Dave Wall Resignation

Board changes The Board also wishes to advise shareholders that Mr David Wall has tendered his resignation as Managing Director and will leave the Company in May 2021. Mr Wall will continue in his role and oversee the upcoming drilling and testing programme at Project Peregrine as well as the abandonment operations at the Umiat Oil Field. The Company will transition the role of Managing Director to Mr Ashley Gilbert, the Company's current CFO and Company Secretary, who will initially take on the role on an acting basis prior to Mr Wall's departure, ensuring an appropriate handover occurs. It is also proposed that Mr Gilbert will be appointed to the Board as an Executive Director, subject to the completion of regulatory due diligence being carried out by the Company's Nominated Adviser. Mr Gilbert, who has been with the Company since 2017, is an experienced Oil and Gas and finance executive with significant international experience. A further announcement regarding Mr Gilbert's proposed appointment to the Board will be made in due course.