Key takeaways from today’s #EPP MESH Development Update RNS The technical engineering & design studies have been undertaken by @energy_pathways in conjunction with, & corroborated by, its strategic partners Wood plc @Woodplc , Mermaid Subsea Services & PDi Ltd @PDi_Ltd. The MESH development will involve: • Marram A, a new unmanned offshore platform comprising 4 well slots, economically powered by renewables (wind, solar & batteries) • Phase One will see 2 wells drilled for gas production in Q2 2027, followed by 2 more wells drilled in Q2 2029 for gas storage as part of Phase Two. • Gas will flow via a new 9km pipeline connecting the Marram A platform to an existing gas export trunkline. • There will be a short distance onshore tie-in to the National Gas UK Transmission System. • Phases One & Two will deliver an estimated 500-600 million therms of gas storage with withdrawal & injection rates of 1.7m-2.0m therms of gas per day. This is very interesting as 50-60bcf is an increase of up to 20% more than the original estimates, therefore proving the claim of “High Quality Geology in the Subsea Caverns” as well founded. For context, recent gas prices have ranged from £1.30-1.40p per therm. So using a more conservative price of £1 per therm, Marram alone will have a £500-£600m gas storage capacity & gas injection rates equivalent to £1.7m-£2m per day. This, however, doesn’t include the additional Knox or Lowry fields which are predicted to triple that storage capacity to 1.5 billion therms or 150bcf+. Also it doesn’t include hydrogen storage figures. • “This initial MESH development establishes a central energy hub for future integration with other regional energy projects” - Could this be referring to a collaboration (maybe offtake) with the nearby HYNET Cluster? @HyNetNW • "The MESH energy hub capitalises on specific regional dynamics and integrates multiple energy assets to help the UK harness its considerable energy resources of the North-West of England including excess and curtailed wind power and regional stranded low emission gas resources. By repurposing soon to be decommissioned gas infrastructure, MESH will bring a new lease of life to important UK energy assets being abandoned by the exiting oil and gas industry.” - With a wealth of ‘stranded’ gas assets surrounding MESH in the Irish Sea, this would indicate EPP see significant growth potential via the abundant gas production/storage opportunities nearby. • “In parallel with the extensive technical work streams outlined above, we continue to engage constructively on MESH project financing. What is clear from our engagement with industry and financing stakeholders to date is that there is a clear recognition of the commercial proposition tabled by MESH. We believe that the potential of MESH to mobilise private and public capital in order to provide clean energy to the UK's energy transition warrants the support of a government weighed down by taxpayer subsidised projects." - Very interesting to mention public sector funding. This in my opinion will come via the National Wealth Fund or GBenergy mechanisms now in place. Also it’s encouraging to hear private stakeholder funding talks are progressing. No doubt the PreFEED data will be integral to these negotiations. @NatWealthFund @GBEnergyHQ Conclusion: This RNS derisks the project significantly with the project’s viability and integrity corroborated by 3 well respected third parties. EPP should have a busy Q1 & 2 with a raft of news waiting in the wings. Anticipated news flow: • Marram Gas Storage License Decision • Tier One Wind Power Partnership • Tier One Oil and Gas Partnership • Offtake Agreement: Gas Production • Offtake Agreement: Gas Storage • Offtake Agreement: Hydrogen • Knox and Lowry Gas Production & Storage License Decision • FEED Plan Completion • Possible Debt Financing • Government Project Shortlisting