Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in the previous PN17 announcements.

We refer to the first announcement dated 28 April 2017 in relation to the Company being classified as a PN17 Affected Listed Issuer, the subsequent announcements dated 2 May 2017, 1 June 2017, 3 July 2017, 1 August 2017, 5 September 2017, 2 October 2017, 1 November 2017, 4 December 2017, 2 January 2018, 4 January 2018, 2 February 2018, 1 March 2018, 2 April 2018, 27 April 2018, 3 May 2018, 16 May 2018, 1 June 2018, 2 July 2018, 1 August 2018, 3 September 2018, 1 October 2018, 25 October 2018, 1 November 2018, 14 November 2018, 3 December 2018, 2 January 2019, 4 February 2019, 1 March 2019, 1 April 2019, 24 April 2019, 2 May 2019, 17 May 2019, 3 June 2019, 1 July 2019, 1 August 2019, 3 September 2019, 1 October 2019, 21 October 2019, 1 November 2019, 20 November 2019, 2 December 2019, 2 January 2020, 3 February 2020 and 2 March 2020 pursuant to the requirements under PN17 of Main LR and the announcement dated 13 March 2020 in relation to the memorandum of understanding.

Reference is also made to the recent announcement dated 20 November 2019 in relation to the approval from Bursa Malaysia Securities Berhad (“Bursa Securities”) for a further extension of time (“EOT”) up to 23 April 2020 for the Company to submit its regularisation plan to the relevant authorities.

The Board wishes to inform that the Company had on 13 March 2020 entered into a non-binding memorandum of understanding (“MOU”) with ICE Petroleum Ventures Sdn. Bhd. (“Vendors”) in relation to the acquisition of the entire equity interest in ICE Petroleum Engineering Sdn. Bhd. (“ICE”) (“Proposed Acquisition”). The Company is currently in the process of conducting its due diligence exercise on ICE.

With the EOT approval, the Company has approximately one (1) month to submit its Regularisation Plan to the relevant authorities for approval. The Company will make the necessary announcements on the Regularisation Plan in accordance with the requirements under PN17 of the Main LR.

This announcement serves as the announcement required under Paragraph 4.1(b) of PN17 of the Main LR and the monthly announcement required under Paragraph 4.1(c) of PN17 of the Main LR.

This announcement is dated 1 April 2020.