Overview

Subsidiaries in France

MOORE Energy is a Norwegian oil and gas company with its main office in Oslo, operating two subsidiaries in France.

MOORE owns 55% of Millennium Geo-Venture (MGV) together with the Norwegian oil company D3Petroleum Resources AS, owning the remaining 45%. MOORE therefore holds an indirect net 30% working interest in the Soufflenheim license, comprising former producing oil fields operated by Prepa (Elf) until 1968. MGV is the operator of the license with the French oil company Geopetrol as license partner with 45% working interest. MGV was founded in 2002 based on a management team with extensive experience from France.

Through its wholly owned subsidiary Bluebach Ressources, MOORE holds a 50% working interest in the Seebach license located next to the Soufflenheim license (Geopetrol 50%) and a 100% working interest in the Herbsheim license south of Soufflenheim. Bluebach Ressources is the operator of both licenses.

By the end of 2016 Bluebach Ressources entered into a farm-out agreement for Seebach with Vermilion REP, a wholly owned subsidiary of Vermilion Energy Inc, a Calgary based international oil and gas producer. Vermilion will acquire a 2D seismic survey during summer 2017 aiming to improve the imaging of a prospect in the Triassic and will drill a well to the Trias during the next validity period of the license, in return of working interests from Bluebach Ressources.

MOORE has further 13 exploration license applications in process in both the Alsace region and the Paris Basin. The competition period is closed for all applications - covering an area of more than 6,000 km2, representing a significant resource base.

MOORE's management comprises professionals with more than 30 years' experience in average from the oil and gas industry, including reputable and experienced board of directors and advisory board. The company has developed local in depth technical and administrative knowledge in France since 2005 when it started its activity related to the Soufflenheim license.

The management's understanding of both the Rhine Graben formations in the Alsace region and the Paris Basin sets MOORE to be a natural operator for any ventures based on conventional hydrocarbon resources in these areas.

Based on its current activity, MOORE is developing as a full cycle E&P company with main focus on basins where hydrocarbons have already been found and produced.