Knox Energy Solutions AS

Investor Presentation • Apr 16, 2024

Knox

Presentation at Hyon Extraordinary Shareholders Meeting April 16, 2024

Rapid Oil - summary

• Rapid Oil Production Ltd ("Rapid Oil" or the "Company") is a UK-based oil & gas company
  • Backed by a highly experienced management team and Board of Directors consisting of experienced professionals with extensive experience from the oil & gas and oil services sector
  • Strong in-house capabilities on M&A/BD, technical, reservoir and field development, with a particularly strong network and track-record within the services industry
  • Unique approach to field development, increasing IRR and NPV of projects by developing fields through severalstages rather than as a single development
  • Management and Board of directors own the majority of the Company and are highly committed and incentivized - USD 10m raised to date

• The Company's primary asset is 15% in the highly attractive Fyne field development

• Low-risk development with strong economics first oil targeted for Q3, 2026
• Rapid Oil is fully carried for its share of the capex, through a recently announced deal in which two strategic partners were brought into the license
• NPV10 of USD 35m and cash flow of USD 58m, both after tax (\$80/bbl oil)

Rapid Oil

Rapid Oil – main asset is a 15% interest in the Fyne field

Full carry on capex following recent farm-out to Hibiscus and Ping

Comments

• Recently announced farm-out from 100% to 15%, ensuring full carry-on development capex by new partners Hibiscus (42.5%) and Ping (42.5%)
• Attractive low-risk development
  • 14.8 mboe recoverable oil volumes from two wells and 9.1 mboe upside from two more wells (Crinan and Fyne East)
  • Subsea tie-back to Anasuria FPSO
  • First oil planned for 2026 with FID to be taken in Q4 2023
• YE25 NPV10 of USD 35m and cash flow of USD 58 after tax, using oil price of USD 80/bbls.

Net production (boepd) and free cash flow (USDm)

Overview of Fyne field

Board of Directors with extensive public market experience

Strong industry reputation, network and a hands-on approach towards Rapid Oil

Chairman More than 20 years experience as CEO or Executive Chairman in public companies,mostly relatedto the oil andgasservice industry. Examples areOcean Rig, DSND Subsea, Wilrig, plus NCL and others. Executed wide array of corporate and capital market transaction in public companies. Geir Aune Director Member of the boardsof Tenders Page SA, RapidOil, HPSDynamic Member of the Investment committee of Move Capital (PE fund). 20 years experience investing in public Energy and Tech equities at The Capital Group, one ofthe world's largestfund managers. Former board member of VALARIS Georges Lambert Svein Olsen Director Active in the offshoreO&G businessfor more than 45 years.Cofounder and CEO of Tentech Intl' (first FPSOin theNorth Sea), FredOlsen Production, BergesenOffshore (BWO) and Aker Floating Production, including the contracting of 8 FPSOs, operational management of 7. Operating regions have been South andWest Africa, South America, Mexico, India and the NorthSea. Simon Farrant Director 30+ years diverse experience in senior management and operationsin the global energy industry. Leadership roles at Schlumberger included VP Investor Relations(reporting to the CEO) and VP North Sea Operations. Currently CEO of MPS Infrastructure andAdvisorto Schlumberger CFO. Peter Goode Director 40+ years of experience in the E&Pand oilservice industry. Chairman of GR Energy Services. Led and sold several companies, including Vetco, Global Oilfield Services. Held a varietyof executive positions at Schlumberger, including President of Reservoir Management, Well Completion and Productivity, SIS and IPM, reporting to chairmanand CEO A. Gould. E&P experience with Owen Kratz Director More than 40 years of experience in the oil and oilservice industry. CurrentlyDirector andCEO of Helix Energy Solution Group.He has also heldthe positon as Executive Chairman in the same company. He has heldseveral operational positionsin Helix overthe years, including COO

Santos and Sohi.

Rapid Oil

Strong management team and in-house capabilities

Extensive experience from the oil & gas and oil service sectors

Hallvard Hasselknippe

Knox - building an industry consolidator and activist shareholder

• Ø Large number of small and undervalued public oil companies, especially in the UK
  • Representing opportunity for acquisition of production at attractive levels
  • Inefficient operation
  • Lacking economy of scale
  • Difficulties raising financing
  • Valuation below asset values
• Ø Corporate transactions more attractive than asset acquisitions
  • Requires combination of strong experience and track record in the capital market combined with high level subsurface and oilfield services technical and operational competence
• Ø Three main focus areas
  • Smaller undervalued companies
  • Special situations
  • Royalty positions

Market opportunities - example UK - public companies

• Ø Large number of small oil companies
• Ø Shareholders suffering from low valuation and low liquidity in the stock
• Ø Limited management and business experience in many companies
• Ø Challenging to raise financing

Market cap range	Number of	In production	Positive FCF
(GBP mill)	companies	# comp	# comp
5 - 20	19	11	4
20 - 50	2	1	1
50 - 100	12	6	6

Transaction speed and efficiency matters in future transactions

• Ø Avoiding long approval processes
  • Transactions requiring government approvals tends to be slow and bureaucratic
  • Staying below mandatory offering thresholds for public companies
• Ø Minimize due diligence requirements
  • Focus on significantly undervalued companies meeting certain basic requirements
  • Utilize improved technologies for production forecasts
• Ø Focus on capital market transactions
  • Better value opportunities
  • Possible to achieve higher transaction speed and efficiency
• Ø Strong experience and track record in fast deal making and efficient execution of capital market transactions

Process moving forward in developing the business

• Ø Exchange offer to shareholders of Rapid Oil Production Ltd.
  • Will take place as fast as practically possible
• Ø Strengthening of liquidity position
  • Ongoing discussions with potential providers
• Ø Development of transaction opportunities
  • Short list of targets established
  • Priority list will be made
• Ø Transactions execution and value creation
  • Accretive acquisitions based on improved valuation of Knox
  • Synergies through combining entities, optimizing operation and cost structures
  • Improved multiples based on increased size of the company
  • Attractive dividend policy