Fra Artic.

Questerre Energy announced today their 2P reserves have increased by 20% to 18.4 mmboe. The increase is primarily related to increase drilling activity at Kakwa and the increased ownership in the Antler asset. Our estimate for year-end 2017 reserves were 16.8 mmboe. No changes has been made to the assessment of Questerre’s Utica resource estimate.

Following the recent announcement on the Kakwa farm-down, which will accelerate drilling vs. our previous estimate and the above estimated year-end 2017 reserves announced today our Questerre Core NAV is up by NOK 1.1 per share to NOK 11.7 per share.

In Quebec the company is still waiting on the final regulations before planning a pilot program. According to the company the regulations are expected to be finalized by late April. Questerre still believes a pilot program could take place in early 2019 as previously guided on. In Jordan the feasibility study should be ready relatively soon. As we have attributed no value to this asset, a positive outcome of the study is seen a potential catalyst