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Lapis Energy Acquires Key Pore Space Rights in the Baton Rouge Corridor

May 9, 2022

Lapis Energy (Lapis) is pleased to announce that it has completed the lease of over 14,000
acres of carbon pore space rights with a private landowner 20 miles west of New Orleans,
Louisiana. Lapis believes the pore space in the area has the potential to store more than 500
million tones of industrial carbon dioxide, and has already begun technical studies to progress
a Class VI permit for the area. Lapis plans to be ready to begin injection by 2025.

Hamish Wilson, CEO of Lapis, commented, “We are delighted to announce our carbon storage
project in the Baton Rouge-New Orleans corridor of Louisiana, where we have acquired a hub
scale storage resource capable of supporting multiple industrial emitters. Lapis is currently
engaged in commercial discussions with a number of industrial emitters in the region. As
demonstrated by our recent agreement with LSB Industries to sequester industrial carbon
dioxide in Arkansas, Lapis’ subsurface technical excellence, combined with its competitive
commercial offering, is an attractive value proposition to emitters requiring a full carbon
abatement solution.”

“Carbon capture and sequestration are important to Louisiana’s efforts to reduce carbon
dioxide emissions while maintaining jobs and growing our manufacturing base,” said Governor
John Bel Edwards. “This effort is a clear demonstration of our ability to grow the Louisiana
economy while lowering the carbon footprint of industry.”