We refer to our previous announcements in relation to the Conditional Funding Agreement between the Company and Malaysia Development Holding Sdn Bhd (“MDH”), a special purpose vehicle controlled by the Minister of Finance, Incorporated, and our Circular dated 8 July 2025. Unless otherwise defined, the definitions set out in the Circular shall apply herein.

Following the EGM of the Company held on 30 July 2025 where shareholders’ approval was obtained for, among other things, the issuance of the RCLS, the Board wishes to announce that the Company had on 15 August 2025 entered into the Subscription Agreement with MDH (and together with the Company, the “Parties”), in respect of MDH’s subscription for an amount of up to RM1.1 billion in nominal value of RCLS (the “Subscription”) subject to the occurrence of the Restructuring Effective Date (“Condition”) on or before 12 months from the Sanction Date (i.e. 11 March 2026) (“Long Stop Date”). If the Condition is not satisfied on or before the Long Stop Date, the Parties may mutually agree in writing to extend the Long Stop Date for such period as may be agreed by the Parties. If the Parties fail to agree in writing to extend the Long Stop Date, the Subscription Agreement will immediately terminate and neither of the Parties will have any further liability under the Subscription Agreement save and except in respect of any accrued rights or liabilities of the Parties which shall survive any such termination. Under the Subscription Agreement, the proceeds raised from the Subscription shall be utilised by the Company for the settlement or payment of the amounts of the liabilities which are or were previously or may in future become outstanding and payable to creditors of the VTEB and its group of companies which are Malaysian service providers operating in or supporting the oil and gas sector, incorporated or registered in, and controlled by the residents of, Malaysia.

This announcement is dated 15 August 2025.