Contract analysis

I. Purpose and Scope This memorandum establishes binding protocols for the preservation of attorney-client privilege, attorney work-product protection, and related confidentiality safeguards applicable to all Calderwood & Harkness LLP ("C&H") team members, and governs communications with local counsel and third-party advisors in connection with the representation of Dunmore Energy Holdings Ltd. ("Dunmore" or "DEH") i

II. Identification of Parties and Communications Channels The following identifies all parties and communications channels relevant to this engagement, together with the applicable privilege considerations for communications with each. A. Calderwood & Harkness LLP Engagement Team The C&H engagement team for the Notes Offering consists of the following attorneys, each of whom is subject to the protocols set forth in t

1. Kincaid & Moreau LLP (Cayman Islands Counsel) Lead Partner: Nigel Ashworth Office: 68 Fort Street, George Town, Grand Cayman KY1-1107 Email: n.ashworth@kincaidmoreau.ky Jurisdiction: Cayman Islands corporate and securities law matters Scope of Engagement: DEH due incorporation and good standing, corporate capacity and authority, no-conflict analysis, enforceability of the Notes, the Indenture, and the Security Doc

2. Abayomi Chambers (Nigerian Counsel) Lead Partner: Chidinma Okafor Office: 14 Broad Street, Victoria Island, Lagos, Nigeria Email: c.okafor@abayomichambers.ng Jurisdiction: Nigerian law — corporate and regulatory matters Scope of Engagement: Dunmore Nigeria E&P Ltd. corporate matters, including due organization and good standing; validity and enforceability of the debenture and charge over assets relating to OML 47

3. Cresswell & Greaves LLP (English Counsel) Lead Partner: Fiona Halsted Office: 10 Fenchurch Avenue, London EC3M 5BN Email: f.halsted@cresswellgreaves.co.uk Jurisdiction: English law — guarantee, security, and enforceability matters Scope of Engagement: Dunmore Trading Ltd. guarantee and English law debenture; validity and enforceability of the guarantee and debenture under English law; delivery of English law enfor

4. Theron Moss & Associates SARL (Senegalese Counsel) Lead Partner: Moustapha Sy Office: Rue Moussé Diop 22, Plateau, Dakar, Senegal Email: m.sy@theronmoss.sn Jurisdiction: Senegalese law — corporate, regulatory, and security interest matters Scope of Engagement: Dunmore Senegal S.A. due organization and good standing; compliance with the production-sharing contract ("PSC") for the Cayar Offshore Block; validity and

1. Sandoval Compliance Solutions LLC — Sanctions / OFAC Advisory Lead Consultant: Rosa Medina Office: 1120 Connecticut Avenue NW, Suite 600, Washington, DC 20036 Email: r.medina@sandovalcompliance.com Scope: OFAC/SDN screening, EU and UK sanctions screening, sanctions compliance analysis, and advisory services in connection with the Notes Offering

2. Barrisford Advisory Group LLC — ESG and Sustainability Consultant Lead Consultant: Nathan Reyes Office: 1700 K Street NW, Suite 900, Washington, DC 20006 Email: n.reyes@barrisfordadvisory.com Scope: ESG data compilation, sustainability metrics verification, and advisory services in connection with the Offering Memorandum ESG disclosure

3. Duval Howard & Partners — Petroleum Engineering Consultants / Reserves Reports Lead Consultant: Dr. Evelyn Marchetti Office: 1200 Smith Street, Suite 1800, Houston, TX 77002 Email: e.marchetti@duvalhoward.com Scope: Independent reserves estimation and reserves report preparation in accordance with SEC standards and PRMS guidelines

4. Alverton & Co. LLP — Independent Auditor Lead Partner: Graham Stillwell Office: 30 Rockefeller Plaza, New York, NY 10112 Email: g.stillwell@alverton.com Scope: Audit of financial statements, delivery of comfort letters to the Initial Purchasers

III. Applicable Privilege Doctrines by Jurisdiction Given the multi-jurisdictional nature of this engagement, it is essential that all team members understand the material differences in privilege doctrine across the relevant jurisdictions. This Section provides a summary of the applicable privilege rules in each jurisdiction. The overarching principle is that team members should, in all cases, apply the most restric

IV. Protocol for Communications with Dunmore (Client) A. Authorized Client Contacts Alistair Forde, General Counsel of Dunmore Energy Holdings Ltd., is hereby designated as the primary client contact for all privileged legal communications between C&H and Dunmore. Mr. Forde is the individual authorized to seek and receive legal advice on behalf of Dunmore and its subsidiaries for purposes of the Notes Offering. All l

1. Use only firm-approved secure email addresses. All matter-related communications must be sent from and received at the C&H email addresses listed in Section II.A above. No personal email accounts (including personal Northgate Software, Cascade Health IT, Ridgeline Technologies, or other accounts) shall be used for any matter-related communication under any circumstances.

2. Avoid unapproved communication platforms. Matter-related communications should not be conducted via personal text messaging, Meridian Services Inc., Harborline Technologies, Meridian Solutions, or other messaging applications unless expressly approved by Jennifer Kwon for a specific, limited purpose and subject to appropriate preservation protocols.

3. Do not forward privileged communications to unauthorized recipients. Before forwarding or copying any additional recipient on a privileged communication, team members must verify that the proposed recipient is an authorized participant in the privilege (as identified in this memorandum or as subsequently authorized by Jennifer Kwon).

4. Local counsel forwarding. When forwarding privileged communications to local counsel, the forwarding email itself must carry the standard privilege legend and include a statement confirming that the communication is made pursuant to the agency relationship among C&H, the local counsel, and the common client (Dunmore) for the provision of legal advice. A form of such statement is as follows: "This communication is

V. Protocol for Communications with Third-Party Consultants Communications with third-party consultants are generally not protected by the attorney-client privilege, as these consultants are not attorneys and do not stand in an attorney-client relationship with Dunmore. However, under certain circumstances, communications with third-party consultants may be protected if the engagement is properly structured. This Sec

1. Engagement Letter. Sandoval's engagement letter must contain a specific provision stating that Sandoval is engaged to assist C&H in providing legal advice to Dunmore regarding sanctions compliance, and that all communications and work product generated in connection with the engagement are confidential and privileged. A form of Kovel Engagement Letter Addendum is attached as Exhibit B to this memorandum.

2. Direction of Communications. Rosa Medina, Sandoval's lead consultant, should direct all screening results, analyses, and other communications to C&H (Jennifer Kwon or Eric Johannsen) rather than directly to Dunmore business personnel. If Dunmore business personnel require access to Sandoval's work product, such access should be facilitated through C&H to preserve the Kovel structure.

3. Marking of Materials. All screening reports, analyses, memoranda, and other work product prepared by Sandoval in connection with this engagement should be marked: "PREPARED AT THE DIRECTION OF COUNSEL — PRIVILEGED AND CONFIDENTIAL."

4. Scope Limitation. Sandoval should be instructed that its role is to assist C&H in rendering legal advice and that it should not provide independent advice directly to Dunmore on sanctions compliance matters outside the scope of the Kovel engagement. B. Barrisford Advisory Group LLC (ESG Consultant) Barrisford Advisory Group LLC ("Barrisford") has been engaged to compile, verify, and analyze environmental, social,

1. Legal sufficiency analysis. Internal communications between C&H and Barrisford regarding the legal sufficiency of ESG disclosure, including analysis of potential greenwashing liability, the adequacy of cautionary language, and the availability of safe-harbor protections for forward-looking ESG statements under the Private Securities Litigation Reform Act, are prepared to assist counsel in rendering legal advice an

2. Distinction between factual and legal communications. Claire Dempsey's communications with Nathan Reyes (Barrisford's lead consultant) regarding ESG data clarifications for Offering Memorandum fact-checking must carefully distinguish between: (a) factual data requests (e.g., "Please confirm the Scope 1 emissions figure for fiscal year 2024"), which are likely not privileged; and (b) legal analysis of disclosure ad

3. ESG Data Verification Checklist. The ESG Data Verification Checklist prepared by C&H is attorney work product, as it reflects counsel's analysis of the adequacy and accuracy of ESG disclosures in the Offering Memorandum. It should be maintained as a privileged document and should not be shared with Barrisford or disclosed to third parties. To the extent that Barrisford's engagement can be structured under the Kove

1. C&H internal analysis. C&H's internal analysis of the reserves data for disclosure adequacy purposes — including analysis of whether the reserves estimates are consistent with SEC definitions, whether appropriate risk factors have been disclosed, and whether the reserves data supports the financial projections and asset coverage ratios in the Offering Memorandum — is attorney work product.

2. Communications with Dr. Marchetti. Communications between C&H and Dr. Evelyn Marchetti should be structured to reflect the legal review purpose of the communication. To the extent C&H is requesting factual information from Duval Howard (e.g., clarification of reserves categories or methodology), such communications may not be privileged. To the extent C&H is seeking Dr. Marchetti's input on matters that bear on th

1. Comfort letters. The comfort letters are addressed to and provided for the benefit of the Initial Purchasers, not for C&H or Dunmore. The comfort letters and the communications directly related to their preparation and delivery are not privileged attorney-client communications between C&H and Dunmore.

2. C&H internal memoranda. C&H's internal memoranda analyzing the scope and sufficiency of comfort letter coverage, identifying issues or gaps in the comfort letter procedures, and analyzing the legal implications of the comfort letter language are attorney work product. These memoranda should be maintained in the privileged file and should not be shared with Alverton, WBC, or the Initial Purchasers.

3. Comfort letter request letter. C&H's comfort letter request letter to Graham Stillwell at Alverton is a non-privileged professional communication. Team members should take care not to include legal analysis, strategy, or privileged assessments in the comfort letter request letter or in any related correspondence with Alverton. The request letter should be limited to a factual recitation of the procedures requested

VI. Protocol for Communications with Local Counsel A. General Principles Each of the local counsel firms identified in Section II.C — Kincaid & Moreau LLP ("K&M"), Abayomi Chambers, Cresswell & Greaves LLP ("C&G"), and Theron Moss & Associates SARL ("TMA") — is engaged by Dunmore, at the direction of and in coordination with C&H, to provide local law advice in connection with the Notes Offering. This structure reflec

1. Routing. All C&H communications with Abayomi Chambers should be directed through Jennifer Kwon or Eric Johannsen. Copies should be provided to Alistair Forde only. Communications should not be copied to other Dunmore personnel (including Dunmore Nigeria E&P Ltd. operational staff) unless expressly approved by Jennifer Kwon on a case-by-case basis.

2. No Direct Communication with Operational Staff. Abayomi Chambers should not communicate directly with Dunmore Nigeria E&P Ltd. operational staff regarding any matter within the scope of the Notes Offering without prior approval from C&H. Where factual information is required from operational staff, the request should be channeled through Alistair Forde or through C&H.

3. Separation of Regulatory and Privileged Files. Regulatory filings, NNPC submissions, DPR correspondence, and other communications with Nigerian regulatory bodies are not privileged and should be maintained in a separate, non-privileged file. Legal advice memoranda from Abayomi Chambers regarding regulatory compliance strategy — including analysis of regulatory risk, advice on the structure of security interests to

4. Written Undertaking. A written Confidentiality and Privilege Undertaking in the form attached as Exhibit A should be executed by Abayomi Chambers at the outset of the engagement. D. Cresswell & Greaves LLP (England and Wales) Fiona Halsted is the lead contact at Cresswell & Greaves LLP for all matters relating to the Notes Offering. The scope of C&G's engagement encompasses the Dunmore Trading Ltd. guarantee and E

1. Routing. All communications with TMA should be routed through C&H, specifically through Jennifer Kwon or Claire Dempsey. TMA should not communicate directly with Dunmore Senegal S.A. operational staff regarding Notes Offering matters without prior coordination with C&H.

2. Written Undertaking (Bilingual). A written Confidentiality and Privilege Undertaking, in both French and English, should be executed by TMA. The undertaking should explicitly invoke Senegalese professional secrecy obligations under Loi n° 84-09, as well as U.S. attorney-client privilege and the work-product doctrine. A bilingual form of undertaking is included within the template attached as Exhibit A.

3. Labeling. TMA should clearly label all communications and work product as follows: "CONFIDENTIEL — SECRET PROFESSIONNEL / PRIVILEGED AND CONFIDENTIAL — ATTORNEY-CLIENT COMMUNICATION"

4. Separation of Regulatory Files. Regulatory filings with the Ministère de l'Énergie and other Senegalese governmental authorities are not privileged and should be separately maintained. Legal advice regarding regulatory compliance strategy remains privileged.

VII. Protocol for Communications with Counterparty Counsel and Adverse Parties A. Whitfield Baxter & Cohn LLP (Initial Purchasers' Counsel) Whitfield Baxter & Cohn LLP ("WBC") represents the Initial Purchasers — Ridgeline Capital Markets LLC, Clarion Securities Inc., and Pinnacle Partners LLC — in connection with the Notes Offering. Harrison Cates is the lead partner and Priya Naveen is the lead associate at WBC. No

1. No Internal Legal Analysis in External Communications. Do not include internal legal analysis, strategy discussions, privileged assessments, or mental impressions in any email, letter, or document transmitted to WBC. All external communications with WBC should be limited to transactional substance (e.g., document drafts, negotiation positions, closing logistics) and should not reveal the rationale, strategy, or le

2. Scrubbing of Drafts. When transmitting draft documents to WBC (e.g., draft Indenture, draft Purchase Agreement, draft Offering Memorandum), all internal C&H comments, annotations, track changes reflecting legal strategy, margin notes, and embedded comments must be removed before sending. Drafts should be transmitted in "clean" or appropriately redacted form. Eric Johannsen or a more senior team member must review

3. Metadata Scrubbing. All documents transmitted to WBC must be scrubbed of metadata using firm-approved metadata removal tools. Metadata may contain embedded comments, revision history, author identification, and other information that could reveal privileged legal analysis.

4. Negotiation Positions. Negotiation positions reflected in draft mark-ups are generally not privileged once shared with WBC. However, internal C&H memoranda analyzing negotiation strategy, assessing the relative merits of competing positions, and recommending Dunmore's approach remain privileged work product and should not be shared. B. Pruitt Halsey LLP (ABL Agent's Counsel) Pruitt Halsey LLP represents Velthorn N

1. C&H's internal analysis of Trustee and Collateral Agent provisions, including analysis of the scope of the Trustee's fiduciary duties, the adequacy of Trustee indemnification provisions, and the allocation of liability among the Trustee, the Issuers, and the Noteholders.

2. C&H's internal analysis of Collateral Agent provisions, including lien perfection mechanics, collateral release provisions, and enforcement procedures.

3. C&H's negotiation strategy memoranda regarding Trustee-related provisions of the Indenture. Northgate's in-house counsel may prepare and deliver an opinion or authorization on behalf of Northgate in connection with the closing. Communications between Northgate's in-house counsel and Northgate are subject to Northgate's own attorney-client privilege, not Dunmore's. C&H's review of Northgate's in-house counsel's opi

VIII. Document Management and Retention A. Privileged vs. Non-Privileged Files C&H shall maintain separate electronic and physical file systems for the Notes Offering, organized as follows: (a) Privileged Legal Advice and Work-Product Materials. This file category includes all internal C&H memoranda, legal analysis, strategy notes, drafts bearing internal annotations or strategic comments, privilege logs, corresponde

1. The draft must be reviewed by Eric Johannsen or a more senior team member (Theodore Langston, Leonard Cross, or Jennifer Kwon) to identify and remove all privileged content, including internal comments, strategy-related annotations, and embedded Word comments.

2. All tracked changes reflecting internal C&H revisions must be accepted or rejected, as appropriate, so that the externally circulated draft contains only the current substantive text and, where applicable, track changes reflecting the differences between the prior externally circulated draft and the current draft.

3. Firm-approved metadata scrubbing tools must be applied to the document before transmission. Metadata may include author information, revision history, prior comments, and other embedded data that could reveal privileged information.

4. The externally circulated draft should be saved as a separate document from the internal annotated draft. Both versions should be retained — the internal annotated draft in the privileged file, and the externally circulated clean draft in the non-privileged transactional file. C. Closing Binder The closing binder for the Notes Offering (file name: closing-binder-toc.docx) will contain executed, final documents in