UK-headquartered energy company Viaro Energy, through its wholly-owned subsidiary RockRose Energy, has
wrapped up a farm-in agreement a month after announcing it with Hartshead Resources for a 60 per cent
working interest in the Southern North Sea redevelopment project, which entails gas fields and prospects.
Originally, Viaro Energy announced the farm-in agreement with Hartshead Resources in April 2023, which would
enable RockRose to acquire a 60 per cent working interest in Production Licence P.2607, which includes the
Anning and Somerville fields. On the other hand, Hartshead will retain a 40 per cent working interest in the
licence.

In an update on Thursday, 11 May 2023, Viaro revealed that all conditions were met for the completion of the
farm-in agreement with Hartshead, following approval from the North Sea Transition Authority (NSTA). As a
result, Viaro's RockRose has acquired a 60 per cent working interest in the licence located in the Southern Gas
Basin, in which Hartshead is undertaking a phased redevelopment of previously producing gas fields.

Francesco Mazzagatti, CEO of Viaro Energy, commented: “We are thankful to the NSTA for the swift approval of
the transfer of a 60 per cent stake in Licence P.2607 to our operating subsidiary RockRose, as I believe it shows
a serious commitment to the overall security of the UK's domestic energy supply on both sides. Concluding an
agreement like this can take several months, so I am pleased that we have managed to do it in just 4 weeks.

“The NSTA has made it a priority to support companies that materially contribute to the economic recovery of
clean domestic oil and gas assets, and whose actions are in line with the government initiative to reduce carbon
emissions. Viaro remains dedicated to these same goals, and the efficiency with which the Hartshead deal has
been realised serves as proof of that.”

Furthermore, a final investment decision (FID) for Phase 1, which will entail the redevelopment and drilling of the
Anning and Somerville fields, will be taken in 3Q 2023 with six production wells planned. These are forecast to
come on stream in early 2025 at gross peak production rates of 140 mmcfd (net 84 mmcfd to RockRose, or
14,000 boepd).

Discovered in 1969, Anning and Somerville came online in 2008 and 1999, respectively. The fields ceased
production in 2015, at which point Somerville had produced 48 bcf of gas, and Anning had produced 16 bcf of
gas.

On the other hand, Phase 2 will focus on the Hodgkin and Lovelace fields while Phase 3 may also be on the
cards, as Hartshead's exploration portfolio underwent a study by Xodus Group, generating a new prospect
inventory totalling 14 prospects and leads with unrisked 2U Prospective Resources of 344 Bcf.

In a separate statement, Hartshead Resources confirmed the completion of the farm-out agreement with
RockRose. Previously, the firm entered into an agreement with Shell to undertake an engineering study for the
tie-in of its Phase I gas field development to the oil major's infrastructure, which would provide a basis of design
and cost estimate for the tie-in, detailing the required brownfield modifications, as part of the gas offtake route for
the Anning and Somerville gas fields.

Moreover, the company now claims that the front end engineering and design (FEED) is nearing completion and
the field development plan (FDP) will be submitted to the NSTA this quarter while the discussions with parties for
the funding of its remaining expenditure via a bond issue or gas pre-sales are well advanced and are expected to
be concluded alongside FID in 3Q 2023.

Chris Lewis, Hartshead CEO, commented: “The completion of our FOA with RockRose Energy represents a
significant milestone for the company, as it not only derisks the project but importantly, with the ~A$148 million
Phase 1 CAPEX contribution as part of the divestment, combined with the cash position of over $35 million,
Hartshead has the equity funding required to meet the company's share of non-debt project development costs
for Phase I.

“Retaining the EPL tax benefit to Hartshead takes the gross consideration for the divestment of Phase 1 to
A$196m, which is an outstanding achievement for our shareholders. The Hartshead team is advancing the
project work streams with completion of FEED and FDP imminent and our FID planned for 3Q of this year.”