We refer to the Company’s announcement on 1 September 2023 in relation to the Proposed Acquisition of interest in License P2451 (“Proposed Acquisition”). Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in the previous announcement.

Pursuant to the Farm-in Agreement entered into between Ping Petroleum UK PLC (“Ping Petroleum”), a business unit under the Company’s energy division held via DNeX Energy Sdn. Bhd., which in turn is a wholly-owned subsidiary of the Company, and Rapid Oil Production Ltd (“Rapid Oil”) for a 42.5% stake in the License (“Farm-in Interest”), the Company has obtained the approval from the North Sea Transition Authority (“NSTA”), subject to the following conditions:

(i)    the Deed of Assignment for the legal transfer of the Farm-in Interest from Rapid Oil to Ping Petroleum is executed in a form approved by the NSTA;

(ii)   the Proposed Acquisition as approved is completed by 9 January 2024; and

(iii)  The NSTA is notified within two weeks of the completion of the Proposed Acquisition.

Upon completion of the deal, the parties to the Licence are Ping Petroleum (42.5%), Anasuria Hibiscus UK Limited (42.5%) and Rapid Oil (15%).

This announcement is dated 16 October 2023.