C.O. Cyprus Opportunity Energy Public Company LTD

Regulatory Filings • Aug 3, 2017

3 rd August 2017

Cyprus Stock Exchange Nicosia

ANNOUNCEMENT

Re: Commencement of Drilling

Further to the announcement dated 27 June 2017, that C.O. CYPRUS OPPORTUNITY ENERGY PUBLIC COMPANY LIMITED (the "Company"), together with Israel Opportunity, Energy Recourses, Limited Partnership ("IO") and an American company named Radian Partnership, LP. ("Radian") (the "Buyers"), entered into a Farmout agreement with independent third parties (the "Sellers"), for the acquisition of rights in ten sections in oil fields in North Dakota, USA (the "Properties"; "The "Agreement"; "The Project") and further to the announcement dated July 24, 2017 that it has received a Contingent Resources Report for the Properties, the Company would like to inform the investing public that according to information received from the North Dakota project operator, the first drilling out of two ("Paradox 11-30") has begun on August 2nd, 2017, and will be followed by the second drilling ("Paradox 34-31"). The duration of each drilling will be about a week. The "FRACKING" stage is scheduled to begin towards the middle of September 2017.

Warning - The duration of the drillings and the expected time for the implementation of the "FRACKING" technique is based on estimates and assumptions received from the project's operator and is forward-looking information. These estimates and assumptions are professional estimates and assumptions for which there is no certainty and may be updated as the drilling progresses and / or as a result of a range of factors related to oil and natural gas exploration and production projects, including as a result of operating conditions and / or market conditions and / Or regulatory conditions.

Kind regards,

On behalf of the Board of Directors of the Company

Rony Halman Director