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Petrolia Noco

Petrolia Noco

PSE: Drilling of the Dugong appraisal well (PL 882) commences

08:48 / 1 March 2021 Petrolia Noco Press release

Reference is made to our stock notice on 4 August regarding the Dugong

Petrolia SE has secured equity and loan financing for the 49.9% owned
exploration company Petrolia NOCO AS ("PNO") since we established the company in
2011. The strategy was to use the cash flow from the oil services to finance the
exploration cost of PNO.

The oil industry has been through two oil price cycles (2012-2015 and 2016-2020)
in this period. The first commercial discovery, Dugong, in August was in the
beginning of this up cycle. This appraisal well and the exploration well of
Dugong tail in the third quarter, as well the surrounding exploration licences
in this area, may create significant value to all stakeholders involved,
including our shareholders.

Please find attached the stock notice from PNO.
The press release from the Operator, Neptune Energy, can be found here:

Limassol 1 March 2021
Oslo Børs

This information was distributed by Oslo Børs