Operations
& Invesments

Bares Holding SA (“Bares”), an upstream company and a wholly owned subsidiary of BGN Energy Holding SA, acquired 19.97% (2nd largest shareholder) of a Canadian private energy company named Mediterra Energy Corporation (“MEC”). The acquisition is completed by July 2023.

MEC has an Exploration and Production Service Agreement (Sudr, Matarma, Asl development leases) and a Concession Agreement (Komombo) in Egypt.

Since the start of MEC’s operations, MEC has increased production by 20-fold. With continued focus and execution, the growth trend continues and has reached 20,000 bopd, all through the drill-bits making MEC the fastest organically growing E&P in Egypt.

With over 500 development well locations booked (2P), MEC plans to drill 80+ wells annually. This level of activity makes MEC one of the most active E&P companies in Egypt.

www.mediterraenergy.com

Bares, with its local partner (50%-50%) signed Risk Services Agreement (“RSA”) for 3 onshore oil fields (NC-4, NC-59, and NC-129) in Libya in December 2023.

Bares and its partner shall be responsible for all investment and operation costs in relation to the 3 oil fields under the RSA.

Initial engineering studies and well workovers were completed, two production facilities were purchased in year 2024. The initial production was started from NC-4 oil field by late October 2024. The production from this field has reached c.10,000 bopd in Q2 2025.

The engineering studies, field operations and required investments are on track to appraise and develop these three oil fields in line with the highest international oil & gas industry standards.

Power Generation through associated gas from the Sarsang oil field operated by HKN Energy, USA.

Contract was signed with the KRG. The first electricity is expected to be generated in 18 months from the FID. The expected investment is estimated to be US$200 million.

500k tonnes of CO2 emissions will be reduced annually by treating the gas and turning it to electricity.