The Board of Directors of Basic Energy Corporation in its regular Board meeting held on December 15, 2022 at which a quorum is present, recently appointed Oscar L. de Venecia, Jr. as one of the Vice chairman of the Board. With the Board's decision to fast-track and move on with new and various wind and solar projects, Mr. de Venecia will take the lead in the areas of business development and marketing, and coming from his long years of experience with the Company, he will take charge of promoting and strengthening relationships with shareholders, investors and stakeholders. As a young blood in the Board's helm, he will provide vigor and dynamism in steering the various existing and future projects of the Company to fruition.

He will turn-over his position as President & CEO, upon effectivity of his early retirement at the end of this year, to Luisito V. Poblete, who will be tasked to pursue the expected growth of the Company in the coming years. Mr. Poblete is currently the Chief Operating Officer of the Company in charge of Operations and prior to joining the Company in 2019, he was the President & Managing Director for Total (Philippines) Corporation, after serving in various positions in operations as its Vice-President. Prior to his work at Total (Philippines) Corporation, Mr. Poblete worked with Pilipinas Shell Petroleum Corporation for 17 years, handling various operations and engineering positions.

With three (3) years as Operations Head in the Company, Mr. Poblete is poised to assume the bigger role of President & CEO of the Company, with a strong and solid experience, molded from both within and outside of the Company. For his part, Mr. de Venecia, as a Vice Chairman, will assist the new President & CEO in achieving the targeted growth in the business portfolio of the Company, ensuring that this growth projects and embodies the vision and mission of the Company. These teamwork and re-alignment are expected to make the Company well-equipped and thus ready to face the challenges of the coming years, and achieve the targeted business growths aimed at making the Company a truly pioneering energy development company.

The Board furthermore accepts the resignation of Mr. Supasit Pokinjaruras as Director and approved his appointment as Member of the Advisory Board.