Corné Melissen

Knox Energy Solutions AS (“Knox”) will in exchange for 50% of the equity in the company, receive 12.5% ownership of Inpector and USD 1.2 mill in cash to be used as working capital in a transaction valued at USD 11.5 million, equivalent to NOK 15.24 per share. Knox has signed definitive agreements with Inpector Capital B.V. (“Inpector”), who fully owns Scimitar Production Egypt Ltd (“Scimitar”), the operator of a sizeable producing oil field in Egypt’s eastern desert c. 300 km south-east of Cairo.

Knox Energy Solutions AS (“Knox”) has signed the final agreement with Inpector Capital B.V. (“Inpector”) regarding the acquisition of 38% of Inpector for USD 20 million. Net to Knox, the acquisition is expected to add ~950 bpd at current production levels with a plan to double that amount in 3 years. The Inpector group is producing oil from the Issaran onshore field in Egypt. The Issaran field is a heavy oil field and the production is currently about 4,000 barrels per day.