Hamilton, Bermuda Monday, March 4, 2019:

Seapulse Limited (“Seapulse” or “the Company”), the global offshore oil and gas explorer, is pleased to announce that it has entered into a strategic alliance with a subsidiary of EnQuest PLC (“EnQuest”).

Following Seapulse’s recently announced partnership with Maersk Drilling A/S which aims to deliver 12 exploration wells, testing 6 Bn bbls of oil in the next two years, the Company has formed a further strategic alliance with the independent production and development company, EnQuest, in order to streamline the development process for discoveries. Seapulse is executing on an innovative strategy adopting a low-cost, high-impact portfolio approach to offshore exploration in order to maximise value creation and diversify risk.

The strategic alliance allows Seapulse to access EnQuest’s expertise and capabilities in fast-track offshore project engineering and execution without the cost of duplicating that capability in-house at Seapulse. EnQuest benefits from initial data insight and the preferential farm-in option rights to Seapulse’s discoveries, without the cost exposure to exploration.

Seapulse Co-founder and CEO, Scott Aitken, commented: “I’m delighted that we have entered into this strategic alliance with EnQuest, who have strong capabilities to select appropriate development and production options to commercialise and develop discoveries. This alliance builds on our business model of eliminating duplication in the sector and finding a lean approach to the frequent exploration and development of a world-scale portfolio of prospects.”