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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("EUWA")) ("UK MAR").

8 April 2026

Sunda Energy Plc

("Sunda" or "Sunda Energy" or the "Company")

Proposed acquisition of production, development and exploration business, onshore New Zealand, Proposed Fundraising, Proposed Capital Reorganisation and

Notice of General Meeting

Sunda Energy Plc (AIM: SNDA), the AIM-quoted exploration and appraisal company focused on gas assets in the Asia-Pacific region, is pleased to announce that it has signed a Share Sale and Purchase Agreement (the "Acquisition Agreement") with Matahio Ventures Pte. Limited (the "Seller") for the conditional acquisition of Matahio Energy NZ Limited ("Matahio NZ") which, through two subsidiary companies, owns and operates 100% of a group of production and exploration permits located within the onshore area of the Taranaki Basin on the west coast of New Zealand's North Island. In addition, the Company has conditionally raised up to £6.7 million through the proposed Fundraising to fund the Acquisition as set out below.

The Company has also announced today an update on operational plans in Timor-Leste and, as part of the Fundraising, has launched the conditional Retail Offer to existing shareholders.

Highlights of Matahio NZ and the assets subject to the Acquisition include:

·    Approximately 1,000 boepd production (c. 80% oil and 20% gas) in 2025

·    Material cashflow generation anticipated from existing production and growth plans

·    100% working interest in four oil and gas production permits, and one exploration permit

·    2P Reserves of 2.6 MMboe and 2C Contingent Resources of 0.5 MMboe

·    2U Prospective Resources of 5.8 MMboe, including near-term, low-risk exploration drilling

·    Highly capable, experienced operating team

·    Multiple infield development and field re-start opportunities

·    Successful pilot gas storage project and additional revenues from third-party gas processing

·    Stable business environment in an OECD nation, with new government incentives to encourage gas developments and enhance energy security

Key terms of the Acquisition include:

·    Deal negotiated in Q4 2025 and early Q1 2026, with an Effective Date of 1 January 2026

·    The aggregate of the Firm Consideration (excluding the Tariki Payments) and Deferred Consideration expected to be between US$8.0 million and US$14.0 million, with this anticipated to be at the high end of the range in the current oil price environment

·    Contingent Consideration expected to be between US$1.0 million and US$13.0 million, mostly related to a successful outcome of planned exploration drilling

·    Payments phased with a Deposit, Completion Payment and Deferred Consideration with the final payment date estimated to fall in Q3 2027

·    Competitive acquisition metrics of US$5.77 per boe of 2P reserves (peer average¹ = US$11.72) and US$14,577 per producing boe (peer average¹ = US$47,563)

¹ Peer averages from valuations of listed companies with production in Asia Pacific region. Sunda metrics exclude Oru success payment and the Tariki Payments. Market comparables data provided by Hannam & Partners, from Bloomberg data on 24 March 2026

Highlights of the Fundraising include:

·    Firm Subscription by Alumni Capital raising £900,000 at 0.02975 pence per Firm Subscription Share

·    Convertible Loan Note Subscription by Alumni Capital, which will raise gross proceeds of up to £4,250,000, assuming all the tranches are drawn down by the Company and conditional on shareholder approval

·    Draw down of final £350,000 under the £1.5 million unsecured loan provided by Andy Butler (CEO of Sunda Energy) as announced on 10 February 2026 (the "AB Loan")

·    Conditional Subscriptions totalling £800,000 at the Issue Price comprising: (i) the conversion of £750,000 of the AB Loan; and (ii) conditional subscriptions by three other directors, Gerry Aherne (Non-Executive Chair), Keith Bush (Non-Executive Director) and John Chessher (Non-Executive Director), totalling £50,000

·    WRAP Retail Offer to existing shareholders of the Company to raise up to £750,000 at the Issue Price, conditional on shareholder approval

The Company also today announces a proposed Capital Reorganisation, to consolidate and sub-divide the Existing Ordinary Shares, such that every 100 Existing Ordinary Shares are consolidated into one New Ordinary Share.

The Acquisition, the Conditional Subscriptions, the Retail Offer, the CLN Subscription and the Capital Reorganisation are conditional on, inter alia, Shareholder approval at the General Meeting to be convened on 29 April 2026. A circular containing further details of the proposals and containing the Notice of General Meeting is expected to be despatched to Shareholders by 10 April 2026. Following its publication, the Circular will be available on the Company's website at https://sundaenergy.com/. An updated Company presentation will also be uploaded today onto the Company's website.

Furthermore, the Acquisition is conditional, inter alia, on New Zealand government approval for the change of control which is expected to take four to six months from the date of this Circular.

Dr Andy Butler, CEO, commented:

"The announcements being made today are transformational for Sunda. The Company can look forward to an exciting and robust future built around a portfolio of New Zealand production, development and exploration assets that are complementary to our existing business in Timor-Leste and the Philippines. Diversifying Sunda's portfolio through this Acquisition will enable the Company to effectively develop all areas of our business for the benefit of shareholders and host country stakeholders. The assets being acquired come with tremendous potential, particularly around bringing gas resources to the New Zealand market, and I look forward to working on delivery of this potential with the brilliant in-country team that will be joining Sunda once the Acquisition has completed. I thank the Seller's management and shareholders for the collaborative spirit in which the Acquisition has been negotiated, for the mutual benefit of all parties and stakeholders."

Background to and reasons for the Acquisition

The Company has been actively pursuing opportunities to strengthen and diversify its upstream portfolio, in line with its goal to build a position as a competitive independent energy participant in the Asia-Pacific region. A key objective for the board of directors of Sunda (the "Board") is to transform Sunda into a more robust entity that can deliver on the potential of its existing assets and provide additional growth options for its investors.

The Board considers that a broader portfolio will provide the Company with the critical mass necessary to advance its strategic objectives. As a first successful step, in October 2025 Sunda was awarded two new service contracts in the Philippines, assets which are exploration-focused projects around discovered gas resources. The acquisition of a production asset with upside growth potential is, in the Board's view, a positive further step to ensure the Company has a robust future.

From its broad knowledge of the oil and gas asset portfolios in its operating region and its extensive network, the Company identified the opportunity to acquire the Matahio NZ asset portfolio and, in mid-2025, approached the Seller to express its interest in an acquisition. The Seller, a private oil and gas company, headquartered in Singapore has been going through its own business transformation and Sunda recognised that the New Zealand assets were becoming non-core for the Seller. Conversely, Sunda saw material value in the existing production of oil and gas in Matahio NZ and significant opportunities to grow that business with refreshed operational focus and investment.

Following the undertaking of technical due diligence in parallel with the Seller's competitive process, exclusivity on the Acquisition was granted to Sunda in January 2026. The Company is pleased to have concluded its due diligence and has now entered into definitive transaction documentation, culminating in today's announcement of the Acquisition.

Information on the New Zealand Assets

Matahio NZ owns and operates, through several wholly owned subsidiary companies, 100% of a number of oil and gas properties located near Stratford in the Taranaki region on the North Island of New Zealand. These consist of three petroleum mining permits (PMPs) known as Cheal (PMP 38156), Cheal East (PMP 60291) and Sidewinder (PMP 53803), plus one petroleum exploration permit (PEP), known as Puka (PEP 51153). A fifth property (Supplejack, PMP 60454) is currently undergoing decommissioning ahead of formal relinquishment. Cheal has been in production since 1995, with Sidewinder coming online in 2011. The combined average production from these assets in 2025 was 1,028 boepd. Oil is sold at a price that is referenced to Brent and other regional markers, with liftings every 2-3 months.

A brief description of the oil and gas properties being acquired is provided below:

Cheal and Cheal East (PMP 38156 and PMP 60291)

PMP38156 contains two oil producing assets, the Cheal A and Cheal B fields, plus the shut-in Cardiff Field. PMP60291 contains the producing Cheal East (also known as Cheal E) oil field and the E-North exploration prospect.

Cheal production operations are connected to and managed from the Cheal Production Facility, which comprise the Cheal 'A' production station, remotely operated Cheal 'B', 'C' and 'E' well-sites, and associated pipelines. The facility is operated with the assistance of a third‑party Operations and Maintenance service provider.

Oil and gas production is currently active from wells on the Cheal 'A', 'B' and 'E' sites, utilising a range of artificial lift technologies. Oil is exported via road tanker transport to the Omata Tank Farm at Port Taranaki, a distance of approximately 50 km, and then shipped to the international market. Gas is exported directly into the domestic pipeline network. Combined oil and gas production from the Cheal assets averaged 900 boepd during 2025. The Cheal Facility also houses power generation capacity and can export power to the domestic grid when commercially attractive to do so. The Cheal Production Facility also supports the remotely operated Sidewinder production site.

In addition to the Cheal field, Permit PMP 38156 contains the currently non-producing Cardiff Field, a broad, faulted anticline containing gas-charged Eocene and Miocene-age reservoirs. The Cardiff-3-ST1 well remains suspended for potential re-entry for gas production and tie-back to the Cheal A facility located 4 km to the east using existing facilities.

Sidewinder (PMP 53803)

PMP 53803 contains the producing Sidewinder oil and gas field. The Sidewinder site is a normally unmanned facility controlled directly from the main Cheal Production Facility. Oil is temporarily stored on-site before collection by road transport, whilst gas is treated to specification and exported directly into the adjacent domestic pipeline network. Combined oil and gas production from Sidewinder averaged 127 boepd during 2025.

As the Sidewinder facility matures, parts of the depleted field are being prepared for gas storage, switching between injection and production to meet fluctuations in demand and price for domestic gas. This project has had a successful pilot trial, with further tests planned in the coming months. Subject to approvals from the New Zealand regulatory authorities, it is anticipated that the Sidewinder gas storage scheme will commence normal operations in late 2026. It is anticipated that Sidewinder gas storage will be an important contributor to domestic energy security initiatives being promoted by the New Zealand government.

Puka (PEP 51153)

PEP 51153 lies approximately 8km east of the Cheal permits and contains the Puka field, where production was suspended in 2015, largely owing to low oil and gas prices. Gas production restart is planned from three wells, which are now more commercially viable with greater demand and higher prices. Gas is planned to be exported to the Cheal Production Facility and on to the domestic pipeline network. An application has been made to the New Zealand government authorities for conversion to a PMP production permit, allowing for the restart of gas production. This conversion is expected to be granted by mid-2026.

The Puka permit also contains the Oru exploration prospect, which sits immediately to the north of the Puka Field, and adjacent to a further minor oil discovery well (Douglas-1). This undrilled prospect contains P50 Prospective Resources of 1.8 MMbbls of oil and 3.9 Bscf of gas, with upside (P10) Prospective Resources of 5.7 MMbbls of oil and 12.5 Bscf of gas. Given its position adjacent to existing fields, and its clear expression on 3D seismic data, the Oru Well is considered low risk, with a geological chance of success of 63%.

On conversion of PEP 51153 to a production permit for Puka as described above, Sunda plans to drill the Oru Well within 12 months, most likely during Q4 2026 or Q1 2027. Many of the surface preparations for drilling the Oru Well have been completed, including procurement of long-lead items and construction of a drill pad. Furthermore, the drilling programme has been approved by an independent well examiner.  Assuming a successful discovery, the Oru Well would be expected to be developed within 12-24 months and be produced through on-site facilities with gas export via the nearby Cheal Production Facilities.

Supplejack (PMP 60454)

The Supplejack permit is located south of the Cheal AB and Sidewinder areas. The Supplejack field has ceased production, and all surface facilities, pipelines and equipment have already been removed. The remaining decommissioning plan consists of the plugging and abandonment of two wells (scheduled for Q4 2026) and site reclamation, with the objective returning the site to the same or similar conditions prior to the original development, with consideration given to available environmental knowledge and consultation with stakeholders. This exercise is due to take place in 2027. The estimated cost of the remaining work is around £625,000. The permit currently carries no producing or operating value.

Other Revenue streams

Matahio NZ has an arrangement with a neighbouring production company, NZEC Tariki Limited, who have been granted access to the Cheal Production Facility infrastructure to process and deliver gas to the national grid from their Tariki field.

Summary of Reserves and Resources

Matahio NZ engaged THREE60 Energy to conduct a competent person's report on Matahio NZ's oil and gas properties (excluding Supplejack (PMP 60454), which was published on 13 February 2026 in accordance with the requirements of PRMS.

Summaries of the Reserves, Contingent Resources and Prospective Resources as at 31 December 2025 are provided in the tables below, extracted from the Matahio NZ CPR and prepared in accordance with PRMS as the standard for classification and reporting.

Table 1‑2: Summary of Oil and Gas Reserves, as of December 31, 2025

Notes:

•        Working Interest Reserves represent Matahio NZ's working interest in the Permits and exclude royalty shares attributable to the government and over‑riding royalties to third parties that do not hold direct working interests (thus contain volumes not attributable to Matahio NZ).

•        Reserves shown are sales gas after removal of fuel.

•       The presented totals are an arithmetic sum of the Reserves from individual permits.

Table 1‑4: Summary of Oil and Gas Contingent Resources, as of December 31, 2025

Notes:

•        Volumes include volumes attributable to third parties and government and thus contain volumes not attributable to Matahio NZ

•        These are unrisked Contingent Resources. The Chance of Commerciality (Pc) has been estimated for each of the Projects. The Project maturity sub‑class is "Contingent Resources - Development Pending". If approvals are received for development, the Projects could become Reserves, pending demonstration of both financial commitment to develop and a cashflow positive commercial Project.

•        The presented totals are an arithmetic sum of the Contingent Resources from individual permits.

Table 1‑5: Summary of Oil and Gas Prospective Resources, as of December 31, 2025

Notes:

•        Volumes include volumes attributable to third parties and government and thus contain volumes not attributable to Matahio NZ.

•        These are unrisked Prospective Resources. The Chance of Geologic Discovery (Pg) has been estimated for each of the Projects. The Project maturity sub‑class is "Prospective Resources - Prospects". If a successful discovery(s) is made, the Project would become Contingent

•        The presented totals are an arithmetic sum of the Prospective Resources from individual permits.

•        Gas volumes are associated gas from solution with the produced oil.

Plans for the assets

To maintain and grow the production base of the New Zealand assets, a development plan (the "Development Plan") will be executed with the goal of increasing production to more than 2,000 boepd and extending the life of the fields until at least the mid-2030s. Critically, the Development Plan is expected to be wholly or substantially funded by revenues from production.

The key elements of the Development Plan are as follows:

·    Short term production enhancements through an ongoing programme of well workovers, pump replacements and facilities de-bottlenecking

·    Drilling of the Oru-2 exploration well, expected in late 2026

·    Assuming success at Oru, fast-track development consisting of three further wells, surface facilities and a gas pipeline to Cheal, bringing first production in 2028

·    Restarting Puka field production, including gas pipeline to Cheal

·    Drilling and bringing onstream A-13 infill well on Cheal

·    Re-entry of the Cardiff-3-ST1 well for potential gas production

·    Gas storage project implementation at the Sidewinder field (PMP 53803)

·    Development of additional Cheal sites (D-pad wells), with timing depending on the outcome of the Oru-2 exploration well

The Development Plan activities are also intended to be in line with the New Zealand government's desire for expedited development of additional gas reserves.

Financial information on Matahio NZ

For the year ended 31 December 2025 ("FY25"), based on unaudited management accounts, Matahio NZ generated revenue of NZD35.13 million (equivalent to GBP15.22 million), EBITDA of NZD3.26 million (equivalent to GBP1.41) and a loss before tax of NZD7.30 million (equivalent to GBP3.17 million). Unaudited net assets as at 31 December 2025 were NZD18.03 million (equivalent to GBP7.81 million). In FY25 Matahio NZ's revenue comprised oil revenue of NZD32.98 million, gas revenue of NZD1.92 million and electricity generation revenue of NZD0.23 million.

This compares to the year ended 31 December 2024 ("FY24"), where, based on audited accounts, Matahio NZ generated revenue of NZ43.39 million (equivalent to GBP18.80 million), EBITDA of NZD15.77 million (equivalent to GBP6.83 million) and a profit before tax of NZD4.96 million (equivalent to GBP2.15 million). Audited net assets as at 31 December 2024 were NZD38.11 million (equivalent to GBP16.51 million). In FY24 Matahio NZ's revenue comprised oil revenue of NZD38.74 million, gas revenue of NZD4.37 million and electricity generation revenue of NZD0.28 million.

Between FY24 and FY25, oil revenue declined primarily driven by reduced lifting volumes, reflecting natural field decline, and the normalisation of initial production from the Cheal B field. Matahio NZ's oil revenue is sold exclusively to OMV NZ Production Limited with liftings typically taking place every eight to twelve weeks.

Between FY24 and FY25, gas revenue declined as a result of a decline in both gas sales volume and changes in gas pricing. Gas is sold on a monthly basis to third‑party customers with volumes and pricing influenced by the operational decision whether to sell gas or divert it to onsite electricity generation.

Going forward, the Company expects to improve financial returns from the Matahio NZ business through continued investment into production maintenance and growth, through a programme of well workovers, drilling of Cheal POD and Oru Wells, and restart of production from Puka. Ongoing field management activities by the asset operations team are already positively impacting production levels. In addition, the Sidewinder gas storage project and third party Tariki gas processing bring new profitable revenue streams. These ongoing and new activities are expected to deliver positive revenue growth, even before accounting for the considerably higher oil and gas improved pricing environment since the commercial terms of the Acquisition Agreement were set

The financial information set out above has been prepared in accordance with NZ IFRS.

Principal Terms of the Acquisition

Consideration

The Acquisition Consideration is comprised of the following elements:

(i)       A Deposit of US$1.5 million payable in cash within 5 business days of execution of the Acquisition Agreement. This Deposit is refundable if Completion does not occur, inter alia, in the event that government approval for the change of control is not received or if the Resolutions are not passed at the General Meeting.

(ii)      A Completion Payment of US$5.0 million in cash (in addition to the Deposit), expected to occur following government approval of the change of control, approximately four to six months from the date of this Circular. The Completion Payment is subject to a working capital adjustment (based on the working capital position of the Target Group as at 1 January 2026). The Acquisition Agreement also includes two further adjustment mechanisms: (i) a leakage adjustment, in relation to any leakage made by the Target Group during the Interim Period; and (ii) a contribution adjustment in respect of any contributions made to the Target Group by the Seller during the Interim Period.

(iii)     Additional Completion Payments due between the Completion Date and 31 December 2026, partly based on operational progress at the Target Group, as follows:

a.       Cheal POD Asset

A first firm payment of US$1.5 million to be made on or before 31 December 2026, to reflect the value of existing discovered resources that require development drilling prior to production (the 'Cheal POD Initial Payment').

b.       Tariki Gas Processing Asset

An amount equal to 70 per cent. of pre‑tax revenues received by the Target Group from New Zealand Energy Corporation for the period between the Effective Date and the Intended Deferred Completion Date (the "Tariki Payments").

The Board anticipates that the Tariki Payments shall total approximately US$2.5 million in a mid‑case scenario. The Tariki Payments are essentially a direct passing on of net revenues associated with Tariki gas revenues up to the Intended Deferred Payment Date.

(iv)     Deferred Consideration and Contingent Consideration.

The Deferred Consideration, to be payable on the Intended Deferred Payment Date, which is expected to be in mid-2027, is comprised of the following:

a.       Existing Core Business

A payment of US$2.5 million (the "Core Business Deferred Payment"), which shall be made as a final settlement for the Matahio NZ existing core business.

The Core Business Deferred Payment shall be varied depending on the average realised oil price (in US dollars) from the sale of crude oil from the assets in the Pricing Window (being the period between the Effective Date and the Intended Deferred Payment Date).

The variable amount shall be anchored to an average realised oil price of US$60. The Core Business Deferred Payment will be:

(i)       reduced by US$300,000 for each US$1 by which the average realised oil price in the Pricing Window falls below US$60; and

(ii)      increased by US$300,000 for each US$1 by which the average realised oil price in the Pricing Window increases above US$60,

subject to a minimum Core Business Deferred Payment of zero and a maximum Core Business Deferred Payment of US$5.0 million.

For example, if the average realised oil price is US$55, the Core Business Deferred Payment would be US$1.0 million, being US$2.5 million minus US$1.5 million (5 x US$300,000). The variability of the Core Business Deferred Payment purely relates to the oil price and is not connected to the performance of the Target Group's business.

By way of illustration, the maximum possible Core Business Deferred Payment of US$5.0 million is reached at an average realised oil price of approximately US$68 per barrel, as the maximum uplift of US$2.5 million above the US$2.5 million base payment equates to approximately 8.3 increments of US$300k. As such, any average realised oil price over US$68 would be to the benefit of the Company.

b.       Cheal POD - Final Payment

A payment of US$0.5 million (the "Cheal POD Deferred Payment"), which shall be made to reflect the value of existing discovered resources that require development drilling prior to production.

The Cheal POD Deferred Payment shall be varied on a similar basis as the Core Business Deferred Payment, such that the Cheal POD Deferred Payment will be:

(i)       reduced by US$50,000 for each US$1 by which the average realised oil price in the Pricing Window falls below US$60; and

(ii)      increased by US$50,000 for each US$1 by which the average realised oil price in the Pricing Window increases above US$60,

subject to a minimum Core Business Deferred Payment of zero and a maximum Core Business Deferred Payment of US$1.0 million.

The Contingent Consideration is comprised of three payments, two of which are due between the Completion Date and 31 December 2026, partly based on operational progress at the Target Group, as follows:

c.       Puka Gas Asset

A payment of US$0.5 million, to be made subject to the conversion of the PEP 51153 to a Petroleum Mining Permit.

d.       Sidewinder Gas Storage Asset

A payment of US$0.5 million, subject to the necessary government approvals being granted to allow gas storage at the Sidewinder field.

The Contingent Consideration also includes the following, to be payable on the Intended Deferred Payment Date, which is expected to be in mid‑2027:

e.       Oru Well

An event‑specific payment shall be payable contingent on the success in drilling the Oru Well as follows:

(a)      If the Oru Well is less than 1.0 MMboe, no payment shall be made.

(b)      If the Oru Well lies in the range 1.0 to 1.8 MMboe, a payment shall be made of US$1.0 million, plus an incremental amount of US$500,000 for each additional

0.2 MMboe in excess of 1.0 MMboe.

(c)      If the Oru Well exceeds 1.8 MMboe, a further incremental amount of US$1.0 million shall be payable for each additional 0.2 MMboe in excess of 1.8 MMboe. If the Oru Well equals or exceeds 3.6 MMboe, the total amount payable shall be fixed at US$12.0 million.

In the event that the Oru Well, and an independent assessment of discovered resources, completes prior to the Intended Deferred Payment Date, an amount of US$4.0 million shall be payable (or if the reason for not drilling is an ongoing event of force majeure, the amount shall be reduced to US$2.0 million).

The current mid‑case scenario sees the independently certified post‑drill reserves equating to

2.4 MMboe. As such, in this scenario, the Company would make a payment of US$6.0 million.

There shall be no further Acquisition Consideration payments after the Intended Deferred Payment Date.

As set out above, the Core Business Deferred Payment and the Cheal POD Deferred Payment are to be increased or decreased for each US$1 by which the average realised oil price in the Pricing Window increases above or falls below US$60. This derives from a variety of oil price forecast scenarios.

The aggregate of the Firm Consideration (excluding the Tariki Payments) and the Deferred Consideration is expected to be between US$8.0 million and US$14.0 million. This comprises:

(i)       US$8.0 million payable in aggregate pursuant to the Deposit, the Completion Payment and the Additional Completion Payments; and

(ii)      up to US$6.0 million of Deferred Consideration (being the maximum aggregate of the Core Business Deferred Payment and the Cheal POD Deferred Payment).

If the oil price were to remain at levels similar to that on the date of this Circular, the aggregate of the Firm Consideration (excluding the Tariki payments) and the Deferred Consideration would be a maximum of US$14 million.

Assuming success with the Oru Well, the Contingent Consideration is expected to be in the range of US$2.0 million toUS$13.0 million, with an amount of US$7.0 million in the instance where the Oru Well finds the mid‑case 2U 2.4 MMboe (based on the Matahio NZ CPR).

The Acquisition Consideration will be in the range between US$8.0 million and US$27.0 million, with a mid‑point range of US$21 million based on current commodity prices and a mid-case success with the Oru Well.

Other key terms of the Acquisition Agreement

Conditions to Completion

Completion of the Acquisition Agreement shall occur subject to the fulfilment of the following conditions:

(i)    The Buyer and the Seller seeking and obtaining Ministerial Consent.

(ii)   To the extent required to obtain the Ministerial Consent, an outgoing guarantee from the Seller being provided to the relevant New Zealand ministers.

(iii)  The passing of the Resolutions.

The Fundraising

The Company has conditionally raised up to £6.7 million (before expenses) by way of the Fundraising. The Fundraising comprises:

(v)      the Firm Subscription, which will raise gross proceeds of £0.9 million;

(vi)     the Conditional Subscriptions, in the amount of £0.8 million;

(vii)    the Retail Offer, which will raise gross proceeds of up to £0.75 million; and

(viii)    the CLN Subscription, which will raise gross proceeds of up to £4.25 million assuming all the tranches are drawn down by the Company.

The Subscription

The Subscription will raise gross proceeds of £1.7 million for the Company and comprises: (i) the Firm Subscription, which will raise gross proceeds of £0.9 million; and (ii) the Conditional Subscriptions which will raise gross proceeds of £0.8 million by way of: (a) a set off against part of the loan of £1.5 million made to the Company by Dr Andrew Butler as announced on 10 February 2026; (b) a subscription for £40,000 by Gerry Aherne; (c) a subscription for £5,000 by Keith Bush; and (d) a subscription for £5,000 by John Chessher.

Pursuant to the Firm Subscription, Alumni Capital has subscribed for the Firm Subscription Shares at the Firm Subscription Price. The Firm Subscription Price represents a discount of 15 per cent. to the closing bid price of an Existing Ordinary Share as at 7 April 2026, being 0.035 pence per Existing Ordinary Share.

The Existing Ordinary Shares subscribed for under the Firm Subscription Agreement will be allotted and issued pursuant to the Directors' existing share authorities, granted at the general meeting of the Company held on 10 November 2025. The Firm Subscription is conditional on First Admission, which is expected to occur at 8.00 a.m. on 10 April 2026.

Pursuant to the Conditional Subscriptions, Dr Andrew Butler, Gerry Aherne, Keith Bush and John Chessher have subscribed for the Conditional Subscription Shares at the Issue Price. The amount to be subscribed by Dr Andrew Butler will be satisfied by way of a set off against part of the AB loan of £1.5 million as announced on 10 February 2026.

The Conditional Subscriptions are conditional upon, inter alia, the passing of the Resolutions and Admission occurring on 8.00 a.m. on 30 April 2026 (or such later time and/or date as may be agreed with the Company, not being later than 8.00 a.m. on 14 May 2026).

The Company will also grant the Subscription Warrants to the Subscribers in connection with the Subscription. The number of Subscription Warrants granted to the Subscribers shall be the number that equals 50% of the number of Subscription Shares (taking into account the impact of the Capital Reorganisation on the number of Firm Subscription Shares).

One Subscription Warrant will entitle each Subscriber to subscribe for one New Ordinary Share at the Exercise Price being a 50% premium to the Firm Subscription Price (in the case of the Firm Subscription) and the Issue Price (in the case of the Conditional Subscriptions). Subscription Warrants can be exercised at any time prior to the third anniversary of the date on which they were granted.

The grant of the Subscription Warrants is conditional on the passing of the Resolutions at the General Meeting.

Convertible Loan Notes

The CLN Subscription will raise gross proceeds of up to £4.25 million for the Company assuming that all the tranches are drawn down by the Company.

Pursuant to the CLN Subscription Letter, Alumni Capital has agreed to subscribe for Convertible Loan Notes with an aggregate principal amount of up to £4,250,000.

Alumni Capital has agreed to subscribe for an initial tranche of Convertible Loan Notes for an aggregate sum of £1,250,000 which will be drawn down immediately following the passing of the Resolutions at the General Meeting.

Provided that the Company has complied with the drawdown conditions in the Convertible Loan Note Instrument (the "Drawdown Conditions", as detailed below), Alumni Capital is subsequently required to subscribe for two further instalments of Convertible Loan Notes, each of an aggregate of up to £1,500,000 and to be issued (in one or multiple tranches): (i) within the period commencing on 1 June 2026 and ending on 29 June 2026; and (ii) within the period commencing on 30 June 2026 and ending on the earlier of: (i) the Completion Date; or (ii) the date falling the day before the Repayment Date (as defined below) respectively (each a "Further Issue Date").

A finance charge of 10% of the aggregate principal amount of each tranche of Convertible Loan Notes ("Finance Charge") will apply, and the Convertible Loan Notes (together with the Finance Charge) must be repaid in full by the date falling 364 days from the date of the Convertible Loan Note Instrument (the "Repayment Date").

Unless agreed otherwise by both the Company and Alumni Capital, Alumni Capital will not be required to subscribe for Convertible Loan Notes on any Further Issue Date unless the Company has complied with the following Drawdown Conditions:

(a)      for the period beginning 20 Trading Days prior to the relevant issue date and ending on that issue date the average daily trading volume of the Company must be equal to or greater than £50,000;

(b)      prior to the relevant issue date, there being in place and remaining sufficient shareholder authority for conversion of the Convertible Loan Notes being subscribed for and the exercise of the CLN Warrants being granted in respect of those Convertible Loan Notes;

(c)      the market capitalisation of the Company on the Trading Day prior to the relevant issue date must be greater than or equal to £6,000,000;

(d)      the lowest daily volume weighted average price in GBP of the New Ordinary Shares for the 20 Trading Days immediately prior to relevant issue date is equal to or greater than 150% of the nominal value of the New Ordinary Shares;

(e)      no event of default has occurred under the Convertible Loan Note Instrument; and

(f)      there has been no material change in the business operations of the Company and no material change to the executive directors of the Company.

Alumni Capital has the option to convert all or part of the outstanding balance of the Convertible Loan Notes into New Ordinary Shares ("Conversion Shares") at any time before repayment of such outstanding balance by the Company is due, by giving written notice to the Company.

The price at which a conversion will take place (the "Conversion Price") will be the higher of:

(a)      a 15% discount (or, for as long as an event of default is continuing, a 35% discount) to the lowest daily volume weighted average price in GBP of the New Ordinary Shares on any of the 10 Trading Days immediately prior to the date of the relevant Conversion; and

(b)      the nominal value of a Conversion Share.

The Company has the option to redeem any of the Convertible Loan Notes in advance of the Repayment Date, subject to payment of an early redemption premium at the rate of 12% of the outstanding balance of all the Convertible Loan Notes being redeemed.

The Company also has the option to cancel either or both of the two further instalments of Convertible Loan Notes to the extent that they have not been subscribed for. In the event of such cancellation, the Company is required to pay a fee equal to 5 per cent. of the difference between the maximum drawdown amount of the respective instalment and the amount that has been drawn down.

CLN Warrants

The Company will at the time of each conversion of CLNs under the Convertible Loan Note Instrument, also grant the CLN Warrants to Alumni Capital in connection with the conversion of Alumni Capital's Convertible Loan Notes into New Ordinary Shares. The number of CLN Warrants granted to Alumni Capital shall be the number that equals 75% of the outstanding balance of the nominal value, plus the respective finance charge, of the CLNs being converted, divided by the Exercise Price (being a 30% premium to the relevant Conversion Price).

One CLN Warrant will entitle Alumni Capital to subscribe for one New Ordinary Share at the Exercise Price. CLN Warrants can be exercised at any time prior to the third anniversary of the date on which they were granted.

The grant of the CLN Warrants is conditional on the passing of the Resolutions at the General Meeting.

The Retail Offer

The Retail Offer will, if taken up in full, result in the issue of 25,210,084 New Ordinary Shares and raise gross proceeds of £750,000 for the Company.

The Company values its retail shareholder base and believes that it is appropriate to provide eligible Retail Investors, being existing Shareholders in the United Kingdom, with the opportunity to participate in the Retail Offer. The Company is using the WRAP Platform to conduct the Retail Offer. The terms and conditions of the Retail Offer will be set out in an announcement to be made by the Company shortly.

The Company will also grant the Retail Offer Warrants to the subscribers for Retail Offer Shares in connection with the Retail Offer. The number of Retail Offer Warrants granted to the subscribers shall be the number that equals 50% of the number of Retail Offer Shares.

One Retail Offer Warrant will entitle each subscriber to subscribe for one New Ordinary Share at the Exercise Price (being a 50% premium to the Issue Price). The Retail Offer Warrants can be exercised at any time prior to the third anniversary of the date on which they were granted.

The grant of the Retail Offer Warrants is conditional on the passing of the Resolutions at the General Meeting.

Shareholders and potential investors should note that the Fundraising is not conditional on completion of the Acquisition. In the unlikely event the Fundraising completes and the Acquisition does not complete, the Company would consider alternative means to deploy the funds raised from the Fundraising in accordance with its over‑arching strategy including, but not limited to, providing further funding for its existing South East Asian focused gas portfolio in Timor‑Leste and the Philippines and for additional working capital.

Use of proceeds of the Fundraising

The aggregate gross proceeds of the Fundraising will be £6.7 million, assuming the Convertible Loan Notes are drawn down in full and that the Retail Offer is taken up in full and will be used to fund: (i) the Acquisition Consideration; and (ii) costs associated with the Acquisition and the Fundraising.

Participation of Directors in the Fundraising

As outlined above, Dr Andrew Butler (Chief Executive Officer), Gerry Aherne (Non-Executive Chair), Keith Bush (Non-Executive Director) and Dr John Chessher (Non-Executive Director) have agreed to subscribe for New Ordinary Shares pursuant to the Conditional Subscriptions. The numbers of New Ordinary Shares subscribed for by Dr Andrew Butler, Gerry Aherne, Keith Bush and Dr John Chessher, and their resulting shareholdings upon General Admission, are set out below:

* Assuming that the Retail Offer is taken up in full.

Related Party Transactions

The conditional subscriptions for New Ordinary Shares by, and associated grants of Subscription Warrants to, Dr Andrew Butler, Gerry Aherne, Keith Bush and Dr John Chessher as outlined above constitute related party transactions pursuant to Rule 13 of the AIM Rules. Rob Collins, as the independent director and having consulted with the Company's nominated adviser, Allenby Capital, considers that the terms of the participations in the Fundraising by Dr Andrew Butler, Gerry Aherne, Keith Bush and Dr John Chessher are fair and reasonable insofar as the Company's Shareholders are concerned.

Capital Reorganisation

The Board is aware that the number of Existing Ordinary Shares in issue and resulting share price is unmanageable and the Company is proposing to carry out a reorganisation of its share capital with a view to creating a more manageable number of issued Ordinary Shares and a higher share price. The Board anticipates that the Capital Reorganisation will result in a narrowing of the bid/offer spread, thereby improving liquidity and potentially improving the marketability of the Enlarged Share Capital.

The Company proposes to effect this by way of a consolidation of the Existing Ordinary Shares into Consolidated Shares on the basis of every 100 Existing Ordinary Shares being consolidated into 1 Consolidated Share. Each resulting Consolidated Share will then be sub‑divided into one New Ordinary Share and one Deferred Share. The Share Capital Reorganisation will reduce the number of ordinary shares in issue from 34,501,863,400 Existing Ordinary Shares to 345,018,634 New Ordinary Shares. To effect the Consolidation, it will be necessary to issue 35 Additional Ordinary Shares so that the Company's issued ordinary share capital is exactly divisible by 100. Since these Additional Ordinary Shares would only represent an entitlement to a fraction of a New Ordinary Share, this fraction would be sold pursuant to the arrangements for fractional entitlements described in the Circular.

The Capital Reorganisation is conditional on approval by shareholders. The New Ordinary Shares will have the same rights as those currently held by the Existing Ordinary Shares in issue, including those relating to voting and entitlement to dividends.

The Deferred Shares will have no significant rights attached to them, will carry no right to vote or participate in distribution of surplus assets and will not be admitted to trading on AIM.

Assuming Shareholder approval of the Resolutions at the General Meeting, application will be made for the New Ordinary Shares to be admitted to trading on AIM in place of the Existing Ordinary Shares and it is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence on 30 April 2026. No application for admission to trading on AIM will be made in respect of the Deferred Shares.

Assuming Shareholder approval of the Resolutions at the General Meeting, Shareholders who hold Existing Ordinary Shares in uncertificated form will have such shares disabled in their CREST accounts on the Capital Reorganisation Record Date and their CREST accounts will be credited with the New Ordinary Shares following General Admission, which is expected to take place on 30 April 2026.

The new ISIN for the New Ordinary Shares will be GB00BSHSGY88. The Company's TIDM, SNDA, is unchanged. No share certificates will be issued in respect of the Deferred Shares.

Admission and Total Voting Rights

Application has been made for the Firm Subscription Shares to be admitted to trading on AIM. Admission is expected to become effective on or around 10 April 2026.

Upon Admission of the Firm Subscription Shares, the Company's issued ordinary share capital will consist of 34,501,863,365 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. Therefore, from Admission the total number of Ordinary Shares and voting rights in the Company will be 34,501,863,365. With effect from Admission, this figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The new Ordinary Shares to be issued pursuant to the Firm Subscription will be issued free of all liens, charges and encumbrances and will, on Admission, rank pari passu in all respects with the Company's existing Ordinary Shares.

Share Capital and Fundraising Statistics

Notes:

(1)    Assuming full take up of the Retail Offer and the Convertible Loan Notes and no exercise of any Warrants or issue of any other Ordinary Shares prior to General Admission.

Qualified Person's Statement

Pursuant to the requirements of the AIM Rules - Note for Mining and Oil and Gas Companies, (the technical information and resource reporting contained in this announcement has been reviewed by Dr Andy Butler, Fellow of the Geological Society of London and Member of the Society of Petroleum Engineers. Dr Butler has almost 30 years' experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement and indicated where it does not comply with the Society of Petroleum Engineers' SPE PRMS standard.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

Capitalised terms in this announcement have the meaning ascribed to them as set out below or as separately defined in this announcement.

ENDS

For further information, please contact:

DEFINITIONS

The following definitions apply throughout this document, unless the context otherwise requires:

"Acquisition"                                                            the proposed acquisition by the Buyer of the entire issued share capital of Matahio

"Acquisition Agreement"                                    the conditional agreement dated 8 April 2026 between (1) the Company, (2) the Buyer and (3) the Seller

"Acquisition Consideration"                              the aggregate consideration payable to the Seller under

the terms of the Acquisition Agreement, being the Firm Consideration, the Deferred Consideration and the Contingent Consideration

"Additional Completion Payments"               the additional payments due under the Acquisition

Agreement between the Completion Date and 31 December 2026 partly based on operational progress

"Additional Ordinary Shares"                            the 35 Existing Ordinary Shares to be issued immediately prior to the Capital Reorganisation, such that the total number of Existing Ordinary Shares in issue shall be exactly divisible by 100

"Admission"                                                              First Admission and/or General Admission (as the case may be)

"AIM"                                                                           the AIM market operated by London Stock Exchange

"AIM Rules"                                                               the AIM Rules for Companies published and amended by the London Stock Exchange from time to time

"Allenby Capital"                                                    Allenby Capital Limited, a private limited company incorporated in England and Wales under registered number 06706681, the Company's nominated adviser pursuant to the AIM Rules

"Alumni Capital"                                                     Alumni Capital Limited, Floor 4, Banco Popular Building,

Road Town, Tortola, British Virgin Islands

"Amended Articles"                                               the articles of association of the Company as amended following the passing of Resolution1

"Articles"                                                                    the articles of association of the Company prior to the passing of Resolution 1

"Buyer"                                                                        Sunda Energy Ventures Pte. Ltd. (registered in Singapore with UEN number 202438658G) whose registered office is at 8 Chang Charn Road, #02‑01, Link (THM) Building, Singapore 159637, a wholly‑owned subsidiary of the Company

"Capital Reorganisation"                                     the Consolidation and the Sub‑Division

"Capital Reorganisation Record Date"     the record date for the Capital Reorganisation, being

6.00 p.m. on 29 April 2026