Company Update

Further to the announcement by the Company on 25^th November 2022 of the start of a strategic asset review, PetroNeft now announces that the Company has received an expression of interest from Pavel Tetyakov (CEO of PetroNeft), that may or may not lead to an offer being made to acquire the Company’s Russian assets.

The Company has now constituted an independent committee , to review any offers and to consider all other viable options. It will seek an independent assessment of the fairness of any offer as part of its due process. The members of the committee will include , Mr. Sacca, Mr. Jersing , Mr. Sturt and Miss Shaftelskaya. Any sale of the Russian assets would be conditional on shareholder and other applicable regulatory approvals. There can be no certainty that a sale will take place.

The Company will make further announcements in due course.

This announcement contains inside information within the meaning of the EU Market Abuse Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.