Tulip Oil Netherlands Offshore B.V. (“Tulip Oil”, “TONO” or the “Company”), a wholly owned subsidiary of Tulip Oil Holding B.V., is pleased to announce the Final Investment Decision related to the development of the Q10 gas field.

Tulip Oil will now proceed with developing the field which is expected to become a major offshore producing asset in the Netherlands. The Q10 gas field development will encompass an unmanned offshore platform (Q10-A) with a pipeline tie back to the TAQA operated P15d platform to the south east of the platform. First gas is expected in 2019. The project main components will be executed under EPCI contracts. The pipeline scope has been awarded to Allseas and the production platform scope to Heerema. Drilling of the development wells will be done using a Paragon rig.

The output is seen as a positive contributor to the Dutch economy and will contribute to offset production reductions from other assets in the Netherlands.

Imad Mohsen, Chief Executive Officer stated: “This marks a major step forward for both Tulip and our partner, Energie Beheer Nederland B.V. (EBN), to put Q10 into production, we are happy to see our assets moving forward into development and generate significant cashflow.”

About Tulip Oil

Tulip Oil Holding B.V. is a privately-held exploration and production operator based in The Hague. The Company operates assets in both the Netherlands and in Germany and is owned by management and funds advised by GNRI.

The Q10 gas field (Previously referred to as Q07A but now renamed to Q10) was discovered in 2015 and lies 20km offshore the Netherlands in a shallow water environment.

Tulip Oil was awarded a production license for the Q7/Q10a blocks on the 24th of July of 2017 by the Dutch Ministry of Economic Affairs.

TONO owns a 60% interest in the Q07a/Q10 block and is the operator. Energie Beheer Nederland B.V. (EBN) holds the remaining interest.