Oslo, 21 December 2022

Carbon Transition (under its subsidiary Axxis Multi Client) is pleased to
announce that it has entered into an agreement with a major oil company for
significant additional prefunding for the Utsira OBN reprocessing project
announced 13 December 2022. This is a further indication of the strong interest
in this prolific North Sea acreage.

The reprocessed Utsira data set will expand the company's existing offerings and
is expected to add an estimated NOK 0.25 - 0.30 per share in additional value to
Carbon Transition's multi-client library. The reprocessing will be realized with
significant pre-funding from the leading actors in the area and will not limit
the sale of licenses from our existing data library.

The reprocessed data will be an additional product only available to customers
who have already acquired the underlying data. We believe the quality of the
reprocessed product will improve late sales from the original data set and will
result in significant additional late sales from the reprocessed data.

Following the reprocessing agreement with CGG, we will deliver a product that
will significantly improve the imaging of the Utsira area. The project will
enhance the interest in and the value of the underlying data. Additionally, we
are creating a new product in our product catalogue which will be of substantial
value to our clients. 

Former Lundin Norway CEO and board member of Carbon Transition, Torstein Sannes,
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