General Announcement::Full and Final Settlement with Super Power Enterprises Group Limited

ENECO ENERGY LIMITED

(the "Company")

(Co. Reg. No. 200301668R)

(Incorporated in the Republic of Singapore)

FULL AND FINAL SETTLEMENT WITH SUPER POWER ENTERPRISES GROUP LIMITED

The Board of Directors (the "Board") of Eneco Energy Limited (the "Company") wishes to inform shareholders that the Company has on 17 November 2021 entered into a Second Settlement Agreement ("Second Settlement Agreement") with Super Power Enterprises Group Limited ("SPE") and the Company's subsidiary, PT Hexindo Gemilang Jaya ("Hexindo"). The Company, SPE and Hexindo are referred to as "Parties" and each a "Party".

(I) Background

1. Pursuant to an Agreement entered into by the Parties in June 2018 ("First Settlement Agreement") Hexindo is obliged to pay SPE a sum of USD$10 million ("Settlement Sum") in full and final settlement of certain arbitral awards and claims that SPE had against Hexindo, and also the discontinuance of certain suits instituted by SPE against Hexindo and the Company.
2. The Settlement Sum was secured by an assignment in favour of SPE over all sums that Hexindo is entitled to receive in relation to its 10% Participating Interest in the concession area known as the "Lemang Block" located in the Jambi and Riau Provinces, Onshore South Sumatera, Indonesia.
3. As at the date of the Second Settlement Agreement, the Settlement Sum had not been paid to SPE. The Parties negotiated for Hexindo to pay a smaller sum in full and final settlement of all claims that each Party has or may have against one another, culminating in the Parties agreeing to enter into the Second Settlement Agreement.

(II) Salient Terms of the Second Settlement Agreement

The salient terms of the Second Settlement Agreement are as follows.

1. Hexindo will pay SPE a sum of US$1,500,000 within 5 business days of the date of the Second Settlement Agreement, as the Final Settlement Sum. Contemporaneously with such payment, SPE will issue a Discharge Confirmation confirming that:-
2. 1. SPE re-assigns and transfers all rights, benefits and interests that SPE has or may have over the sums due to Hexindo in connection with the Lemang Block, and
   2. SPE has no further claims of any kind and in any manner whatsoever over the Lemang Block or in any manner whatsoever against Hexindo and the Company.
3. Provided the transactions referred to in paragraph (1) above of this part (II) are satisfied,:-
4. 1. The First Settlement Agreement is terminated; and
   2. each Party irrevocably (i) waives all rights and claims that it has or may have against one another, and (ii) releases and discharges the other Parties from all obligations or claims it has or may have under the First Settlement Agreement and any other matter related to the Lemang Block and/or any other matter whatsoever. This applies to its respective Group Members as well (as defined in the Second Settlement Agreement).
5. The Parties are bound by confidentiality provisions.

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Eneco Energy Limited

- Full and Final Settlement with Super Power Enterprises Group Limited

The Company will be making payment of the Final Settlement Sum in accordance with the terms and conditions of the Second Settlement Agreement. Following the settlement, the expected gain on extinguishment of liabilities owing to SPE would be S$6.97 million (US$5.12 million) less S$2.04 million (US$1.5 million) and this should improve the Group's deficiency in net equity by S$4.93 million (US$3.62 million) based on the unaudited net equity as at 30 September 2021.

By Order of the Board

ENECO ENERGY LIMITED

Gwee Chee Kiang

Chief Executive Officer

17 November 2021

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