We refer to the Company’s announcements on 1 September 2023, 16 October 2023 and 21 November 2023. 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 on 19 March 2024 received a notice from the North Sea Transition Authority, approving the extension request for License P2451 for a further period of thirty (30) months from 31 March 2024 to 30 September 2026.

The extension of the License P2451 is on condition that an approved field development plan and production consent will be achieved by 30 September 2026.

The Parties to the License are Ping Petroleum (42.5%), Anasuria Hibiscus UK Limited (42.5%) and Rapid Oil Production Ltd (15%).

This announcement is dated 20 March 2024.