C.O. Cyprus Opportunity Energy Public Company LTD

Business and Financial Review • May 23, 2018

22 May 2018

Cyprus Stock Exchange Nicosia

ANNOUNCEMENT

Re: Holder of the Majority Working Interest in North Dakota, USA Project (the "Project") Publishes Production Data

Further to the announcements dated 27 June 2017, regarding entering into a Farmout Agreement for the participation and acquisition of rights in the Project, and 5 March 2018, regarding an update to the North Dakota work plan, C.O. CYPRUS OPPORTUNITY PUBLIC ENERGY COMPANY LIMITED (the "Company") would like to inform the investing public that Israel Opportunity – Energy Resources, LP, the owner of the majority working interest in the Project (the "Israeli Partnership"), has published the following data in an announcement dated 21 May 2018 (the "2018 1st Quarter Report") regarding production of oil and gas in the Project:

1. Between January 2018 and until the end of March 2018 (the "Report's Period"), about 13,000 barrels of oil (for 100% of the Project) were produced from two existing wells in the area of the Project, that were already recompleted prior to the Report's Period (the "Paradox Wells").

Warning – it is hereby emphasized, that nothing in the oil production data above is meant to predict future production from the wells, duration of production by those wells, and pace of production. It is also hereby noted, that the information above refers only to oil production data in the Report's Period and is not meant to indicate the profitability of the wells.

• 1. 2018 1st Quarter Report has noted, that the extreme weather conditions in the area of the Project cause interruptions as well as operational and maintenance difficulties. Further, during the Report's Period, malfunctions occurred to the pumps of the Paradox Wells, leading to temporary halt of production. After a number of attempts to repair the pumps and in accordance with the counsel of the operator, it was decided to replace the pumps with simpler ones of lower capacity (causing the production rate to decrease).
• 1. The partners to the Project have performed four recompletions to existing wells in the area of the Project: Mesa 13-29, Mesa 11-31, Poudre 44-18 and Crystal 44-18, using a recompletion technique which included fracking. Since the month of April 2018, during which the recompletions to each well were performed, and until 19th May 2018, about 3,576 barrels of oil have been produced from the abovementioned wells (for 100% of the Project).

In accordance with the initial results and with the counsel of the operator of the Project, as of the day of the 2018 1st Quarter Report, it was decided to continue production from 3 out of the 4 wells in which the recompletion has been performed as described above, and to pause the production from one of the wells for the purpose of stabilizing the well and attempting to improving production capabilities.

Warning – it is hereby emphasized, that nothing in the above information is meant to predict the stabilization of production from the wells, oil production amounts in the future, duration of production from the wells, and production pace – as much as production indeed takes place, as well as the profitability of the wells.

The partners in the Project and their work interest (on average¹ ) are as follows: The Company – about 2.82% Israel Opportunity – Energy Resources, LP² – about 58.28% Radian Partnership, LP – about 9.4% Thurston Energy Investment 2, LLC – about 23.5% A number of different holders, combined – about 6%

Kind regards,

Rony Halman Chairman of C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED

¹ The Work Interest in the 10 sections that comprise the Project differs between one section to another. Therefore, the overall work interest dispersion is displayed as average.

² A public Israeli partnership, which its General Partner is a substantial shareholder in the Company.