KrisEnergy : Updates on restructuring process - Hearing date for application to sanction the Scheme

Updates on restructuring process

• Hearing date for application to sanction the Scheme

Singapore, 27 January 2021 - KrisEnergy Ltd. ("KrisEnergy" or "the Company", together with its subsidiaries, the "Group"), an independent upstream oil and gas company, refers to the following announcements:

1. the announcement dated 16 November 2020 in relation to the outcome of, among other things, the application in HC/OS 1031/2020 for the Court's leave for the Company to hold the Court Meeting ("16 November Announcement");
2. the announcement dated 15 January 2021 in relation to the 6th Extension Application; and
3. the announcement dated 27 January 2021 in relation to the Sanction Application.

Unless otherwise defined, all definitions used herein are adopted from the above mentioned announcements.

Sanction Application

The Sanction Application is fixed to be heard on 1 February 2021 at 10 am. The Court has also directed that:

1. Any party who objects to the Sanction Application is to file an affidavit by 28 January 2021,
   11.59 pm;
2. The following are to be tendered to Court by 29 January 2021, 4 pm:
3. 1. Submissions and bundle of authorities which are to be exchanged and tendered to Court;
   2. The attendance list of parties who wish to attend, indicating whether the party attending is supporting or opposing the application; and
   3. A time bank.

The Company will continue to keep its stakeholders updated and will make the appropriate announcements as and when there are any material updates or developments. Shareholders, noteholders and potential investors of the Company are advised to read this announcement and any further announcements by the Company carefully and should exercise caution when dealing in the Company's securities. Stakeholders and potential investors who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisors.

BY ORDER OF THE BOARD

Kelvin Tang

Chief Executive Officer and Executive Director

Please contact the below individuals for any enquiries:

AJCapital Advisory (in its capacity as Chairman of the Court Meeting)

Luke Furler / Zara Xue

[e-mail]

Houlihan Lokey (Singapore) Private Limited

Brandon Gale

David Ho

Bryan Goudzwaard

[e-mail]

About KrisEnergy:

KrisEnergy Ltd. is an independent upstream company focused on the exploration for and the development and production of oil and gas in Southeast Asia. The Company holds working interests in three producing oil and/or gas fields, one each in the Gulf of Thailand and offshore Cambodia, and one onshore Bangladesh. It also participates in seven blocks in various stages of the E&P lifecycle in Indonesia, Thailand and Vietnam. KrisEnergy operates eight of the contract areas.

All notices pertaining to the ongoing restructuring process are available on the Restructuring Information Centre https://www.krisenergy.com/Investors/restructuring-information-centre/