Dagang Nexchange Berhad announced contract between Petroliam Nasional Berhad, Petroleum Sarawak Exploration & Production Sdn. Bhd. and Ping Petroleum Sdn.

Bhd. in Relation to the Development and Production of A Cluster. The Board of Directors of DNeX provided the additional information in relation to the Company's announcement made on 17 January 2023 in relation to the Announcement as follows: Value of the contract: The value of the contract will be determined based on the results of the resource assessment conducted on each asset in the license during the pre-development phase.

Location of the A Cluster: A Cluster is located 290 km offshore Miri, Sarawak. Is the contract renewable. If so, for how many years: The contract is on a two (2) years pre-development phase, followed by two (2) years development phase if the field is commercially viable and the Field Development and Abandonment Plan is approved by PETRONAS, and ten (10) years production period after the development phase.

Any extension is subject to PETRONAS' approval. This is for the area, obligations under the Production Sharing Contracts will still be ongoing, specifically the minimum work commitment and submission of studies results. The pre-development phase involves a comprehensive resource assessment of the multiple hydrocarbon discoveries on the license and field development plans for the assets.

As Operator, PPSB carries the responsibility for carrying out the assessments.