1. Introduction

The Board of Directors of Uzma is pleased to announce that MMSVS Group Holding Co. Ltd., Thailand (“MMSVS”), a wholly-owned foreign subsidiary of the Company has received a contract award from companies of PTTEP Group (“PTTEP”) for Provision of Hydraulic Workover Unit (HWU) Services (340K - Call-Off)  (“Contract”)  for a period of three (3) years through PTTEP’s Contract issued to MMSVS dated 25 May 2022. This announcement has been approved by PTTEP on  17 June 2022.

2. Salient Terms

The salient terms of the Contract are as follows: -

(a) PTTEP’s scope of work comprises of Hydraulic Workover Unit (HWU) and associated equipment service required for Workover and Well Services activities at onshore Thailand. (“Scope of Works”).

(b) The duration of the Contract is for a period of three (3) years on a callout basis where the services shall be provided upon PTTEP’s written callout notice.

(c) The value of the Contract is approximately US Dollars Ten Million (USD10,000,000.00) over the estimated contract period.

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 will not have any effect on the share capital and shareholding structure of the Company as it does not involve the issuance of ordinary shares in the Company. However, it is expected to contribute positively towards the earnings and net assets per share of the Company for the financial year ending 30 June 2022 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 Award of Contract is in the best interest of the Company.

This announcement is dated 20 June 2022.