Petrolia Noco AS (49.9 % owned) announces that Operator Neptune, on behalf of
Production License 882, has filed an Application of Discharge for well 33/6-6 S
in order to test an additional prospect ("Shamu") in the PL 882.

Well 33/6-6 S will be drilled later this year, subject to a discovery in the
Dugong tail well and thus not formally approved in the licence yet.

The Dugong discovery, in Production License 882, was one of the largest
discoveries on the Norwegian Continental Shelf in 2020. Dugong is located 158
kilometres west of Florø, Norway, at a water depth of 330 metres, and is close
to the existing production facilities of the Snorre field. The reservoir lies at
a depth of 3,250 - 3,500 metres.

The Dugong partners are aiming to submit a Plan for Development and Operation by
end 2022. 

Please also find attached impact assessment for development of PL 882.