Unless otherwise defined, capitalised terms in this announcement shall have the same meaning given
to them in the Company’s announcement dated 11 August 2021.

The board of directors (the “Board”) of the Company (together with its subsidiaries, the “Group”)
refers to the announcement made by the Company on 11 August 2021 on the claim filed by Petroci
Holding (“Petroci”) against the Company’s subsidiaries, Rex Oman Limited (“Rex Oman”) and Masirah
Oil Limited (“MOL”), and certain past directors of MOL in the High Court, Commercial Division of the
British Virgin Islands.

The Board wishes to announce that Rex Oman, MOL and the other defendants (including Mr Hans
Lidgren, a controlling shareholder of the Company and past director of MOL) related to the
abovementioned legal case, have on 16 August 2024, signed a global settlement agreement with
Petroci Holding (“Settlement Agreement”), the terms of which are confidential, which provides for a
full and final settlement (with no admission as to liability) of the parties’ claims and termination of
related judicial proceedings in the British Virgin Islands.

Subject to fulfilment of closing conditions, the closing of the Settlement Agreement will result in a
transfer of 21,558 ordinary shares in MOL (“MOL Shares”) by Rex Oman to Petroci. This will increase
Petroci’s shareholding in MOL to 12.5% and reduce Rex Oman’s shareholding in MOL to 81.14%
(“Disposal”). Implementation of the same is subject to a long stop date of 1 January 2025.