ABTOG announces collaboration agreements with Kongsberg Maritime and Braemar ACM Shipbroking

ABT Oil and Gas Ltd. (“ABTOG”) is pleased to announce the signing of Collaboration Agreements with Kongsberg Maritime and Braemar ACM Shipbroking, becoming the first members of the consortium that is targeted at the delivery of the Marginal Field Initiative. The advent of the consortium will significantly drive forward the delivery of the Marginal Field Initiative.

Highlights:

• Collaboration agreements signed with major industry players who will become members of the consortium to deliver the Company’s Marginal Field Initiative:
  • Kongsberg Maritime (“KONGSBERG”) – will provide ‘Best in class’ proven remote control and monitoring technology for ABTOG’s normally unattended development solutions
  • Braemar ACM Shipbroking (“Braemar ACM”) – will assist in sourcing financing, asset negotiations and shipyard negotiations
• All parties will also market the Marginal Field Initiative through their global networks with a view to sourcing projects for the initiative
• The signing of these agreement is expected to provide significant impetus to ABTOG’s Marginal Field Initiative
• Collaboration agreements provide that each of KONGSBERG and Braemar ACM perform their roles through the application of their own resources
• Discussions ongoing with other complementary major industry players to join the consortium providing further appropriate expertise to the Marginal Field Initiative particularly in the areas of engineering design, project management, fabrication yard, topsides, duty holdership and funding
• Principle of collaboration is that each partner demonstrates their belief and commitment to the Marginal Field Initiative through investment which is tailored to each party’s contribution.

ABT Oil & Gas Ltd. (“ABTOG”), has been progressing the Marginal Field Initiative for a number of

years. Over that time ABTOG has refined the business model and significantly progressed the project
delivery mechanism to ensure that marginal fields, which will remain undeveloped if only using
conventional development solutions, can be developed providing returns that justify the investment
in these projects. The key benefit of this work is that ABTOG has successfully proven that, in many
cases, the opex and capex costs of a project can be significantly reduced enabling projects which
have been deemed to be uneconomic to be developed to provide considerable returns to the
operators and investors alike.

Dialogue with the market and, in particular, asset owners continually reinforces the need for delivery
capability to be demonstrable. ABTOG’s offering requires expertise across a broad spectrum of
disciplines and, as such, it is looking to build a consortium of established industry partners in order to
ensure that the ability to deliver is undeniable. ABTOG is seeking to establish relationships with
companies that are forward thinking, recognise the opportunity offered by the Marginal Field
Initiative and are willing to support their belief through the application of their own resources.
The agreements with KONGSBERG and Braemar ACM reflect those principles. Both are strong
industry partners, recognised global leaders in their fields with extensive resources which they intend
to apply to advance the Marginal Field Initiative. Through these partnerships the Marginal Field
Initiative benefits through the advancement of key areas such as:

• the demonstration of a normally unattended installation which is critical for opex reductions;
• access to capital;
• expanding global reach to access projects;
• enhancing credibility; and
• direct investment into advancing the initiative.

ABTOG is working on further collaboration agreements including engineering design, project
management and facility construction, all based upon the same principles, and expects to be able to
announce further arrangements in due course. Completion of these arrangements will create a
consortium dedicated to the implementation of marginal field solutions which will allow ABTOG’s
visions and business model to become a reality.