OUR BUSINESSES

Dover Production is the platform for upstream and midstream oil & gas asset investments in the United States. Management's extensive experience in exploration & production, midstream, and all other segments of the oil & gas value chain provides a unique opportunity to optimize owned production and acquire additional producing assets with both operational and drilling upside. The strategy has several elements:

• Investing in owned assets to substantially grow production via very low-risk investments that generate substantial incremental cash flow.
• Execute add-on additions that create value at attractive valuations.
• Proprietary deal flow through an extensive network and deep industry expertise, ensuring access to high-value investments.
• Generating advantage from strong global demand for oil, particularly in emerging markets, combined with price volatility and energy transition trends, to create high-value investment opportunities.

Dover Investments is the platform for non-US upstream and midstream oil & gas asset investments. Management's extensive experience in exploration & production, midstream, and all other segments of the oil & gas value chain provides a unique opportunity to invest in oil & gas globally. We target assets that can be become the foundation for sustainable energy businesses. The strategy has several elements:

• Proprietary deal flow through an extensive global network and deep industry expertise, ensuring access to high-value investments.
• Access to opportunities by serving markets where governments or existing operators are seeking solutions to develop oil & gas assets and Dover is uniquely qualified to invest in and/or implement exploration & production projects successfully.
• Generating advantage from strong global demand for oil, particularly in emerging markets, combined with price volatility and energy transition trends, to create high-value investment opportunities.
• Existing assets under evaluation in Asia, Africa, and North and South America, with emerging opportunities in Australia.

Assets will be selected based on key criteria:

• Political and economic environments where risks can be understood, quantified and actively managed.
• Geographies with track records of successful foreign direct investment.
• A proven and scalable resource of oil and/or natural gas.
• An oil and gas industry with scale and infrastructure and opportunities for a company that focuses on operational efficiency.

Dover Minerals is the platform for mineral & royalty investments in the United States. Management's extensive experience in all aspects of land acquisition, leasing, drilling, operations, and asset development provides for Dover to continue and extend their successful mineral and royalty acquisition strategy. The strategy has multiple elements, including:

• Technically driven, proprietary analysis with strategic operating partners who provide access to drilling plans and title allowing for accelerated investment timeframes and reduced risk.
• Balance mineral & royalty acquisitions with established, long-lived production from existing wells with upside from drilling and/or technology and in purchase areas high-graded by our engineering, geology, and land evaluations.
• Target high-graded areas and actively manage the minerals post-acquisition to promote early drilling and increased production under attractive lease terms.
• Retain the option to drill wells on our own minerals to further enhance value.

Dover Carbon is the investment platform for carbon capture and storage (CCS), carbon credits, and other emerging decarbonization investments. The strategy has multiple elements, including:

• Access to opportunities by leveraging our network to identify situations where emitters are seeking decarbonization solutions and Dover is uniquely qualified to implement CCS projects to capture, transport, and store CO₂ safely, securely and cost-effectively.
• Serving market segments where companies are being forced to allocate capital decisively and can't or choose not to invest in CCS directly.
• Targeting hard-to-abate industries where emissions characteristics fit our approach to economic CCS investing.
• Existing relationships with emitters in both Europe and the United States, markets where carbon credits or economic incentives are attractive, and Dover has initial terms of engagement with CO₂ emitters.

Dover Hydrogen will employ an opportunistic strategy of investing in assets that are potentially complimentary to oil & gas or CCS investments and/or leverage management's substantial experience. The strategy has several elements, including:

• In the future, Hydrogen has the potential to be an important transition fuel to achieve net zero emissions of carbon dioxide. There are ways to produce hydrogen from methane and remove CO2 to achieve low carbon hydrogen cost effectively while simultaneously reducing carbon intensity in fossil fuels. 
• We will evaluate and pursue opportunities to produce blue hydrogen from methane production - balancing the ability to sell methane at attractive prices in markets where needed (e.g. Europe) and using CCS to approach "net zero" hydrogen production.
• The integration of hydrogen pursuits with CCS and management's experience and networks provides valuable diversification and exposure to multiple sources of value in decarbonization investing.