Knox Energy Solutions AS – Notification of Warrant Exercise by Blue Concept Ltd.

(Oslo, 28 August 2024) Knox Energy Solutions AS (the "Company") refers to the Company's stock exchange announcement on 27 August 2024 regarding the allocation of warrants to Blue Concept Ltd. as resolved by the Company's extraordinary general meeting 23 August 2024 (the "EGM").

Blue Concept Ltd. has notified the exercise of warrants pursuant to the EGM resolution. The number of warrants corresponds to the maximum number permissible under the terms set out in the EGM resolution, i.e., 340,844,221 warrants, and within the prescribed deadline.

The number of shares issued may be reduced pursuant to the warrant terms and will be determined based on the final number of shares in Rapid Oil Production Ltd. that are to be converted into shares in the Company, in accordance with the Offer, as defined and further detailed in the Company's stock exchange announcements on 23 August 2024.

For further information, please contact:

Geir Aune, Chairman, ga@knox-energy.com

Harald B. Hansen, CEO, hh@knox-energy.com

About Knox | knox-energy.com

Knox Energy Solutions AS is an international energy company, with a holding in Rapid Oil Production Ltd. (Rapid), a UK-based oil and gas company backed by a highly experienced board and management team. Knox Energy Solutions AS is listed on Euronext Growth under the ticker KNOX.