Knox Energy Solutions AS

Knox Energy Solutions AS - Notification of Warrant Exercise by Blue Concept Ltd.

(Oslo, 28 August 2024) Knox Energy Solutions AS (the "Company") refers to the

Company's stock exchange announcement on 27 August 2024 regarding the allocation

of warrants to Blue Concept Ltd. as resolved by the Company's extraordinary

general meeting 23 August 2024 (the "EGM").

Blue Concept Ltd. has notified the exercise of warrants pursuant to the EGM

resolution. The number of warrants corresponds to the maximum number permissible

under the terms set out in the EGM resolution, i.e., 340,844,221 warrants, and

within the prescribed deadline.

The number of shares issued may be reduced pursuant to the warrant terms and

will be determined based on the final number of shares in Rapid Oil Production

Ltd. that are to be converted into shares in the Company, in accordance with the

Offer, as defined and further detailed in the Company's stock exchange

announcements on 23 August 2024.

For further information, please contact:

Geir Aune, Chairman, [email protected]

Harald B. Hansen, CEO, [email protected]

About Knox | knox-energy.com

Knox Energy Solutions AS is an international energy company, with a holding in

Rapid Oil Production Ltd. (Rapid), a UK-based oil and gas company backed by a

highly experienced board and management team. Knox Energy Solutions AS is listed

on Euronext Growth under the ticker KNOX.

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