C.O. Cyprus Opportunity Energy Public Company LTD

Earnings Release • Nov 28, 2019

28 th November 2019

Cyprus Stock Exchange Nicosia

ANNOUNCEMENT

Re: Holder of the Majority Working Interest (the "Major Partner") in North Dakota, USA Project Made Production Data Public

C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED (the "Company") would like to inform the investing public, further to the announcement dated 27 June 2017 regarding entering into a Farmout Agreement for the participation and acquisition of rights in oil and gas assets in North Dakota, USA (the "Project"), that the Major Partner¹ in the Project has yesterday (27 November 2019) published its third quarterly report for the year 2019, which contains information that may be relevant to the investing public regarding the Project.

Following is a table summarizing data pertaining to hydrocarbons production in 3 rd quarter 2019 in the Project, as published and relevant to the Major Partner:

		Q3 2019
Production of petroleum, type oil WTI	Total production in the period [MBBL*] for the 100%	9
	Total production in the period [MBBL] (related to Major Partner's shareholders)2	5
	Average price per one production unit (USD per oil barrel)	51
	Average royalties3 (all payments related to production of the producing asset including of gross income of the oil asset) paid per production unit (related to Major Partner's shareholders) (USD per oil barrel)	15
	Average costs of production per production unit (USD per oil barrel)	16
		-----
	Average net revenue per production unit (related to Major Partner's shareholders) (USD per oil barrel)	20
Production of petroleum, type gas, including: Nitrogen, Sulfur, Methane	Total production in the period [MCF**] for the 100%	20,563

¹ Israel Opportunity – Energy Resources, LP. A public Israeli partnership, which its General Partner is a substantial shareholder in the Company.

² In order to receive the value that relates to the total production in the period [MBBL] that relates to the shareholders of the Company (and not the Major Partner, as reflected in the table) the total production in the period [MBBL] for the 100% should be multiplied with the NRI of the Company, which is approximately 2.191%.

³ Note, that royalties, as published in the original announcement of the Major Partner (which is incorporated as a limited partnership), also include royalties paid by the partnership to its general partner, under their partnership agreement, in the amount of 10% of its share of any petroleum produced.

	Total production in the period [MCF] (related to Major Partner's shareholders)4	12,046
	Average price per one production unit (USD per MCF)	1
	Average royalties* (all payments related to production of the producing asset including of gross income of the oil asset) paid per production unit (related to Major Partner's shareholders) (USD per MCF)	*)
	Average costs of production per production unit (USD per MCF)	*)
		----
	Average net revenue per production unit (related to Major Partner's shareholders) (USD per MCF)	*)
Production of petroleum, type gas, including: Propane, Butane, Natural Gasoline, Condensate	Total production in the period [Gallon] for the 100%	108,866
	Total production in the period [Gallon] (related to Major Partner's shareholders)5	63,773
	Average price per one production unit (USD per Gallon)	*)
	Average royalties* (all payments related to production of the producing asset including of gross income of the oil asset) paid per production unit (related to Major Partner's shareholders) (USD per Gallon)	*)
	Average costs of production per production unit (USD per Gallon)	*)
		----
	Average net revenue per production unit (related to Major Partner's shareholders) (USD per Gallon)	*)

* MBBL – Thousand barrels.

** MCF – Thousand Cubic Feet.

*) Represents a value lower than 1 USD.

During the 3 rd quarter of 2019, the Major Partner assessed impairment indications of its oil and gas assets in the Project and concluded that the asset should be impaired by 4,026 thousand USD (related to the Major Partner's shareholders).

The figures in the above table relate to the Major Partner's shareholders and are specific to this partner, as they are taken from its announcement. The investing public and the shareholders of the Company should not base any calculation on the figures of the Major Partner to extrapolate the relative figures of the Company and other partners in the Project as these figures would not be true and representative.

The partners to the Project and their work interest (on average⁶ ) are as follows: The Company – about 2.82% Israel Opportunity – Energy Resources, LP – about 58.28% Radian Partnership, LP – about 9.4% Thurston Energy Investment 2, LLC – about 23.5%

⁴ See footnote 2 above, with the necessary changes to the production unit (MCF instead of MBBL).

⁵ See footnote 2 above, with the necessary changes to the production unit (Gallons instead of MBBL).

⁶ 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.

A number of different holders, combined – about 6%

Kind regards,

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