1. Introduction

The Board of Directors of Uzma (“Uzma” or “Company”) is pleased to announce that Setegap Ventures Petroleum Sdn. Bhd.  (“SVP”), a subsidiary of the Company has received a Letter of Contract Amendment and Extension dated 7 December 2022 (“Letter of Extension”) from PETRONAS Carigali Sdn Bhd (“PCSB”) for an extension of a further two (2) years for the contract for the Provision of Coiled Tubing and Services for PCSB – East Region (“Contract”), which was subsequently approved for announcement by PCSB on 30 January 2023.

The Contract was previously awarded on 20 November 2015. The first extension of the Contract was awarded on 24 November 2020.

2. Salient Terms

The salient terms of the Letter of Extension are as follows: -

(a)  Supply of Coiled Tubing Services to PCSB;

(b)  The duration of the Letter of Extension is for a period of two (2) years commencing from 1 December 2022 until 30 November 2024 (“Extension Period”); and

(c)  The value of the Letter of Extension is approximately Ringgit Malaysia Two Hundred Thirty Million Only (RM230,000,000) over the estimated Extension Period.

3. Risk Factors

Potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions.

4. Financial Effects

The Letter of Extension is expected to contribute positively towards the earnings and net assets per share of the Company for the financial year ending 30 June 2023 and onwards until the expiry of the Letter of Extension.

5. Directors’ and Major Shareholders’ Interests

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of Uzma has any direct or indirect interest in the Letter of Extension.

6. Directors’ Statement

The Board of Directors of the Company, after considering all the relevant factors, is of the opinion that the acceptance of the Letter of Extension is in the best interest of the Company.

This announcement is dated 30 January 2023.