The Company wishes to announce that in view that the acquisition of the businesses and undertakings, including all assets and liabilities of SapuraCrest Petroleum Berhad ("SCPB") and Kencana Petroleum Berhad ("KPB") (the "Acquisitions") was completed on 15 May 2012, which was subsequent to 30 April 2012 being the cut-off date for quarter one (Q1) of financial year 31 January 2013, the Company will not announce its unaudited results for the quarter ended 30 April 2012.

As stated in the Prospectus of the Company dated 16 May 2012, SCPB has been identified as the deemed acquirer for the Acquisitions after taking into consideration the guidance in FRS 3: Business Combination.  Accordingly, the acquisition of the businesses and undertakings of SCPB was accounted for using the merger accounting, whereas the acquisition of the businesses and undertakings of Kencana was accounted for using acquisition method.

Based on the foregoing, the Company wishes to clarify the following:

a) SCPB will be consolidated into the financial performance of SKPB Group for the whole 12 months period from 1 February 2012 to 31 January 2013, whereas

b) KPB will only be consolidated into the financial performance of SKPB Group for the period of 8.5 months from 15 May 2012 (date of completion of the Acquisitions) to 31 January 2013.

This announcement is dated 27 June 2012.