Singapore O&G : Change - Announcement Of Retirement Of Independent Director

Mr Chan Heng Toong is subject to retirement pursuant to Article 91 of the Company's Constitution at the forthcoming Annual General Meeting to be held on 23 April 2021 ('2021 AGM') and do not wish to seek re-election to enable younger independent directors to come in to rejuvenate the Board and to focus on his personal commitments. Accordingly, he will retire as an Independent Director, Chairman of the Nominating Committee ('NC') and member of the Audit Committee ('AC') and Remuneration Committee ('RC') at the conclusion of the 2021 AGM.

After having interviewed Mr Chan Heng Toong and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Chan Heng Toong as an Independent Director of the Company.

The Company will take appropriate action to fill the vacancy so as to meet with the requirement of the Catalist Rules on the minimum number of members in the Audit Committee.