Knox

Presentation at Knox Annual Shareholders Meeting July 12, 2024

Knox

Ø Knox own 20% of Rapid Oil Production Ltd

Reserves: 0.5 mill bbls
Undiscounted cash flow, after tax, \$80/bbl oil price: \$16.4 mill (NOK 175 mill)
NPV (10), \$80/bbl oil price: \$8.8 mill (NOK 94 mill)

Ø Rapid Oil Production Ltd.
Ø Oil producing company in North Africa
Ø Financing activities
- Ongoing discussions regarding a convertible loan
Ø Development of transaction opportunities
- In discussions regarding three additional opportunities
- Working on a short list for smaller UK public companies
Ø Further strengthening of the team
- Ongoing discussions with a small group of previous senior oil and oil service industry executives
- Discussing a combined team with the North African business

Strategy - building an industry consolidator

Corporate transactions more attractive than asset acquisitions
Better value opportunities
Possible to achieve higher transaction speed and efficiency
Requires combination of strong experience and track record in the capital market combined with high level subsurface and oilfield services technical and operational competence
The Knox team has good experience and track record in deal making and efficient execution of capital market transactions
Ø Three main focus areas
- Smaller undervalued companies
- Special situations
- Royalty positions

Ø Oil macro
- Carbon based energy represents about 80% of current energy production
- The world will need oil and gas for a long time into the future
Ø Industry trends
- Consolidation
- Integration of services
Ø Required qualification to utilize market opportunities
Ø Large number of small and undervalued public oil companies
- Representing opportunity for acquisition of production at attractive levels
- Inefficient operation
- Lacking economy of scale
- Difficulties raising financing
- Valuation below asset values