We refer to the Company’s announcements on 1 September 2023, 16 October 2023, 21 November 2023 and 20 March 2024. Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in the previous announcements.

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 received a “Letter of no objection” from the North Sea Transition Authority in relation to the proposed development concept for the License P2451.

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 18 April 2024.