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DNR sues multiple companies over North Slope wells not fully P&A'd. The Alaska Department of Natural Resources is suing multiple companies over incomplete plugging and abandonment of three wells on the North Slope, charging breach of contract and trespass. As reported in the Alaska Beacon, the suit was filed in Alaska Superior Court in the Second Judicial District in Utqiaġvik on Aug. 28. Companies named in the suit are AVCG LLC, Brooks Range Development Corp., Brooks Range Petroleum Corp., CaraCol Petroleum LLC, MEP Alaska LLC, Nabors Drilling Technologies USA, Ramshorn Investments Inc., TG World Energy Inc. and TP North Slope Development LLC. The companies, collectively the lessee defendants, are the operator and working interest owners of the former Beechey Point unit and lessees of expired oil and gas leases ADL 390429, ADL 390431 and ADL 047468, and are being sued for failure to properly plug and abandon the Sak River 1A, North Shore 1 and North Shore 3 wells. The department is also bringing breach of contract action against TP North Slope, MEP, CaraCol, Ramshorn, AVCG, BRPC and Nabors as parties to the 2014 BRPC dismantlement, removal and restoration, DR&R agreement with DNR for failure to properly plug and abandon the wells. BRPC, the operator, spud the North Shore 1 in February 2007 from a surface hole on ADL 390429 to a bottomhole location on ADL 047468. BRPC sidetracked North Shore 1 in 2008, testing more than 2,000 barrels of oil per day, suspending the well in May of that year. In July 2008 DNR certified North Shore 1 as capable of producing in paying quantities. The Beechey Point unit, immediately north of Prudhoe Bay between the Milne Point and Northstar units, was formed in 2009. BRPC spud the Sak River 1A in January 2010 from a surface location on ADL 390429, through ADL 047468, to a bottomhole location on ADL 390431. BRPC spud the North Shore 3 in March 2010 with both surface and bottomhole on ADL 390429 and the wellbore crossing into ADL 047468. ADL 390431 expired in 2012 as it was past its primary term, but DNR notified BRPC that the expiration did not relieve BRPC of the obligation to remove all equipment, tools and materials. Sak River 1A, with a bottomhole location at ADL 390431 has not been P&A'd, DNR said in its suit. In September 2014 DNR issued a notice of automatic termination of the Beechey Point unit as it was 5 years past its effective date. BRPC requested reconsideration and a hearing. In October 2014 the working interest owners and BRPC as operator entered into a DR&R agreement with DNR, establishing a trust fund to cover DR&R costs. The working interest owners were required to make an initial deposit of $4.1 million into the trust account. DNR allowed that amount to be offset by an existing $3.1 million cash bond plus BRPC's $500,000 statewide cash bond, with a $1 million deposit required each year. BRPC requested approval to waive the annual payment in 2015 and DNR allowed a deposit of $250,000 with a subsequent payment of $250,000 to be made in 2016. In 2017, at the request of BRPC, DNR released the $3.1 million certificate of deposit from the BRPC DR&R trust account associated with the Mustang Project with certain conditions including the requirement to renegotiate and amend the DR&R agreement no later than June 1, 2018, but DNR said no such amendment ever occurred. But thereafter parties to the DR&R agreement failed to make timely deposits. BRPC submitted a proposal to the Alaska Oil and Gas Conservation Commission in early 2018 to rectify compliance issues related to site inspection of the three wells and issued notices of violation for failure to P&S the Sak River 1A prior to losing rights to drill the lease. That same year BRPC filed an application with AOGCC to P&A Sak River 1A. ADL 047468 expired in 2019 as did ADL 390429, which was acquired by Hilcorp in a 2022 lease sale and issued under a new number, ADL 394166. That lease still contains the surface locations for the three wells and the bottomhole location for North Shore 3. Former ADL 390431 and former ADL 047468, bottomhole locations for Sak River 1A and North Shore 1, respectively, remained unleased. In December 2024, AOGCC issued a notice of proposed violation to BRPC for failing to P&A the three well, proposing a civil penalty of $6,194,500. In a 2025 order, AOGCC assessed a civil penalty of $6,340,000 for failure to P&A the three wells. As of March 2025, the BRPC DR&R trust fund contained a sum of $1,082,070.30. On March 13, 2025, DNR issued notice to BRPC that it was in material breach of lease covenants and breach of obligations under the DR&R agreement because of failure to timely P&A the three wells. The funds, now $1.626 million, are inadequate to P&A the wells. DNR asks the court to order that the three wells be P&A'd and allocate the costs amount the defendants. Kristen Nelson, editor-in-chief. Kristen Nelson has been reporting on Alaska oil and gas since the early 1990s and has been with Petroleum News as editor and reporter for more than 30 years. Email: [email protected]

Nabors expands geothermal growth platform with $35 million strategic investment in Quaise Energy. Aug 27, 2026, 07:00 ET Investment increases Nabors' ownership to extend its technology-enabled growth strategy and positions the Company to support the commercialization of next-generation superhot geothermal drilling HAMILTON, Bermuda, Aug. 27, 2026 /PRNewswire/ - Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today announced the completion of a $35 million strategic equity investment in Quaise Energy, Inc. ("Quaise"). The transaction positions Nabors as Quaise's largest shareholder with a fully diluted ownership of 14%. The investment deepens the longstanding relationship between Nabors and Quaise, and gives Nabors meaningful potential value creation from Quaise's millimeter-wave drilling platform as it advances toward commercial deployment. The funding is part of Quaise's Series B financing round and underscores Nabors' continued support for Quaise's technology development and expansion efforts. The transaction advances Nabors' strategy to deploy its differentiated drilling, automation, and well-construction capabilities into attractive adjacent energy markets. Quaise's hybrid platform combines conventional rotary drilling with high-power millimeter-wave technology designed to reach deeper, hotter geothermal resources that are otherwise inaccessible with conventional methods. Upon successful deployment, the technology broadens the addressable market for geothermal power and creates future opportunities for Nabors' rigs, drilling services, engineering, and automation solutions. "This investment brings together strategic commitment and one of the most compelling opportunities in geothermal energy," said Anthony G. Petrello, Chairman, President and Chief Executive Officer of Nabors. "Quaise's technology closely aligns with our core strengths. By pairing its innovation with Nabors' global platform, technical expertise, and field execution capabilities, we believe we can help accelerate industry adoption while creating an attractive pathway for long-term value creation." Nabors funded the investment through the issuance of approximately 392,000 shares of Nabors common stock. Carlos Araque, Chief Executive Officer and President of Quaise Energy, said, "Nabors combines world-class drilling, advanced technology, field execution, and a global operating footprint. Its increased investment is a strong endorsement of our technology and growth strategy. We could not be more excited to move forward together as we advance our technology and bring the world's first superhot geothermal power plant to life - a meaningful next step toward deploying geothermal at commercial scale." Quaise's gyrotron-powered drilling platform is designed to ablate rock using millimeter-wave energy transmitted downhole through a waveguide, reducing reliance on complex downhole equipment in extreme-temperature environments. By integrating this technology with established drilling practices, infrastructure and supply chains, Quaise is pursuing a scalable pathway to access deeper and hotter geothermal resources. A Nabors PACE(R)-B rig is currently drilling at Quaise's Project Obsidian in Oregon, providing Nabors with a direct role in the project's field execution. The planned first phase targets 50 megawatts of reliable power, with subsequent phases targeting up to one gigawatt of additional capacity. Project Obsidian is intended to become the first commercial deployment of a superhot enhanced geothermal system. Nabors' investment in Quaise establishes a strategic framework including an exclusivity arrangement to provide drilling services in support of Quaise's geothermal projects. Following this investment, the companies expect to continue evaluating additional opportunities, including drilling-system integration, rig engineering, field deployment, automation and global project development. These opportunities could extend Nabors' participation beyond its current ownership and support potential future revenue as Quaise progresses toward broader market adoption. About Nabors Industries Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in approximately 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower-carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com. About Quaise Energy Quaise Energy is unlocking the Earth's deep heat to deliver clean, reliable, baseload energy at scale - almost anywhere in the world. As both a technology innovator and project developer, Quaise builds and operates solutions that harness superhot geothermal energy far below the surface, enabling power generation that can rival the output of today's most efficient fossil fuel and nuclear plants. With its millimeter wave drilling technology, developed after more than a decade of research at the Massachusetts Institute of Technology (MIT), Quaise's mission is to make superhot geothermal a backbone of the modern energy system, offering affordable, zero-carbon power and true energy independence for communities and nations everywhere. https://www.quaise.com/ Forward-Looking Statements The information included in this press release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to a number of risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements. Nabors Investor Contacts: William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, via email [email protected] or Kara Peak, Director of Corporate Development & Investor Relations, via email [email protected]. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda via email [email protected] Quaise Media Contact: Diane Hughes Vice President, Marketing & Communications, Quaise Energy [email protected] SOURCE Nabors Industries Ltd.

Nabors Industries has completed a $35 million strategic equity investment in Quaise Energy, becoming the company's largest shareholder with 14% fully diluted ownership. The investment is part of Quaise's Series B financing round and deepens the partnership between the two companies. Quaise is developing a hybrid drilling platform that combines conventional rotary drilling with high-power millimetre-wave technology to access deeper, hotter geothermal resources. The technology uses gyrotron-powered millimetre-wave energy to ablate rock, enabling access to superhot geothermal systems previously unreachable with traditional methods. Nabors funded the investment by issuing approximately 392,000 shares of its common stock. A Nabors rig is currently operating at Quaise's Project Obsidian in Oregon, which aims to become the first commercial deployment of a superhot enhanced geothermal system, targeting 50 megawatts initially with plans for up to one gigawatt additional capacity.