UNAUDITED FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT FOR THE FOURTH QUARTER AND FINANCIAL YEAR ENDED 30 JUNE 2018

CWX GLOBAL LIMITED (Incorporated in the Republic of Singapore) (Company Registration No. 199905693M) UNAUDITED FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT FOR THE FOURTH QUARTER AND FINANCIAL YEAR ENDED 30 JUNE 2018 This announcement has been prepared by CWX Global Limited (the Company ) and its contents have been reviewed by the Company s sponsor (the Sponsor ), ZICO Capital Pte. Ltd., for compliance with the Singapore Exchange Securities Trading Limited (the SGX-ST ) Listing Manual Section B: Rules of Catalist. The Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Ms Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road #09-00 ASO Building, Singapore 048544, telephone (65) 6636 4201. 1

PART 1 INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS 1(a)(i) A statement of comprehensive income (for the Group) together with a comparative statement for the corresponding period of the immediately preceding financial year. Consolidated Statement of Comprehensive Income Unaudited Unaudited Unaudited Audited 4Q FY2018 1 4Q FY2017 2 Change FY2018 3 FY2017 4 US$ 000 US$ 000 % US$ 000 US$ 000 Change % (Restated) Revenue 1,816 1,562 16 5,865 8,959 (35) Cost of sales (878) (1,253) (30) (3,071) (4,291) (28) Gross profit 938 309 204 2,794 4,668 (40) Other items of income Interest income 119 34 250 327 102 221 Other income 106 22,097 (100) 1,588 23,217 (93) Other items of expense Administrative expenses (398) (799) (50) (1,511) (2,013) (25) Finance costs* (328) (581) (44) (1,476) (2,485) (41) Other expenses (337) (276) 22 (897) (914) (2) Other charges (1,381) (7,725) (82) (900) (7,781) (88) Share of results of associate company (114) - NM 5 (221) - NM 5 (Loss)/profit before income tax (1,395) 13,059 NM 5 (296) 14,794 NM 5 Income tax expense (387) (57) NM 5 (1,072) (1,900) (44) (Loss)/profit for the financial period/year (1,782) 13,002 NM 5 (1,368) 12,894 NM 5 Other comprehensive income/(loss): Items that may be reclassified subsequently to profit or loss Currency translation differences arising from consolidation 13 (3) NM 5 30 (152) NM 5 Net change in fair value of cash flow hedges - (29) (100) 29 (29) NM 5 Other comprehensive income/(loss) for the financial period/year, net of tax 13 (32) NM 5 59 (181) NM 5 Total comprehensive (loss)/income for the financial period/year (1,769) 12,970 NM 5 (1,309) 12,713 NM 5 (Loss)/profit attributable to: Owners of the Company (1,780) 13,024 NM 5 (1,377) 12,882 NM 5 Non-controlling interests (2) (22) (91) 9 12 (25) (1,782) 13,002 NM 5 (1,368) 12,894 NM 5 Total comprehensive (loss)/income attributable to: Owners of the Company (2,040) 13,014 NM 5 (1,636) 12,944 NM 5 Non-controlling interests 271 (44) NM 5 327 (231) NM 5 (1,769) 12,970 NM 5 (1,309) 12,713 NM 5 * Included borrowing costs, amounting to US$2.1M (in FY2017) and US$0.5M (in 4Q FY2017), arising from the loans taken up for the acquisition of the Group s Thailand operation, which was capitalised under oil and gas properties previously. The Group incurred US$1.3M and US$0.3M of such borrowing costs in FY2018 and 4Q FY2018 respectively. Please refer to the Company s 2017 Annual Report for further details on the prior year adjustment. 2

1(a)(ii) Notes to Consolidated Statement of Comprehensive Income Unaudited Unaudited Unaudited Audited 4Q FY2018 1 US$ 000 4Q FY2017 2 US$ 000 FY2018 3 US$ 000 FY2017 4 US$ 000 (Restated) Other Income Foreign exchange gain, net - 44-236 Gain on derecognition of deferred consideration - 22,011-22,011 Net gain on partial settlement of bond receivable - - - 755 Gain on settlement of payables via issuance of shares - - 1,467 - Reversal of accrued commission payable 98-98 - Other income 8 42 23 215 106 22,097 1,588 23,217 Finance costs Interest expense (328) (581) (1,476) (2,485) Other charges Foreign exchange loss, net (474) - (11) - Net fair value changes in investment carried at fair value through profit or loss (220) - (175) - Other property, plant and equipment written off - - (1) (17) Loss on disposal of oil and gas properties - (12) - (12) Loss on disposal of other property, plant and equipment - - (26) - Impairment loss on oil and gas properties - (5,122) - (5,122) Prepayment written off - (716) - (716) Impairment loss on goodwill - (1,857) - (1,857) Allowance for inventories obsolescence - (16) - (55) Provision for bond receivable (673) - (673) - Write off of other assets (14) (2) (14) (2) (1,381) (7,725) (900) (7,781) Others Amortisation of intangible assets - - - 2 Depreciation of other property, plant and equipment 50 30 113 96 Depletion of oil and gas properties 6 392 768 1,299 2,235 1 4Q FY2018 : Period from 1 April 2018 to 30 June 2018 2 4Q FY2017 : Period from 1 April 2017 to 30 June 2017 3 FY2018 : Period from 1 July 2017 to 30 June 2018 4 FY2017 : Period from 1 July 2016 to 30 June 2017 5 NM : Not Meaningful 6 Recorded in cost of sales 3

1(b)(i) A statement of financial position (for the issuer and Group), together with a comparative statement as at the end of the immediately preceding financial year. Group Company Unaudited Unaudited Audited Unaudited Unaudited Audited 30-Jun-18 31-Mar-18 30-Jun-17 30-Jun-18 31-Mar-18 30-Jun-17 Statements of Financial Position US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 ASSETS Non-Current Assets Exploration, evaluation and development assets 19,926 19,926 19,926 - - - Oil and gas properties 53,747 53,231 53,873 - - - Other property, plant and equipment 1,406 1,433 1,502 - - - Investment in subsidiaries - - - 72,049 71,736 69,628 Investment in associate 1,796 1,924-2,018 2,018 - Intangible assets 24,612 24,612 24,612 - - - Investment security 558 778 - - - Bond receivable - 656 502 - - - Other receivables 4,372 4,477-4,372 4,477 - Total Non-Current Assets 106,417 107,037 100,415 78,439 78,231 69,628 Current Assets Inventories 2,110 2,234 2,174 - - - Trade and other receivables 1,803 1,110 729 5,320 5,361 2,132 Deposits 92 101 549 - - - Prepayments 74 87 97 10 13 9 Cash and bank balances 5,675 6,618 1,660 3,022 3,504 7 Total Current Assets 9,754 10,150 5,209 8,352 8,878 2,148 Total Assets 116,171 117,187 105,624 86,791 87,109 71,776 EQUITY AND LIABILITIES Equity Share capital 140,250 140,250 124,343 140,250 140,250 124,343 Reserves (336) 2,027 2,152 607 607 733 Accumulated losses (77,598) (77,921) (78,324) (54,333) (53,894) (53,730) Equity attributable to owners of the Company 62,316 64,356 48,171 86,524 86,963 71,346 Non-controlling interests (10,514) (10,785) (10,841) - - - Total Equity 51,802 53,571 37,330 86,524 86,963 71,346 Non-Current Liabilities Bank borrowings 17,478 18,430 18,960 - - - Finance lease payables - - 35 - - - Other payables 769 768 768 - - - Deferred tax liabilities 37,819 37,538 37,502 - - - Total Non-Current Liabilities 56,066 56,736 57,265 - - - Current Liabilities Income tax payable 960 918 513 - - - Trade and other payables 2,797 2,304 6,954 267 146 430 Bank borrowings 4,546 3,658 3,516 - - - Finance lease payables - - 17 - - - Derivative financial liabilities - - 29 - - - Total Current Liabilities 8,303 6,880 11,029 267 146 430 Total Liabilities 64,369 63,616 68,294 267 146 430 Total Equity and Liabilities 116,171 117,187 105,624 86,791 87,109 71,776 4

1(b)(ii) Aggregate amount of group s borrowings and debt securities Amount repayable in one year or less, or on demand As at 30 Jun 2018 (US$ 000) As at 30 Jun 2017 (US$ 000) Secured Unsecured Secured Unsecured 4,030 516 2,986 547 Amount repayable after one year As at 30 Jun 2018 (US$ 000) As at 30 Jun 2017 (US$ 000) Secured Unsecured Secured Unsecured 17,478-18,995 - Details of any collaterals Loans During the financial year ended 30 June 2014, the Company s subsidiary, Loyz Oil Pte. Ltd. ( Loyz Oil ), drew down US$32.0M pursuant to the term loan from OCBC Bank to finance the acquisition of petroleum interests held by Carnarvon Thailand Limited. The loan is secured by pledges of shares in Loyz Oil Thailand Pte. Ltd. ( Loyz Thai ), Loyz Oil s cash balances in the accounts maintained with and as designated by OCBC Bank, all earnings and other cash flow of Loyz Thai, as well as corporate guarantees by the Company and a shareholder of the Company, Jit Sun Investments Pte. Ltd. ( Jit Sun ). On 8 May 2017, Loyz Oil obtained a revolving loan facility of US$1,000,000 from OCBC Bank for general working capital requirements. The facility is secured by pledges of shares in Loyz Thai, Loyz Oil s cash balances in the accounts maintained with and as designated by OCBC Bank, all earnings and other cash flow of Loyz Thai, Loyz Thai s intercompany loans, as well as corporate guarantees by the Company, Loyz Thai and Jit Sun. In June 2017, the Group restructured the payment terms of a term loan, taken up in 2015, from DBS Bank. The restructured loan is secured by a pledge of the Company s shares in Loyz Oil, corporate guarantees by the Company, Jit Sun and certain of its subsidiaries. 5

1(c) A statement of cash flows (for the Group), together with a comparative statement for the corresponding period of the immediately preceding financial year. Consolidated Statement of Cash Flows Operating activities Unaudited Unaudited Unaudited Audited 4Q FY2018 1 4Q FY2017 2 FY2018 3 FY2017 4 US$ 000 US$ 000 US$ 000 US$ 000 (Loss)/profit before income tax (1,395) 13,059 (296) 14,794 Adjustments for: Amortisation of intangible assets - - - 2 Depreciation of other property, plant and equipment 50 30 113 96 Depletion of oil and gas properties 392 768 1,299 2,235 Share of results of associate company 114-221 - Net gain on partial settlement of bond receivable - - - (755) Gain on settlement of payables via issuance of shares - - (1,467) - Reversal of accrued commission payable (98) - (98) - Impairment loss on goodwill - 1,857-1,857 Impairment loss on oil and gas properties - 5,122-5,122 Prepayment written off - 716-716 Allowance for inventories obsolescence - 16-55 Write off of other assets 14 2 14 2 Gain on derecognition of deferred consideration - (22,011) - (22,011) Loss on disposal of oil and gas properties - 12-12 Loss on disposal of other property, plant and equipment - - 26 - Other property, plant and equipment written off - - 1 17 Provision for bond receivable 673-673 - Net fair value changes in investment carried at fair value through profit or loss 220-175 - Share-based payment expenses - 39 29 142 Reversal of share options - - - (1) Interest income (119) (34) (327) (102) Interest expense 328 581 1,476 2,485 Operating cash flows before working capital changes 179 157 1,839 4,666 Working capital changes: Inventories 124 115 64 121 Trade and other receivables (666) 1,082 (1,084) 511 Other assets (5) 86 443 204 Prepayments 13 21 23 119 Trade and other payables 779 307 (189) 406 Cash generated from operations 424 1,768 1,096 6,027 Interest received 8 2 23 10 Income tax paid (59) (1,255) (309) (2,002) Net cash generated from operating activities 373 515 810 4,035 Investing activities Proceeds from disposal of plant and equipment - - 104 - Purchase of plant and equipment (14) (7) (148) (52) Proceeds from disposal of oil and gas properties - 4-4 Additions to oil and gas properties (908) (1,483) (1,173) (2,964) Addition to investment security - - (733) - Investment in associate company - - (742) - Other receivables 172 - (4,771) - Net cash used in investing activities (750) (1,486) (7,463) (3,012) Financing activities Interest paid (462) (377) (1,183) (1,081) Proceeds from bank borrowings - 400 530 400 6

Net proceeds from issuance of ordinary shares including share issuance expenses - (11) 12,535 (11) Repayment of short-term loans - - - (3) Repayment of finance lease payables - (4) (52) (19) Repayment of bank borrowings (90) (257) (1,165) (980) Net cash (used in)/generated from financing activities (552) (249) 10,665 (1,694) Net change in cash and cash equivalents (929) (1,220) 4,012 (671) Foreign currency translation adjustments (14) (34) 3 (130) Cash and cash equivalents at beginning of financial period/year 6,618 2,914 1,660 2,461 Cash and cash equivalents at end of financial period/year *5,675 *1,660 *5,675 *1,660 *Included in cash and cash equivalents are cash balances pledged to the banks, amounting to US$0.1M for 4Q FY2017 and FY2017 (nil for 4Q FY2018 and FY2018), in relation to loan/bank overdraft taken up. 7

1(d)(i) A statement (for the issuer and Group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year Share option/ award Foreign currency translation Accumulated Statement of Changes in Equity Ordinary Deemed capital Hedging Noncontrolling Total shares contribution reserve reserve account losses Total interests equity Group US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Balance as at 1 July 2017 124,343 2,103 126 (29) (48) (78,324) 48,171 (10,841) 37,330 Profit for the financial period - - - - - 403 403 11 414 Other comprehensive income/(loss) for the period: Currency translation differences arising from consolidation - - - - (28) - (28) 45 17 Net change in fair value of cash flow hedges - - - 29 - - 29-29 Total comprehensive income/(loss) for the financial period - - - 29 (28) 403 404 56 460 Issue of shares 15,752 - - - - - 15,752-15,752 Grant of share options/awards to employees - - 29 - - - 29-29 Share awards exercised 155 - (155) - - - - - - Balance as at 31 March 2018 140,250 2,103 - - (76) (77,921) 64,356 (10,785) 53,571 Balance as at 1 April 2018 140,250 2,103 - - (76) (77,921) 64,356 (10,785) 53,571 Loss for the financial period - - - - - (1,780) (1,780) (2) (1,782) Other comprehensive (loss)/income for the period: Currency translation differences arising from consolidation - - - - (260) - (260) 273 13 Total comprehensive (loss)/income for the financial period - - - - (260) (1,780) (2,040) 271 (1,769) Liquidation of a subsidiary - (2,103) - - - 2,103 - - - Balance as at 30 June 2018 140,250 - - - (336) (77,598) 62,316 (10,514) 51,802 8

1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year (Continued) Share option/ award Foreign currency translation Accumulated Statement of Changes in Equity Ordinary Deemed capital Hedging Noncontrolling Total shares contribution reserve reserve account losses Total interests equity Group US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Balance as at 1 July 2016 115,440 2,103 789 - (139) (91,970) 26,223 (10,610) 15,613 (Loss)/profit for the financial period - - - - - (142) (142) 34 (108) Other comprehensive income/(loss) for the period: Currency translation differences arising from consolidation - - - - 72-72 (221) (149) Total comprehensive income/(loss) for the financial period - - - - 72 (142) (70) (187) (257) Issue of shares 8,863 - - - - - 8,863-8,863 Grant of share options/awards to employees - - 103 - - - 103-103 Share awards exercised 40 - (40) - - - - - - Share options/awards cancelled - - (765) - - 764 (1) - (1) Balance as at 31 March 2017 124,343 2,103 87 - (67) (91,348) 35,118 (10,797) 24,321 Balance as at 1 April 2017 124,343 2,103 87 - (67) (91,348) 35,118 (10,797) 24,321 Profit/(loss) for the financial period - - - - - 13,024 13,024 (22) 13,002 Other comprehensive income/(loss) for the period: Currency translation differences arising from consolidation - - - - 19-19 (22) (3) Fair value change on cash flow hedges - - - (29) - - (29) - (29) Total comprehensive (loss)/income for the financial period - - - (29) 19 13,024 13,014 (44) 12,970 Grant of share awards to employees - - 39 - - - 39-39 Balance as at 30 June 2017 124,343 2,103 126 (29) (48) (78,324) 48,171 (10,841) 37,330 9

1(d)(i) A statement (for the issuer and Group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year (Continued) Statement of Changes in Equity Share option/ award reserve Foreign currency translation account Ordinary Accumulated Total shares losses equity Company US$'000 US$'000 US$'000 US$'000 US$'000 Balance at 1 July 2017 124,343 126 607 (53,730) 71,346 Loss for the financial period, representing total comprehensive income for the - - - (164) (164) financial period Issue of shares 15,752 - - - 15,752 Share awards exercised 155 (155) - - - Grant of share options/awards to employees - 29 - - 29 Balance at 31 March 2018 140,250-607 (53,894) 86,963 Balance at 1 April 2018 140,250-607 (53,894) 86,963 Loss for the financial period, representing total comprehensive income for the - - - (439) (439) financial period Balance at 30 June 2018 140,250-607 (54,333) 86,524 Statement of Changes in Equity Share option/ award reserve Foreign currency translation account Ordinary Accumulated Total shares losses equity Company US$'000 US$'000 US$'000 US$'000 US$'000 Balance at 1 July 2016 115,440 789 607 (52,259) 64,577 Loss for the financial period, representing total comprehensive loss for the - - - (662) (662) financial period Issue of shares 8,863 - - - 8,863 Share awards exercised 40 (40) - - - Grant of share options/awards to employees - 103 - - 103 Share options/awards cancelled - (765) - 244 (521) Balance at 31 March 2017 124,343 87 607 (52,677) 72,360 Balance at 1 April 2017 124,343 87 607 (52,677) 72,360 Loss for the financial period, representing total comprehensive income for the - - - (1,053) (1,053) financial period Grant of share options/awards to employees - 39 - - 39 Balance at 30 June 2017 124,343 126 607 (53,730) 71,346 10

1(d)(ii) Details of any changes in the company s share capital arising from rights issue, bonus issue, share buybacks, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State the number of shares that may be issued on conversion of all the outstanding convertibles, if any, against the total number of issued shares excluding treasury shares and subsidiary holdings of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year. State also the number of shares held as treasury shares and the number of subsidiary holdings, if any, and the percentage of the aggregate number of treasury shares and subsidiary holdings held against the total number of shares outstanding in a class that is listed as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year. Share capital Ordinary shares Number of shares US$ Balance as at 1 April 2018 and 30 June 2018 3,900,018,070 140,250,103 Outstanding convertibles Loyz Energy Performance Share Plan ( PSP ): Number of outstanding convertibles As at 30 June 2018 - As at 30 June 2017 15,200,000 Warrants As at 30 June 2018 487,502,256 As at 30 June 2017 - Save for the above, there were no other outstanding convertibles as at 30 June 2018 and 30 June 2017. The Company did not have any treasury shares or subsidiary holdings as at 30 June 2018 and 30 June 2017. (d)(iii) To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year. 30-Jun-18 30-Jun-17 Total number of issued shares excluding treasury shares 3,900,018,070 1,526,527,683 The Company did not have any treasury shares as at 30 June 2018 and 30 June 2017. (d)(iv) A statement showing all sales, transfers, cancellation and/or use of treasury shares as at the end of the current financial period reported on. Not applicable, as the Company did not have any treasury shares during and as at the end of the financial year ended 30 June 2018. (d)(v) A statement showing all sales, transfers, cancellation and/or use of subsidiary holdings as at the end of the current financial period reported on. Not applicable, as the Company did not have any subsidiary holdings during and as at the end of the financial year ended 30 June 2018. 2. Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice. The figures have not been audited or reviewed by the Company s auditors. 3. Where the figures have been audited or reviewed, the auditors report (including any qualifications or emphasis of a matter). Not applicable. 4. Whether the same accounting policies and methods of computation as in the issuer s most recently audited annual financial statements have been applied. The financial information has been prepared in accordance with the same accounting policies and methods of computation as adopted in the audited financial statements of the Group for the financial year ended 30 June 2017, except for the adoption of the new or revised Singapore Financial Reporting Standards ( FRS ) and Interpretations of FRS ( INT FRS ) which have become effective for the current financial year ended 30 June 2018. The adoption of FRS and INT FRS did not result in any substantial changes to the Group s accounting policies. 11

5. If there were any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change. Certain restatements have been made to the unaudited 4Q FY2017 financial statements to reflect the following: (a) In accordance with FRS 23 Borrowing Costs, the borrowing costs arising from the amortisation of deferred consideration and bank loan borrowed for the acquisition of the 20% Participating Interests in the Thailand Operation ( Assets ) shall not be capitalised as the Assets do not meet the definition of a qualifying asset. This is because the Assets were already available for use in the condition in which it was acquired and also do not require a substantial period of time to get the Assets ready for use. Accordingly, adjustment are made to recognise borrowing costs in the Group s profit or loss instead of capitalising the borrowing costs to the oil and gas properties, in the respective years by the Group as previously reported. (b) In accordance with FRS 103 Business Combinations, re-measurement difference arising from the change of the fair value of the deferred consideration amounting to US$3,441,000 shall be recognised in the Group s profit or loss as other income instead of adjusting the oil and gas properties in the financial year ended 30 June 2016 as previously reported. 6. Earnings per ordinary share of the Group for the current period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends. (Loss)/earnings per share of the Group based on (loss)/profit attributable to owners of the Company 4Q FY2018 4Q FY2017 FY2018 FY2017 (Restated) - Basic (US cents) (0.06) 1.10 (0.05) 1.08 - On a fully diluted basis (US cents) (0.06) 1.08 (0.05) 1.07 Notes: The basic and diluted loss per share for 4Q FY2018 and FY2018 are calculated based on 2,835,795,057 weighted average number of ordinary shares in issue. The basic earnings per share for 4Q FY2017 and FY2017 are calculated based on 1,188,963,622 weighted average number of ordinary shares in issue. The diluted earnings per share for 4Q FY2017 and FY2017 are calculated based on 1,204,163,622 (taking into account share awards granted on 8 September 2016) weighted average number of ordinary shares in issue. Diluted loss per share for each of 4Q FY2018 and FY2018 is the same as the basic loss per share because the outstanding warrants are out of the money during the respective financial periods. 7. Net asset value (for the issuer and Group) per ordinary share based on issued share capital of the issuer at the end of the:- (a) current period reported on; and (b) immediately preceding financial year Group Group Company Company 30-Jun-18 30-Jun-17 30-Jun-18 30-Jun-17 Net asset value per share based on existing issued share capital as at the end of the respective periods (US cents) 1.60 3.16 2.22 4.67 Note: The net asset value per share as at 30 June 2018 and 30 June 2017 are calculated based on 3,900,018,070 and 1,526,527,683 ordinary shares in issue respectively. 8. A review of the performance of the Group, to the extent necessary for a reasonable understanding of the group s business. It must include a discussion of the following: (a) (b) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current period reported on. 12

Review for 4Q FY2018 vs 4Q FY2017 Consolidated Statement of Comprehensive Income Revenue increased by US$0.2M or 16%, from US$1.6M in 4Q FY2017 to US$1.8M in 4Q FY2018, due to the increase in revenue from the oil and gas business segment. The increase in revenue from the oil and gas business segment was due to the increase in average oil price from US$45.47 per barrel in 4Q FY2017 to US$67 per barrel in 4Q FY2018. This was partially offset by a decrease in the Group s share of oil production volume from its Thailand concession of 7,515 barrels, from 35,645 barrels in 4Q FY2017 to 27,109 in 4Q FY2018. Notwithstanding the increase in sales, cost of sales decreased by US$0.4 million or 30%, from US$1.3M in 4Q FY2017 to US$0.9M in 4Q FY2018, mainly as a result of a decrease in the depletion of oil and gas properties from US$0.8 million in 4Q FY2017 to US$0.4M in 4Q FY2018. Accordingly, gross profit increased by US$0.6M, from US$0.3M in 4Q FY2017 to US$0.9M in 4Q FY2018. Interest income increased by US$0.1M which was mainly due to the interest arising from a long-term loan extended by the Company to an associate company (FIT Global Pte Ltd ( Fit Global )). Other income decreased by US$22.0M which was mainly due to the absence of a gain on derecognition of deferred consideration of US$22.0M recorded in 4Q FY2017. Administrative expenses decreased by US$0.4M, from US$0.8M in 4Q FY2017 to US$0.4M in 4Q FY2018, mainly due to a decrease in staff costs. Finance costs decreased by US$0.3M, from US$0.6M in 4Q FY2017 to US$0.3M in 4Q FY2018, mainly due to the decrease in the Group s borrowings. Other charges decreased by US$6.3M, from US$7.7M in 4Q FY2017 to US$1.4M in 4Q FY2018, mainly due to the absence of (i) impairment losses on goodwill (US$1.9M) and oil and gas properties (US$5.1M) as the fair valuation of the oil and gas properties exceeded the carry amounts as at end of 4Q FY2018; and (ii) prepayment written off (US$0.7M) in 4Q FY2017. There were no such items in 4Q FY2018. Other charges in 4Q FY2018 related mainly to (i) net foreign exchange loss of US$0.5M due to the weakening of SGD and THB against USD, the Group s reporting currency; (ii) decrease in fair value of a quoted investment security of US$0.2M; and (iii) provision made for bond receivable of US$0.7M pursuant to a conservative review of the recoverability of the bond given the current weak market conditions and the bond issuer's financial position. Share of results of associate company mainly related to setup-costs in the Company s associate company (Fit Global). The associate company incurred set-up costs in the setting up of its bilateral trading business providing access to exchange-traded and over-the-counter markets, including spot and derivative contracts. The associate company has been generating revenue since the commencement of operations in the second half of 2018. Income tax expense increased by US$0.3M, from US$0.1M in 4Q FY2017 to US$0.4M in 4Q FY2018, mainly due to higher profit before income tax recorded by the Thailand operation in 4Q FY2018. As a result of the above, the Group recorded a loss after income tax of US$1.8M in 4Q FY2018, as compared to a profit after income tax of US$13.0M in 4Q FY2017. Excluding a one-off gain on derecognition of deferred consideration of US$22.0M in 4Q FY2017, the Group recorded a smaller loss after income tax of US$1.8M in 4Q FY2018, as compared to a loss after income tax of US$9.0M in 4Q FY2017. Consolidated Statement of Financial Position The Group s non-current assets decreased by US$0.6M, from US$107.0M as at 31 March 2018 to US$106.4M as at 30 June 2018. The decrease was mainly due to (i) the provision made for bond receivable of US$0.7M as mentioned above; (ii) the decrease in investment in associate of US$0.1M which was due to the share of losses for the period; and (ii) the decrease of US$220k in the fair value of a quoted investment security. These decreases were partially offset by the increase in oil and gas properties of US$0.5M. The Group s current assets decreased by US$0.4M, from US$10.2M as at 31 March 2018 to US$9.8M as at 30 June 2018. The decrease was mainly due to the decrease of US$0.9M in cash and cash equivalents (please refer to the explanation of cash and equivalents under consolidated statement of cash flows below). This was partially offset by the increase of US$0.7M in trade and other receivables, mainly attributed to the increase in amount due from Thailand operation. The Group s non-current liabilities decreased by US$0.6M, from US$56.7M as at 31 March 2018 to US$56.1M as at 30 June 2018. This was mainly due to the reclassification of bank borrowings, which is due within 1 year, from non-current liabilities to current liabilities. This was partially offset by the increase in deferred tax liabilities in relation to the Thailand operation. The Group s current liabilities increased by US$1.4M, from US$8.3M as at 31 March 2018 to US$6.9M as at 30 June 2018. The increase was mainly due to the reclassification of bank borrowings, which is due within 1 year, from non-current liabilities to current liabilities, coupled with accruals for drilling cost in relation to the drilling campaign which commenced in late May 2018. The Group reported a positive working capital position of US$1.5M as at 30 June 2018, as compared to US$3.3M as at 31 March 2018. 13

The Company s total equity decreased from US$53.6M as at 31 March 2018 to US$51.8M as at 30 June 2018 due to the loss incurred for 4Q FY2018. Consolidated Statement of Cash Flows in 4Q FY2018 The Group generated net cash of US$0.4M from its operating activities. Major movements of the cash flows from operating activities mainly comprised (i) increase in trade and other receivables of US$0.7M; (ii) increase in trade and other payables of US$0.8M; and (iii) operating cash flows before working capital changes of US$0.2M. The Group used net cash of US$0.8M for its investing activities mainly related to the drilling campaign in Thailand. The Group used net cash of US$0.6M for its financing activities mainly related to the repayment of banks borrowing and interest. As a result of the above, and taking into account foreign currency translation adjustments, cash and cash equivalents decreased by US$0.9M, from US$6.6M as at 31 March 2018 to US$5.7M as at 30 June 2018. 9. Where a forecast, or a prospect statement, has been previously disclosed to our shareholders, any variance between it and the actual results. Not applicable. No forecast or prospect statement had been previously disclosed to shareholders. 10. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months. The trade war between United States and China is putting pressure on and creating uncertainty for oil demand. On the supply front, Organization of Petroleum Exporting Countries ( OPEC ) has been raising their output, while the full impact of the sanctions on Iran oil and instability in Venezuela remains to be seen. Geopolitical influences are at play and oil prices are expected to be affected in the coming 12 months. Despite this, the fundamentals are still strong with global demand for oil expected to grow. The drilling campaign for the Thailand concessions has been successfully completed for 2018, with three out of three wells encountering hydrocarbons. Technical work and logistics planning are being made for a new drilling campaign in first half of 2019, focusing on in-fill/appraisal wells with the main aim of increasing production. The Group s associate company, Fit Global, has started its bilateral trading business by providing access and quotes for exchange-traded and over-the-counter markets to its counterparties. Fit Global has been generating revenue since the commencement of operations in the second half of 2018. The Group will continue to source for new opportunities to grow its business in a prudent manner. The investment business segment is expected to contribute to the Group as the business grows. 11. Dividend (a) Current Financial Period Reported On Any dividend declared for the current financial period reported on? No. (b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? No. (c) Date payable Not applicable. (d) Books closure date Not applicable. 12. If no dividend has been declared/recommended, a statement to that effect No dividend has been declared or recommended for the fourth quarter and financial year ended 30 June 2018. 13. If the Group has obtained a general mandate from shareholders for IPTs, the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect The Group has not obtained a general mandate from shareholders for interested person transactions. 14

14. Segmented revenue and results for business or geographical segments (of the Group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year. The Group only operates in the oil and gas business in FY2017, whereas in FY2018, the Group expanded its business to include investment. Business segment FY2018 Oil and gas Investment Consolidated US$ 000 US$ 000 US$ 000 Revenue External revenue 5,865-5,865 Results Segment results 2,989 (323) 2,666 Share of results of associate - (221) (221) Interest income 9 143 152 Finance costs (1,383) - (1,383) Unallocated other income 112 Unallocated other charges (813) Unallocated expenses (891) Unallocated interest expenses (93) Unallocated interest income 175 Loss before income tax (296) Income tax expense (1,072) - (1,072) Loss for the financial year (1,368) Assets and liabilities Segment assets 106,014 4,999 111,013 Investment in associate company - 1,796 1,796 Unallocated assets 3,362 Total assets 116,171 Segment liabilities 61,880 39 61,919 Unallocated liabilities 2,450 Total liabilities 64,369 Capital expenditure 1,219 1,520 2,739 Unallocated capital expenditure 57 Total capital expenditure 2,796 Revenue and non-current assets information based on geographical segments are as follows: Geographical information Non-current Revenue assets FY2018 FY2017 FY2018 FY2017 US$'000 US$'000 US$'000 US$'000 Singapore - - 6,811 643 Thailand 5,865 8,959 99,606 99,772 Total 5,865 8,959 106,417 100,415 15

15. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments Please refer to page 12 for the review on the Group s performance. 16. A breakdown of sales Group Increase / FY2018 FY2017 (Decrease) US$'000 US$'000 % Revenue reported for first half year 2,255 4,987 (55) Profit after tax reported for first half year 389 1,170 (67) Revenue reported for second half year 3,610 3,972 (9) (Loss)/profit after tax reported for second half year (1,757) 11,724 N.M N.M: Not meaningful 17. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year. Not applicable. No dividend has been declared or recommended for the latest financial year ended 30 June 2018 and the previous financial year ended 30 June 2017. 18. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704 (10) in the format below. If there are no such person, the issuer must make an appropriate negative statement. There is no person occupying a managerial position in the Company or any of its subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the Company. 19a. Rule 705(6)(a) of the Catalist Rules in relation to the use of funds/ cash for the quarter and projection on the use of funds/ cash for the next immediate quarter, including principal assumptions. The summary of the expenditure for Q4 FY2018 (period from 1 April 2018 to 30 June 2018) is as follows: US$ 000 Evaluation, Exploration & Development Expenditure - Fixed Assets - Administrative Expenses - Projected expenditure for Q1 FY2019 (period from 1 July 2018 to 30 September 2019) is as follows: US$ 000 Evaluation, Exploration & Development Expenditure - Fixed Assets - Administrative Expenses - 19b. Rule 705(6)(b) of the Catalist Rules in relation to the director s confirmation The Board of Directors of the Company confirms that, to the best of its knowledge, nothing has come to its attention which may render such information provided false or misleading in any material aspect. 16

20. Rule 705(7) of the Catalist Rules in relation to details of exploration (including geophysical surveys), mining development and/or production activities undertaken by the Company and a summary of the expenditure incurred on those activities, including explanation for any material variances with previous projections, for the period under review. If there has been no exploration, development and/or production activity respectively, that fact must be stated. Details of exploration, development and/or production activities undertaken by the Group in Q4 FY2018: Country Work Done Expenditure for Q4 FY2018 Australia The Company had notified the Australian Government and relevant Australian authorities to relinquish VIC/P62, a petroleum exploration permit ( PEP ). The Company has not received any updates from the Australian authorities on the relinquishment. Previous projections for the last period Variance/Note US$ 000 US$ 000 US$ 000 - - - New Zealand USA The Company had submitted the necessary documents to the relevant New Zealand authorities on the relinquishment of PEP38470 and is following up with the relevant New Zealand authorities. There are currently no plans to develop the assets in USA. - - - - - - For the Group s assets in Thailand, the Group did not fund any exploration, development and production activities in Q4 FY2018 as the activities are self-funded. Details of exploration, development and/or production activities to be undertaken by the Group in Q1 FY2019: Country Work to be done Projected Expenditure for Q1 FY2019 US$ 000 Australia As described above, the Company had notified the Australian Government and will continue to liaise with the relevant authorities on the necessary procedures to relinquish VIC/P62. - New Zealand As described above, the Company has decided to relinquish PEP38479 and is currently in contact with the New Zealand authorities if the Company can proceed with the relinquishment of PEP38470. - For the Group s assets in Australia, New Zealand, Thailand and USA, the Group is not expected to fund any exploration, development and production activities in Q1 FY2019. 21. Use of proceeds The Company completed a renounceable non-underwritten rights cum warrants issue (the Rights cum Warrants Issue ) in December 2017. The Company raised net proceeds of approximately S$16,990,000 (the Net Proceeds ), after deducting all expenses in connection with the Rights cum Warrants Issue. As at 30 June 2018, there is no further update to the utilisation of the Net Proceeds following the use of proceeds announcement made by the Company on 26 December 2017. The Company will make periodic announcements via SGXNet as and when the balance of the Net Proceeds is materially utilised. 22. Confirmation from the Company under Rule 720(1) of the Catalist Rules The Company confirms that all the required undertakings under Rule 720(1) of the Catalist Rules have been obtained from all its directors and executive officers in the format set out in Appendix 7H of the Catalist Rules. BY ORDER OF THE BOARD Jeffrey Pang Chief Executive Officer and Executive Director 24 August 2018 17