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IoT + Artificial Intelligence Startup Ambyint Announces Expanded Commitment with Equinor to Optimize Production Operations in North Dakota

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Ambyint, the emerging player in AI-powered artificial lift and
production optimization, and international energy major Equinor today
announced that Equinor will deploy Amybint's technology on all rod pump
wells in Equinor's Bakken asset in North Dakota. The partnership comes
at the end of a successful pilot and will expand to full field
implementation in this asset.

During the pilot, Equinor was able to automate rod pump well
optimization through use of Ambyint's autonomous setpoint management
functionality. By identifying wells that were over-pumping or
under-pumping, controller set points were adjusted with minimal human
interaction. This kind of proactive machine-driven optimization resulted
in increased production rates and pump efficiency while reducing well
volatility.

"The Ambyint technology has improved the remote data visibility and has
delivered a more accurate diagnostic of downhole conditions to our rod
pump wells in the Bakken. The Autonomous speed range management tool has
leveraged the power of machine learning to optimize our wells by
identifying and acting on real opportunities," said Jack Freeman,
Production Engineer for Equinor's Bakken Asset.

"Research & Technology teams facilitated the internal technology
qualification process by setting up robust and measurable success
criteria for the evaluation of pilot. We worked closely with Ambyint to
ensure that the technology development and future roadmap meets
Equinor's business needs and priorities," said Pandurang Kulkarni,
principal researcher at Equinor Research and Technology.

Ambyint delivers substantial operating improvements to customers by
combining the best of traditional physics-based methods with modern
artificial intelligence and machine learning. Ambyint's data science
success is fueled by the industry's largest repository of labeled
training data, totaling nearly 100 million operating hours of
high-resolution data. Using its proprietary High-Resolution Adaptive
Controllers (HRAC), Ambyint continues to build on both the size and
quality of its industry-leading data lake. As a result, Ambyint has
already helped customers show 20%+ reductions in operating expenses and
as much as 10% improvements in production volumes.

This deployment of Ambyint's technology expands the company's
partnership with Equinor. In September 2017, Ambyint announced that
Equinor Technology Ventures, Equinor's corporate venture unit,
participated in the company's $11.5M Series A round along with GE
Ventures, Cottonwood Venture Partners, and lead investor Mercury Fund.

"The strong positive results from Ambyint's pilot in Equinor's Bakken
asset is a direct result of the hard work and deep collaboration between
Equinor's Bakken asset team, Research & Technology team, and the
Ventures team," said Chris Robart, President of Ambyint USA. "Equinor's
commitment to deploying leading-edge and novel technologies into their
operations is what made the pilot possible and what ultimately resulted
in significant value creation for the Bakken asset."

About Ambyint

Ambyint is building the "self-driving car" for oil wells to enable
autonomous well operations for it's E&P customers. The company is
leveraging best-in-class technology tools like artificial intelligence,
machine learning, and IoT controllers, in combination with physics-based
analytics, deep domain expertise, and a massive proprietary data lake
that's nearly 50 terabytes, equivalent to 100 million operating hours.
Ambyint creates value for customers by increasing production and
reducing labor costs, maintenance costs, and G&A. Ultimately the company
can deliver production improvements of up to 10% and OpEx cost savings
of up to 20%. For more information, visit http://ambyint.com.

About Equinor

We're Equinor, an international energy company with a proud history.
Formerly Statoil, we are 20,000 committed colleagues developing oil,
gas, wind and solar energy in more than 30 countries worldwide. We're
the largest operator in Norway, among the world's largest offshore
operators, and a growing force in renewables. Driven by our Nordic urge
to explore beyond the horizon, and our dedication to safety, equality
and sustainability, we're building a global business on our values and
the energy needs of the future. For more information, visit http://equinor.com.

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