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wholly owned by Sumitomo Corporation.

Avalon License Acquisition

December 19, 2016

Summit Exploration and Production Limited (“Summit”) announces the acquisition of an additional 50% interest in the P2006 licence containing the Avalon discovery. The acquisition from Enquest Heather Limited (“Enquest”) brings Summit’s total interest to 100%.

The Avalon field was discovered in 2014 in block 21/6b with 2P contingent reserves approaching 30 mmbo. Summit intends to drill an appraisal well in 2017 and expects first oil by mid 2020.

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