On behalf of the Board of Directors of GFB, announced that GFB has on 29 March 2022 entered into a memorandum of understanding ("MOU") with Sabah Oil & Gas Development Corporation Sdn Bhd ("SOGDC") and Sisma Energy Sdn Bhd ("SESB") to discuss and collaborate for the purpose of the development of gas facilities and infrastructure ("Project") on certain parcels of land belonging to SOGDC, located at Sipitang Oil and Gas Industrial Park in Megalong, district of Sipitang, Sabah ("SOGIP"). In accordance to the MOU, GFB is to supply gas to the Project. Salient terms of the MOU: The salient terms of the MOU shall include inter-alia the following: SESB shall identify a parcel of land at SOGIP for the said Project.

SOGDC will be given an opportunity to participate in the Project as a shareholder subject to terms and conditions to be agreed upon by the parties to the MOU ("Parties"). SESB shall be responsible for: (i) undertaking a feasibility study which includes technical and commercial aspects for the execution of the Project; (ii) providing necessary financing details for the Project; (iii) providing input towards the development of a master plan in relation to the Project; (iv) leading the relevant studies and planning of the Project; and (v) being the lead representative in relation to any engagement with the Federal Government for the Project, if required. GFB shall be responsible for to work with NuEnergy Gas Limited ("NuEnergy"), a subsidiary of GFB, to study the supply of natural gas, by NuEnergy, to the Project.

NuEnergy, an independent clean energy company holds numerous production sharing contracts for the exploration, development and production of coal bed methane ("CBM"), in Indonesia. SOGDC shall be responsible for: i) identifying and providing a suitable site for the Project; ii) submitting relevant applications and obtaining regulatory approvals and concessions from the State Authorities; iii) being the local representative in relation to any engagement with the State Authorities for the Project; and iv) providing necessary assistance as required by SESB in carrying out the feasibility study. iii) being the local representative in relation to any engagement with the State Authorities for the Project; and iv) providing necessary assistance as required by SESB in carrying out the feasibility study.

The MOU shall be effective for and until the earlier of: i) a period of twelve (12) months from the date of the MOU or such extended period as may be mutually agreed to in writing by the Parties; or ii) upon the execution of a definitive agreement by the Parties; or iii) if the Parties agree that the Project is not economically feasible; or iv) being terminated by any Party giving 3 months' notice to the other Parties; or v) mutual termination by all Parties. Upon expiry or termination of this MOU, the Parties shall be discharged and released from its obligations under this MOU but without prejudice to confidentiality clauses of the MOU, which will continue in full force and effect. This MOU is not legally binding (except for termination, confidentiality and anti-bribery clauses) until a definitive agreement is entered into.