Petrolia Noco AS (49.9 % owned) announces that the Dugong license today starts
the formation and flow testing of the Dugong discovery, located in the Norwegian
sector of the North Sea in Production License 882. Petrolia NOCO has 20%
ownership in the license and sees further great potential in the vicinity of the
Dugong area. The formation flow testing (DST) is an important step towards
further maturation and development of the Dugong discovery.

The Dugong discovery was one of the largest discoveries on the Norwegian
Continental Shelf in 2020. Followed by the subsequent appraisal drilling in
first half of 2021, recoverable volumes are estimated to be in the range of 40
-108 million barrels of oil equivalent (boe).
Following the DST, the Dugong partners plans to drill a well in the Dugong Tail
prospect in PL 882 during second half of 2021.

The Dugong partners aim to submit a Plan for Development and Operation by the
end of 2022.