Wellesley in NCS development asset swap with Equinor Energy AS

Wellesley Petroleum AS (“Wellesley”) and Equinor Energy AS (“Equinor”) have signed a Sale and Purchase Agreement covering several development assets on the Norwegian Continental Shelf.

The transaction is as follows:

• Equinor to acquire a 40% participating interest in licences PL090 JS, PL248 I and PL925, containing the Grosbeak and Kallåsen discoveries. Additionally, Equinor will assume operatorship of all three licences.

• Wellesley to acquire a 10% participating interest in licence PL942, containing the Ørn discovery and a 20% participating interest in licences PL878 and PL878 B, containing the Atlantis and Canon discoveries.

The transactions are subject to the normal authority approvals.

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