Message from departing Chairman, Mr Goh Hock

“Shareholders delivered yet another powerful message to the individuals behind the ‘Shareholder Interest Group’ at the EGM on Tuesday the 10th July 2018. This was the fourth successive failure to take over our company in the past eighteen months.

While I am pleased with the outcome, I understand shareholders were attacked – rights to privacy were violated with unsolicited calls, house visits and letters – and board members including myself were publicly defamed by the Shareholder Interest Group concealing their identities. This showed the moral character of this group of people trying to seek support for directorship of a public listed company. I believe our ability to withstand these attacks has been highly commendable, for today our company is in a stronger position to continue to endorse the agreement with RL Energy that should facilitate much needed seismic testing for the exploration of PEP11.

After forcing a management change in our company in November 2016, I highlighted in my AGM address the need to keep our various tenements both offshore and onshore current, as well as the ongoing need to refresh the board and bring in new talents to take the company forward. We have achieved the former of these objectives and now I would like to accelerate progress by achieving the latter. As such, I believe it is an appropriate time for me to hand over the Chairmanship to Mike Sandy, who understands our business well and its unique challenges. Mike is a well-qualified geologist who has more than 40 years of experience in minerals and petroleum exploration both internationally and at home. New board members, Andrew Bald and Matthew Battrick are well qualified and experienced professionals who know the investment, technology, and oil and gas industries well. Deborah Ambrosini will stay on the board and continue her executive Director role as well as CFO and Company Secretary. This is a strong team fully capable to take the company to new successes.

During my tenure, I have been extremely privileged in receiving the support of shareholders and I ask that this same level of support be accorded to Mike. I would also like to express my gratitude to the board for standing by my side for a nominal $1.00 board fee during this period.

I am honoured that the board has asked me to remain as an Adviser to provide support and continuity. I have accepted this offer and will continue to do my best to support the new team.

Thank you shareholders once again for all your support”