Ann: Signed Asset Sale Agreement, page-2

TRANSACTION SUMMARY
AXP will receive US$4 million for the Disposal Projects subject to closing adjustments. The
consideration will be paid as follows:
(a) Upon execution of the binding letter agreement – Prepayment of Five Hundred
Thousand Dollars (US$500,000);
(b) Upon execution of a full form purchase and sale agreement but not later than
December 31, 2023 – Prepayment of Five Hundred Thousand Dollars (US$500,000);
(c) Upon approval of the transaction by a vote of AXP shareholders on or before January
31, 2024 – Prepayment of One Million Dollars (US$1,000,000); and
(d) At closing – remaining Two Million Dollars (US$2,000,000) subject to closing adjustments.
AXP will also receive at closing - Eight Hundred Seventy-Six Thousand Four Hundred Forty-Seven
Dollars and fifty-seven cents (US$876,447.57) for oil in the tanks as at the effective date of the
Sale of the Disposal Projects.
INDICATIVE TIMETABLE FOR THE TRANSACTION
As indicated on 29 September 2023, the company expects to shortly issue a Notice Of Meeting
(‘NOM’ to shareholders for a meeting to seek approval for the Transaction. This meeting is
expected to take place in late January and closure of the asset sale will, subject to shareholder
approval, occur immediately thereafter.