We refer to the Company’s announcements dated 25 August 2022, 31 October 2022, 27 April 2023, 26 June 2023, 22 November 2023, 8 December 2023 , 31 January 2024, 15 February 2024 and 14 March 2024 in respect of the Statement of Claim filed by the Company’s sub-subsidiary, EO to MOE relating to the approval of the Amendment No. 4 on the deferral of the contractual obligations of Dolinnoe’s oil field for the periods of 2020 to 2021 to the periods of 2022 to 2025.

The Board of Directors of the Company would like to update that EO had filed its appeal to the Appellate Division of the City Court of Nur-Sultan on 23 September 2022. The Court of the City of Astana (previously referred to as the Court of Nur-Sultan) on 28 October 2022 had supported the position of MOE and rejected the claim of EO.

Following that, EO filed a cassation complaint to the Supreme Court of the Republic of Kazakhstan on 25 April 2023 and the Court had on 12 June 2023 at the first preliminary stage denied EO motion. Accordingly, EO has the right to petition the Prosecutor General to issue a protest on the decision of the Supreme Court of the Republic of Kazakhstan.

On 14 November 2023, MOE filed a claim in the Specialized Inter-District Economic Court of Astana for the compulsory recovery of debt from EO due to non-performance of financial obligations under the Dolinnoe’s contract for the period from 2020 to 2021, with a claim amount of approximately KZT2.6 billion (i.e. RM27.4 million).

The Specialized Inter-District Economic Court of Astana accepted the MOE’s claim. EO has submitted the objections to the claim on 5 December 2023 along with the supporting documents. The Specialized Inter-District Economic Court of Astana completed the consideration of the MOE’s claim and the full text of the reasoned decision of the Court was made available to EO on 29 January 2024.

According to the Court's decision, the MOE’s claim were partially satisfied. A reduced fine in the amount of KZT910.3 million (i.e. RM9.6 million) and a state duty of KZT27.3 million (i.e. RM0.3 million) were imposed on EO.

On 6 February 2024, MOE filed an appeal against the decision of the Specialized Inter-District Economic Court of Astana. On 29 February 2024, the appeal of MOE was rejected, and the decision of the Specialized Inter-District Economic Court of Astana was upheld without changes.

As of to date, EO has fully settled the aforesaid fine and state duty.

EO had also received a confirmation from the State Bailiff to terminate the enforcement proceedings and lifted all the seizures on EO's assets.

Thus the aforesaid material litigation is deemed as resolved.

This announcement is dated 25 October 2024.