The Board of Directors of Dagang NeXchange Berhad (“the Company” or “DNeX”) wishes 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 had increased its North Sea portfolio with the addition of three (3) licenses which are as follows:

1. License P2612 – Glenn field
2. License P2626 – Hutton field
3. License P2244 – Pilot field

The License P2612 and P2626 were awarded from the 33rd United Kingdom Offshore Licensing Round, whereas the License P2244 was acquired through an acquisition of 81.25 per cent stake from Orcadian Energy PLC (collectively referred to as “the Licenses”).

The Board of Directors is of the view that the Licenses is in the best interest of the Company and is not expected to have any material effect to the earnings and net assets per share of the Company for the financial year ending 31 December 2024.

None of the Directors and/or major shareholders and persons connected with the Directors and/or major shareholder has any interest, direct or indirect in relation to the Licenses.

Please refer to the attachment in relation to the press release for further details.

This announcement is dated 2 April 2024.