The directors and management of Strata-X Energy Ltd. announced that Strata-X has negotiated a revision of the terms upon which Botsgas Pty Ltd. ('Botsgas') will participate in the development of the Company's Serowe CSG Project in Botswana ('Project'). As a result of global travel restrictions due to the COVID-19 crisis, Strata-X and Botsgas have reviewed the exploration program and timing contemplated under that Heads of Agreement and have reached agreement to revise the structure of Botsgas's participation in the project. The result of this review is that Strata-X and Botsgas have agreed to replace the farmin structure as outlined in the Previous Announcement with a new structure for proceeding to a joint venture to develop the Project ('Revised HOA'). Under the Revised HOA, the parties will proceed directly to the negotiation and entry into a joint operating agreement for the development of the Project with Botsgas receiving a 49% interest and Strata-X retaining a 51% interest (and the role of Operator). None of the terms as outlined in the Previous Agreement carry over to the Revised HOA. In conjunction with the Revised HOA, Botsgas has also agreed to make a AUD 300,000 investment into the Company through a private placement of ASX CHESS Depository Interests ('CDIs')(with attaching options) at an issue price of AUD 0.06 ('Placement'). Completion of the Placement is a condition precedent to progression with the restructured farmin arrangements under the Revised HOA.