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EOG Resources Awarded Onshore Concession to Explore and Appraise Unconventional Shale Block in the UAE

1. EOG awarded oil exploration concession for Unconventional Onshore Block 3 in Abu Dhabi. 2. The concession area spans 3,609 square kilometers, 900,000 acres of potential oil resources. 3. EOG holds 100% equity and operatorship for the new concession. 4. Drilling is expected to start in the second half of 2025. 5. ADNOC may participate after EOG's three-year appraisal phase.

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FAQ

Why Bullish?

This concession opens new revenue streams and shows strong growth potential. Historically, such concessions have positively impacted stock prices of similar companies.

How important is it?

This concession capitalizes on EOG's expertise and expands its international footprint, likely increasing investor confidence.

Why Long Term?

The appraisal phase and future drilling could significantly enhance future revenues over years, akin to previous successful exploration ventures by EOG.

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ADNOCXOMCVX
, /PRNewswire/ -- EOG Resources, Inc. (EOG) today announced that the company was awarded a new oil exploration concession for Unconventional Onshore Block 3 (UCO3) by Abu Dhabi's Supreme Council for Financial and Economic Affairs (SCFEA). The UCO3 concession area is 3,609 square kilometers, or nearly 900,000 acres, in an over-pressured, oil prone basin within the Al Dhafra region of Abu Dhabi. EOG holds 100 percent equity and operatorship and, in coordination with Abu Dhabi National Oil Company (ADNOC), will explore and appraise unconventional oil in the concession area. Following a three year appraisal phase, EOG may enter into a production concession in which ADNOC has the option to participate. EOG currently expects to begin drilling in the second half of 2025 with no change to the company's 2025 capital plan. "We are excited for the opportunity to evaluate this hydrocarbon rich basin for potential horizontal development," said Ezra Y. Yacob, Chairman and Chief Executive Officer of EOG. "We look forward to working alongside ADNOC to expand Abu Dhabi's resource potential." About EOGEOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit www.eogresources.com. Investor Contacts Pearce Hammond 713-571-4684 Neel Panchal 713-571-4884 Shelby O'Connor 713-571-4560 Media Contact Kimberly Ehmer 713-571-4676 SOURCE EOG Resources, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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