1. Introduction

The Board of Directors of Uzma is pleased to announce that Setegap Ventures Petroleum Sdn. Bhd. (“SVP”), a subsidiary of the Company has been awarded a work order for the Provision of Integrated Well Services for Intervention, Workover & Abandonment (“Work Order”) from SEA Hibiscus Sdn. Bhd. (“SEA Hibiscus”) through SEA Hibiscus’s letter of award dated 20 November 2020 (“Letter of Award”).

This Work Order is part of a Pan Malaysia Umbrella Contract for Provision of Integrated Well Services for Intervention, Workover and Abandonment for Petroleum Arrangement Contractors (PACs).

2. Salient Terms

The salient terms of the Work Order are as follows: -

(a) SVP’s scope of work includes well intervention and integrity operations as required at SITE using equipment, consumables and technology as agreed by both parties. (“Scope of Works”).

(b) Supply of equipment includes Supply Vessel, Coil Tubing Unit, Pumping Package, E-Line, Consumables & Project Management Team.

(c) The duration of this Work Order is for one (1) year from the date of the Letter of Award.

3. Risk factors

Potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions.

4. Financial effects

The Contract is expected to contribute positively towards the earnings and net assets per share of the Company for the financial year ending 30 June 2021 and onwards until the expiry of the Contract.

5. Directors’ and Major Shareholders’ Interests

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of Uzma has any direct or indirect interest in the Contract.

6. Directors’ Statement

The Board of Directors of the Company, after considering all the relevant factors, is of the opinion that the acceptance of the Letter of Award is in the best interest of the Company.

This announcement is dated 1 December 2020.