,015.5 1,363,308.2 285,069.3 482,898.8 1,323.2 369,650.9 86.86 11.803 64.12 24,760,639.7 30,545,367.9 REMAINING 335,153.6 386,001.6 84,312.8 104,335.9 0.8 102,302.5 120.30 15.729 80.60 10,143,060.8 11,784,215.9 TOTAL 1,153,169.1 1,749,309.9 369,382.1 587,234.7 1,324.0 471,953.4 94.49 12.501 64.13 34,903,700.6 42,329,583.9 CUM PROD 0.0 0.0 ULTIMATE 1,153,169.1 1,749,309.9 FUTURE NET CASH FLOW NET DEDUCTIONS/EXPENDITURES AFTER UK CORPORATE INCOME TAXES PERIOD NUMBER OF TAXES CAPITAL ABDNMNT OPERATING UNDISCOUNTED DISC AT 10.000% DISCOUNTED CASH FLOW PROFILE ENDING ACTIVE COMPLETIONS PRODUCTION INCOME COST COST EXPENSE PERIOD CUM CUM DISC RATE CASH FLOW M-D-Y GROSS NET M$ M$ M$ M$ M$ M$ M$ M$ % M$ 12-31-2022 0 0.0 0.0 -40,294.4 89,543.0 0.0 0.0 -49,248.7 -49,248.7 -48,157.4 12-31-2023 1 0.1 0.0 -211,004.7 472,961.5 0.0 388.7 -254,644.9 -303,893.5 -270,161.1 12-31-2024 5 1.0 0.0 -752,786.9 919,811.6 0.0 4,013.6 -94,019.2 -397,912.7 -338,456.9 12-31-2025 21 8.7 0.0 -508,971.5 1,001,679.7 0.0 48,640.0 368,017.3 -29,895.4 -70,208.9 12-31-2026 42 16.2 0.0 255,143.8 730,323.5 0.0 143,071.6 851,605.8 821,710.4 504,738.7 12-31-2027 46 17.1 0.0 521,235.1 766,865.0 -5,956.1 230,763.3 901,675.4 1,723,385.8 1,068,076.4 12-31-2028 64 27.3 0.0 792,669.4 525,019.8 -436.6 247,600.9 1,271,038.5 2,994,424.3 1,780,744.5 12-31-2029 78 35.0 0.0 1,085,361.2 370,055.7 -776.2 289,377.8 1,685,863.0 4,680,287.2 2,646,325.8 12-31-2030 78 35.8 0.0 1,142,617.7 191,081.0 429.0 322,988.6 1,743,783.0 6,424,070.2 3,461,321.6 12-31-2031 91 39.8 0.0 1,074,301.5 161,184.6 4,141.9 317,293.2 1,636,637.4 8,060,707.6 4,157,644.1 12-31-2032 97 38.9 0.0 1,040,833.2 54,381.3 -1,662.6 344,731.9 1,569,747.0 9,630,454.6 4,764,358.8 12-31-2033 98 39.6 0.0 1,045,610.1 22,018.6 -37,783.3 383,977.9 1,571,855.6 11,202,310.2 5,317,517.0 12-31-2034 101 39.3 0.0 841,612.9 23,154.6 -23,589.2 372,441.3 1,266,037.3 12,468,347.4 5,722,174.1 12-31-2035 99 37.8 0.0 695,634.9 16,193.5 -3,308.7 321,652.5 1,045,982.6 13,514,330.0 6,026,196.3 12-31-2036 94 35.0 0.0 560,245.6 77,431.4 -9,691.0 266,349.5 852,467.1 14,366,797.1 6,251,689.0 SUBTOTAL 0.0 7,542,208.1 5,421,704.9 -78,632.9 3,293,290.7 14,366,797.1 14,366,797.1 6,251,689.0 REMAINING 0.0 2,237,556.4 0.0 1,818,042.9 4,372,282.1 3,356,334.6 17,723,131.7 6,919,249.3 TOTAL OF 50.0 YRS 0.0 9,779,764.5 5,421,704.9 1,739,410.0 7,665,572.8 17,723,131.7 17,723,131.7 6,919,249.3 check All estimates and exhibits herein are art of the NSAI report and are subject to its parameters and conditions. BASED ON ESCALATED PRICE AND COST PARAMETERS 31,368.7 1,242.2 0.0 0.0 5,309.9 462.3 212,659.1 4,181.7 444,567.6 14,418.7 605,628.7 9,426.8 603,039.7 6,493.2 584,593.1 4,598.8 559,709.3 4,765.3 521,510.5 4,225.1 505,833.9 5,622.0 521,280.4 12,448.3 7,340,978.8 84,904.5 470,839.5 10,507.9 365,244.1 6,410.1 268,301.2 39.9 5,699,885.7 84,842.5 1,641,093.1 62.0 05.000 10,806,835.7 10.000 6,919,249.3 15.000 4,636,133.2 20.000 3,222,538.7 25.000 2,306,220.6 30.000 1,689,206.0 50.000 564,403.7 35.000 1,260,371.6 40.000 954,281.8 45.000 730,793.7 Table VIII

TECHNICAL DISCUSSION SECTION 1.0 – OVERVIEW

Page 1 TECHNICAL DISCUSSION UNITED KINGDOM SECTOR OF THE NORTH SEA AND THE NORTH ATLANTIC OCEAN AS OF JUNE 30, 2022 1.0 OVERVIEW __________________________________________________________________ Netherland, Sewell & Associates, Inc. (NSAI) has estimated the proved, probable, and possible reserves and future revenue, as of June 30, 2022, to the Ithaca Energy (UK) Limited (referred to herein as "Ithaca") interest in certain oil and gas properties located in the United Kingdom (UK) Sector of the North Sea and in the North Atlantic Ocean. We have also estimated the contingent resources and cash flow, as of June 30, 2022, to the Ithaca interest in certain discoveries located in the UK Sector of the North Sea and in the North Atlantic Ocean. Working interest volumes shown in this report are after deductions for shrinkage to account for processing, fuel, and flare. A summary of interests and license status for the properties evaluated in this Competent Person's Report (report) is shown in Figure 1.1.1. A map of the relative positions of the properties is shown in Figure 1.1.2. The table below shows the operator, primary fluid, Ithaca working interest, and whether a geologic evaluation was performed for each field included in this evaluation. Ithaca Primary Working Geologic Field Group/Area/Field Operator Fluid Interest (%) Evaluation Captain Field Ithaca Energy (UK) Limited Oil 085.000 Yes Greater Stella Area Stella Field Ithaca Energy (UK) Limited Gas 100.000 Yes Harrier Field Ithaca Energy (UK) Limited Oil/Gas 100.000 Yes Vorlich Field Ithaca Energy (UK) Limited Oil 034.000 Yes Abigail Field Ithaca Energy (UK) Limited Oil/Gas 100.000 Yes Courageous Field Ithaca Energy (UK) Limited Oil 055.000 Yes Schiehallion Field BP Exploration Operating Company Limited Oil 011.754 No Greater Britannia Area Britannia Field Harbour Energy plc Gas 032.380 No Alder Field Ithaca Energy (UK) Limited Gas 073.684 Yes Brodgar Field Harbour Energy plc Gas 006.250 Yes Callanish Field Harbour Energy plc Oil 016.500 Yes Enochdhu Field Harbour Energy plc Oil 050.000 No MonArb Area Montrose Field Repsol Sinopec Resources UK Oil 041.026 No Arbroath Field Repsol Sinopec Resources UK Oil 041.026 No Arkwright Field Repsol Sinopec Resources UK Oil 041.026 No Brechin Field Repsol Sinopec Resources UK Oil 041.026 No Cayley Field Repsol Sinopec Resources UK Gas 041.026 Yes Godwin Field Repsol Sinopec Resources UK Oil 041.026 No Shaw Field Repsol Sinopec Resources UK Oil 041.026 Yes Wood Field Repsol Sinopec Resources UK Oil 041.026 No Mariner Area Mariner Field Equinor UK Limited Oil 008.889 Yes Mariner East Field Equinor UK Limited Oil 008.889 Yes Cadet Field Equinor UK Limited Oil 008.889 Yes

Page 2 Ithaca Primary Working Geologic Field Group/Area/Field Operator Fluid Interest (%) Evaluation Jade and Jade South Fields Harbour Energy plc Gas 025.500 No Cook Field Ithaca Energy (UK) Limited Oil 061.346 Yes Erskine Field Ithaca Energy (UK) Limited Gas 050.000 Yes Elgin-Franklin Field TotalEnergies E&P U.K. Limited Gas 006.088 Yes Alba Field Ithaca Energy (UK) Limited Oil 036.670 No Pierce Field Shell UK Exploration & Production Oil/Gas 007.483 Yes Columba Terraces Area B/D Terrace Canadian Natural Resources Limited Oil 005.600 No E Terrace Canadian Natural Resources Limited Oil 008.400 No Cambo Field Ithaca Energy (UK) Limited Oil 070.000 Yes Rosebank Field Equinor UK Limited Oil 020.000 Yes Tornado Field Ithaca Energy (UK) Limited Oil 050.000 Yes Marigold Field Ithaca Energy (UK) Limited Oil 100.000 Yes Fotla Field Ithaca Energy (UK) Limited Oil/Gas 060.000 Yes Isabella Field TotalEnergies E&P U.K. Limited Oil 010.000 Yes Leverett Field NEO Energy Oil/Gas 015.000 Yes Decommissioning Assets Pickerill Field Perenco UK Ltd Oil 005.217 No Renee Field Hess Corporation Oil 008.500 No Rubie Field Hess Corporation Oil 040.000 No The estimates in this report have been prepared in accordance with the definitions and guidelines set forth in the 2018 Petroleum Resources Management System (PRMS) approved by the Society of Petroleum Engineers (SPE) and in accordance with the recommendations of the Financial Conduct Authority (FCA), as set out in Primary Market Technical Note 619.1 – the Guidelines on disclosure requirements under the Prospectus Regulation and Guidance on specialist issuers published by the FCA. As presented in the 2018 PRMS, petroleum accumulations can be classified, in decreasing order of likelihood of commerciality, as reserves, contingent resources, or prospective resources. Different classifications of petroleum accumulations have varying degrees of technical and commercial risk that are difficult to quantify; thus reserves, contingent resources, and prospective resources should not be aggregated without extensive consideration of these factors. During the course of our evaluation, Ithaca provided access to engineering, geologic, and economic data. Data provided included, but were not limited to, well logs, geologic maps, seismic data, well test data, production data, historical price and cost information, and property ownership interests. All data sources were used, as appropriate, for the evaluation of the properties. The reserves and contingent resources in this report have been estimated using deterministic methods; these estimates have been prepared in accordance with generally accepted petroleum engineering and evaluation principles set forth in the

Page 3 Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the SPE. We used standard engineering and geoscience methods, or a combination of methods, including performance analysis, volumetric analysis, analogy, and reservoir modeling, that we considered to be appropriate and necessary to classify, categorize, and estimate volumes in accordance with the 2018 PRMS definitions and guidelines.

SUMMARY OF INTERESTS AND LICENSE STATUS UNITED KINGDOM SECTOR OF THE NORTH SEA AND THE NORTH ATLANTIC OCEAN AS OF JUNE 30, 2022 Ithaca Working Field Group/Area/Field Operator License (1) Anticipated License Expiration Date (1) Blocks Interest (%) Captain Field Ithaca Energy (UK) Limited P.324 Cessation of Production 13/22a ALL 85.000 P.2513 11-30-2026 (Second Term End) 11-30-2044 (License End) 13/21b, 13/22b 100.000 Greater Stella Area Stella Field Ithaca Energy (UK) Limited P.11 Cessation of Production 30/6a D, 29/10a C 100.000 Harrier Field Ithaca Energy (UK) Limited P.11 Cessation of Production 30/6a D, 29/10a C 100.000 Vorlich Field Ithaca Energy (UK) Limited P.363 Cessation of Production 30/1c LOWER 50.000 30/1c UPPER 20.000 P.1588 02-11-2035 (License End) 30/1f ALL 100.000 Abigail Field Ithaca Energy (UK) Limited P.1665 02-11-2035 (License End) 29/10b ALL 100.000 Courageous Field Ithaca Energy (UK) Limited P.2397 09-30-2022 (License Relinquished) (2) 30/1e ALL, 30/2e ALL 55.000 Schiehallion Field BP Exploration Operating Company Limited P.556 06-13-2033 (License End) 204/20a (3.1) 11.754 (3) P.559 Cessation of Production 204/25a 11.754 Greater Britannia Area Britannia Field Harbour Energy plc P.103 Cessation of Production 15/30a S-BRI 33.030 15/30a L-RST 50.634 P.119 Cessation of Production 15/29a AREA B, 15/29a AREA C 75.000 P.213 Cessation of Production 16/26a B-BRI, 16/26a D-BEL 33.167 P.345 Cessation of Production 16/27b AREA A, 16/27b AREA B 33.750 P.225 Cessation of Production 16/27c - Alder Field Ithaca Energy (UK) Limited P.119 Cessation of Production 15/29a ALDER, 15/29a AREA A 73.684 Brodgar Field Harbour Energy plc P.118 Cessation of Production 21/3a ALL 6.250 P.741 06-13-2027 (License End) 21/3b - P.2350 09-30-2024 (Initial Term End) 09-30-2028 (Second Term End) 09-30-2045 (License End) 21/4c - Callanish Field Harbour Energy plc P.347 Cessation of Production 21/4a ALL 13.700 P.590 06-03-2023 (License End) 15/29b ALL 20.000 Enochdhu Field Harbour Energy plc P.103 Cessation of Production 21/5a ALL 50.000 All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. Figure 1.1.1 Page 1 of 4

SUMMARY OF INTERESTS AND LICENSE STATUS UNITED KINGDOM SECTOR OF THE NORTH SEA AND THE NORTH ATLANTIC OCEAN AS OF JUNE 30, 2022 Ithaca Working Field Group/Area/Field Operator License (1) Anticipated License Expiration Date (1) Blocks Interest (%) MonArb Area Montrose Field Repsol Sinopec Resources UK P.19, P.20 Cessation of Production 22/17n, 22/18n 41.026 Arbroath Field Repsol Sinopec Resources UK P.19, P.291, P.292 Cessation of Production 22/17n, 22/17s, 22/18a, 22/22a 41.026 Arkwright Field Repsol Sinopec Resources UK P.291 Cessation of Production 22/23a 41.026 Brechin Field Repsol Sinopec Resources UK P.291 Cessation of Production 22/23a 41.026 Cayley Field Repsol Sinopec Resources UK P.291 Cessation of Production 22/17s 41.026 Godwin Field Repsol Sinopec Resources UK P.19, P.291 Cessation of Production 22/17s, 22/17n 41.026 Shaw Field Repsol Sinopec Resources UK P.291 Cessation of Production 22/22a 41.026 Wood Field Repsol Sinopec Resources UK P.292 Cessation of Production 22/18a 41.026 Mariner Area Mariner Field Equinor UK Limited P.335 Cessation of Production 9/11a 8.889 P.979 12-22-2034 (License End) 9/11c 8.889 P.2151 11-30-2022 (Second Term End) 11-30-2040 (License End) 9/11g 8.889 Mariner East Field Equinor UK Limited P.726 03-30-2023 (Second Term End) 06-13-2027 (License End) 9/11b 8.889 Cadet Field Equinor UK Limited P.1758 01-09-2037 (License End) 8/15a 8.889 Jade and Jade South Fields Harbour Energy plc P.672 07-19-2025 (License End) 30/2c JADE, 30/7b ALL 25.500 P.1589 02-11-2035 (License End) 30/7b ALL 25.500 Cook Field Ithaca Energy (UK) Limited P.185 Cessation of Production 21/20a ALL 61.346 Erskine Field Ithaca Energy (UK) Limited P.57 Cessation of Production 23/26a AREA B, 23/26b AREA B 50.000 P.264 Cessation of Production 23/26b AREA C, 23/26d AREA C 50.000 Elgin-Franklin Field TotalEnergies E&P U.K. Limited P.188 Cessation of Production 22/30b ELGN 6.088 P.362 Cessation of Production 29/5b ALL 6.088 P.666 07-19-2025 (License End) 22/30c ALL, 29/5c ALL 6.088 All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. Figure 1.1.1 Page 2 of 4

SUMMARY OF INTERESTS AND LICENSE STATUS UNITED KINGDOM SECTOR OF THE NORTH SEA AND THE NORTH ATLANTIC OCEAN AS OF JUNE 30, 2022 Ithaca Working Field Group/Area/Field Operator License (1) Anticipated License Expiration Date (1) Blocks Interest (%) Alba Field Ithaca Energy (UK) Limited P.213 Cessation of Production 16/26a A-ALB 36.670 16/26a C-10K 21.850 P.2373 09-30-2026 (Second Term End) 09-30-2044 (License End) 22/1b ALL 60.000 Pierce Field Shell UK Exploration & Production P.111 Cessation of Production 23/22a ALL 7.483 P.114 Cessation of Production 23/27a - Columba Terraces Area B/D Terrace Canadian Natural Resources Limited P.199, P.203 Cessation of Production 3/7a, 3/8a 5.600 E Terrace Canadian Natural Resources Limited P.203 Cessation of Production 3/7a 8.400 Cambo Field Ithaca Energy (UK) Limited P.1028 03-31-2024 (Second Term End) 05-31-2037 (License End) 204/9a, 204/10a 70.000 P.1189 03-31-2024 (Second Term End) 11-30-2030 (License End) 204/4a, 204/5a 70.000 Rosebank Field Equinor UK Limited P.1026 05-31-2024 (Second Term End) 05-31-2037 (License End) 213/26b, 213/27a 20.000 P.1191 05-31-2024 (Second Term End) 11-30-2030 (License End) 205/1a 20.000 P.1272 05-31-2024 (Second Term End) 12-21-2031 (License End) 205/2a 20.000 Tornado Field Ithaca Energy (UK) Limited P.2403 09-30-2026 (Initial Term End) 09-30-2030 (Second Term End) 09-30-2048 (License End) 204/13,14d 50.000 Marigold Field Ithaca Energy (UK) Limited P.2158 11-30-2022 (Second Term End) 11-30-2040 (License End) 15/18b ALL 100.000 Fotla Field Ithaca Energy (UK) Limited P.2373 09-30-2026 (Second Term End) 09-30-2044 (License End) 22/1b 60.000 Isabella Field TotalEnergies E&P U.K. Limited P.1820 09-30-2025 (Second Term End) 01-09-2037 (License End) 30/11a, 30/12d 10.000 All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. Figure 1.1.1 Page 3 of 4

SUMMARY OF INTERESTS AND LICENSE STATUS UNITED KINGDOM SECTOR OF THE NORTH SEA AND THE NORTH ATLANTIC OCEAN AS OF JUNE 30, 2022 Ithaca Working Field Group/Area/Field Operator License (1) Anticipated License Expiration Date (1) Blocks Interest (%) Leverett Field NEO Energy P.118 Cessation of Production 21/3a (4.1) 25.000 (4) P.2350 09-30-2024 (Initial Term End) 09-30-2028 (Second Term End) 09-30-2045 (License End) 21/2d - Decommissioning Assets (5) Pickerill Field Perenco UK Ltd N/A - 48/11a 5.217 Renee Field Hess Corporation N/A - 15/27a 8.500 Rubie Field Hess Corporation N/A - 15/28b 40.000 (1) (2) (3) (4) (5) These assets do not have active licenses because they are not producing, and it is our understanding that the operators have no plans to produce them in the future. It is our understanding that Ithaca owns a 25.000 percent interest in Block 21/3a. It is also our understanding that this block is expected to be unitized with other blocks in which Ithaca does not own an interest, and that Ithaca is expected to own a 15.000 percent interest in the resulting unitized field. It is our understanding that Schiehallion Field has been unitized, and that Ithaca owns an 11.754 percent interest in the unitized field. The anticipated license end dates shown for licenses related to producing fields may be subject to extension. For licenses with multiple terms, the anticipated license end date shown is the date the license will expire if the license progresses to each term on its scheduled date, which depends on the fulfillment of certain obligations required by the North Sea Transition Authority. It is our understanding that Ithaca relinquished license P.2397 for Courageous Field effective September 30, 2022; however, for the purposes of this report, we have used the following anticipated license expiration dates, which we understood to be in effect at the time of our evaluation: September 30, 2024 (Initial Term End), September 30, 2028 (Second Term End), and September 30, 2045 (License End). All estimates and exhibits herein are part of this NSAI report and are subject to its parameters and conditions. Figure 1.1.1 Page 4 of 4

      Figure 1.1.2

TECHNICAL DISCUSSION SECTION 2.0 – CAPTAIN FIELD

Page 4 2.0 CAPTAIN FIELD ______________________________________________________________ Captain Field is an oil field located in Block 13/22a in the UK Sector of the North Sea, approximately 145 kilometers (km) northeast of Aberdeen in a water depth of approximately 370 feet (ft). Captain Field is shown on the location map in Figure 2.5.1, and it produces oil from four reservoirs: the Upper Captain Sandstone (UCS), the Lower Captain Sandstone (LCS), the Ross Sandstone, and the Burns Sandstone. For each of these reservoirs, the trap is defined by a stratigraphic pinch-out. A summary of certain geologic characteristics and petrophysical parameters for Captain Field is shown in the table below. Reservoir Depth (ft TVDSS) Primary Fluid Solution GOR (CF/BBL) Average Porosity (%) Average Swi (%) UCS 2,700 Oil 150 30 10 LCS 2,800 Oil 100 31 37 Burns 3,250 Oil 130 29 38 Ross 3,500 Oil 130 28 27 For Captain Field, we used decline curve analysis (DCA), dimensionless response, volumetric analysis, and analogy to classify, categorize, and estimate volumes in accordance with the 2018 PRMS definitions and guidelines. A summary of the evaluation methods used by category for Captain Field is shown in the table below. Category Evaluation Methods Producing Wells under Waterflood DCA Producing Wells under Polymer Flood DCA and Dimensionless Response Undeveloped Polymer Flood Groups Analogy Other Upside Opportunities Classified as Reserves Analogy and Volumetric Analysis Other Upside Opportunities Classified as DCA, Dimensionless Response, Volumetric Contingent Resources Analysis, and Analogy Development plans for Captain Field were provided by Ithaca. A summary of the development timing for projects in Captain Field is shown in the table below. Project Timing Class 12th Campaign 2022 Reserves 13th Campaign 2024–2025 Reserves 14th Campaign 2026–2027 Reserves 15th Campaign 2028 Contingent Resources EOR Stage 2 2022–2028 Reserves B26Y Well 2023 Reserves Jurassic Well 2025 Reserves C Far East 2025–2029 Contingent Resources Greater LCS 2029 Contingent Resources Ross-E 2029 Contingent Resources Southern Terrace 2028–2030 Contingent Resources 2.1 OVERVIEW Captain Field was discovered in 1977 and began producing in March 1997. There are currently 42 active wells: 7 water injection, 4 polymer injection, 17 producing under waterflood, and 14 producing under