We refer to the Company’s announcements on 1 September 2023 and 16 October 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.

The Board of Directors (“the Board”) of Dagang NeXchange Berhad (“the Company” or “DNeX”) is pleased to announce that 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, has completed the Proposed Acquisition of a 42.5% stake in the License from Rapid Oil Production Ltd (“Rapid Oil”) following the fulfilment of the approval conditions of the North Sea Transition Authority.

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

This announcement is dated 21 November 2023.