The Board of Directors of REB wishes to announce that as part of Emir Oil's exploration commitment, the Kariman #16 (K-16) vertical exploration well ("K-16 Well") has been spud on 6 October 2018, targeting an identified highly graded hydrocarbon trap in close proximity to the west flank of Kariman field.

Please refer to the attachment on the writeup of K-16 Well for more information.

This announcement is dated 8 October 2018.