25 April 2025: The investment and royalty company releases its financial report
for the first quarter of 2025.

Highlights of the quarter and near-term outlook:

oShell UK Ltd. announced that the Shell Penguins FPSO (Floating Production
Storage and Offloading unit) had achieved "first oil", which triggered a payment
of USD 4.3 million to Magnora ASA for subsequent transfer to Hermana Holding ASA
("Hermana").

oHermana expects to receive a second payment of USD 4.3 million in Q3 2025,
contingent on the Shell Penguins FPSO producing 4 million barrels of oil
("boe").

oFrom the Western Isles FPSO, Hermana is entitled to USD 0.5 per boe produced
for eternity.  

oThe Western Isles FPSO may benefit from regulatory clarity on British Energy
Profits Levy ("Windfall Tax"). In March 2025 the UK government initiated eight
weeks of consultations on the tax framework for energy company profits post
2030, and initial signals indicate that the industry's concerns are taken
seriously. The new regime may allow profitable investments in the UK oil and gas
sectors and re-commitment of the vessel to the Buchan field.
  
oIf the vessel is not recommitted to Buchan or another UK field, its cost
advantage should pave the way for redeployed to another global field. The
Western Isles FPSO has an estimated lifespan (the hull) of 30 to 50 years, with
potential for extensions through refurbishments. It offers the benefits of being
both the lowest-cost development option and the one that results in the lowest
full-cycle carbon footprint. Several similar FPSOs have been redeployed to other
fields worldwide in recent years.

oHermana maintained low operational expenditures of NOK 1.3 million in Q1,
enabled by flexible hired-in services.

oDuring the quarter, the management team initiated a targeted marketing that
resulted in the generation of a strong pipeline of both inbound and actively
sourced interesting investment opportunities that align with the company's
investment criteria.

oHermana intends to pursue strategic investments using existing cash reserves
and funds from the demerger receivable. Dialogue with leading financial
institutions has been established to position Hermana for debt financing.