Some updates from East Wests partner in Romania:

https://ir.nis.rs/wp-content/uploads/2024/04/QR_Q1_2024_eng.pdf

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March In the first 3 months, 9 development wells and 2 exploratory wells were drilled in Serbia, and 10 development wells were put into operation in Serbia and 2 production wells in Romania

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Key events in Romania in the first quarter in 2024:

· Teremia North Project:

ü In the part of the oil infrastructure, during 2024, a construction permit was obtained for the South location. The process of selecting a supplier for the oil infrastructure is underway;

ü In the part of the gas infrastructure, the detailed project of the infrastructure has been completed, further activities are being carried out to obtain permits from state authorities, consents for land access;

ü As part of the interaction with NAMR, permission was obtained for the extension of gas flaring during 2024 from the wells of the base fund and new well;

ü In terms of project activities, a geological assurance session was conducted, a complex project analysis was planned in order to further submit the project to the investment and advisory bodies for making the final investment decision.