Proposed Equity Fundraise

596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

Seascape Energy Asia plc

(the "Company", "Seascape Energy" or "Seascape")

Proposed Equity Fundraise

Seascape Energy (AIM: SEA), an E&P company focused on Southeast Asia, announces its intention to undertake a fundraising of approximately £4 million before expenses by way of a placing (the "Placing") and direct subscription by certain Directors (the "Subscription" and, together with the Placing, the "Fundraising").

Pursuant to the Fundraising, the Company will issue up to 6,309,781 new Ordinary Shares (the "Fundraising Shares"), representing approximately 10 per cent of the Company's existing issued share capital, at an issue price of 70 pence per share (the "Issue Price"). The Issue Price represents a discount of approximately 12.5 per cent to the closing mid-market price of 80 pence on 23 March 2026 (being the latest practicable date prior to the date of this Announcement). Certain Directors intend to subscribe in the Fundraising for total gross proceeds of £315,000.

Stifel Nicolaus Europe Limited ("Stifel") is acting as Bookrunner (the "Bookrunner") to the Company in connection with the Fundraising.

The Placing is to be conducted by way of an accelerated bookbuild process (the "Bookbuild") in accordance with the terms and conditions set out in Appendix I. The Bookbuild will be launched immediately following this announcement (the "Announcement"). The Company expects to close the Bookbuild no later than 7.00 a.m. on 25 March 2026, but the Bookrunner and the Company reserve the right to close the Bookbuild earlier or later, without further notice.

In conjunction with the Fundraising, the Company will also offer the opportunity for the Company's wider retail shareholder base in the United Kingdom to participate in the offering at the Issue Price (the "Retail Offer"). The Retail Offer will be carried out via the Winterflood Retail Access Platform ("WRAP") and a separate announcement will be made regarding the Retail Offer and its terms.

Background to the Fundraising

Seascape Energy has built a unique position in the Malaysian upstream space since first entering the country in 2023, acquiring interests in a diverse portfolio of gas fields and exploration prospects. The Company has added value to this portfolio through its subsurface expertise, increasing resources in-the-ground and introducing industry heavy-weight partners into its projects.

The Company has interests in three core projects, namely the Temaris Cluster PSC ("Temaris"), the DEWA Cluster PSC ("DEWA") and the Block 2A PSC:

· Temaris Cluster PSC (Company 100%, operated) awarded in June 2025, Temaris includes the Tembakau and Mengkuang gas discoveries with net certified 2C resources of 276 bcf (46 mmboe) and nearby gas prospects offering significant exploration upside with certified net mean unrisked Prospective Resources of 950 bcf (158 mmboe). The fields are located in shallow water offshore Peninsular Malaysia with the initial phase targeting the Tembakau discovery which will be developed via unmanned wellhead platforms tied back to existing infrastructure. First gas is anticipated in 2028 at plateau production rates of ~17,000 boepd.

• The DEWA Cluster PSC (Company 28%) is a series of 12 gas-weighted fields located offshore, shallow water Sarawak, Eastern Malaysia, with certified net 2C resources of 95 bcf and 1.8 mmbbls of NGLs (18 mmboe). The initial development, operated by EnQuest plc, will target the D41 and D41W accumulations targeting gross volumes of >200 bcf (33 mmboe) with a final investment decision on the development anticipated to occur in H2 2026 and first production by mid-2028 with projected net production plateau of ~6,000 boepd (90% gas); and
• Block 2A PSC (Company 10%) is located deepwater offshore Sarawak, Eastern Malaysia, and contains the giant Kertang prospect with certified gross mean unrisked Prospective Resources of 9.1 TCF and 145 mmbbls of NGL (1.7 bnboe). In 2024, Seascape secured a farm-out of Block 2A to Japan's largest E&P company, INPEX Corporation ("INPEX"), securing a full uncapped carry for two exploration wells. INPEX has committed to drill the first well on the Kertang prospect, with drilling anticipated to occur in mid-2027.

The Company is now looking towards its next phase of growth into 2027, during which time the Company intends to:

• Seek to secure new acreage around its flagship Temaris asset, expanding its core operated position and pursuing an opportunity to create a >1 TCF new gas hub;
• Bring a strategic partner into Temaris through a farm-out process during H1 2026;
• Take a final investment decision on both its DEWA and Temaris projects during H2 2026, converting a large portion of its 64 mmboe of 2C contingent resources into 2P Reserves, paving the way for production potential of >20,000 boepd in 2028; and
• Drill the >9 TCF Kertang gas prospect H1 2027 at no cost to Seascape.

In the context of this growth, the Fundraising is being conducted to ensure the Company is in a strong financial position to rapidly progress these growth objectives and for general corporate purposes.

The technical information in this release has been reviewed by Dr Pierre Eliet, EVP Corporate & Business Development, Country Chair Malaysia, who is a qualified person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies. Dr Eliet is a geologist with more than 25 years' experience in the oil and gas industry. Dr Eliet has a BA Degree in Earth Sciences from Trinity College, Dublin and PhD in Geology from Manchester University, UK.

Glossary

"2C Contingent Resources" means those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent resources are a class of discovered recoverable resources

"2P Reserves" means those reserves deemed commercial which analysis of geoscience and engineering data indicate have at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate

"bcf" means billion standard cubic feet

"bnboe" means billion barrels of oil equivalent

"boepd" means barrels of oil equivalent per day

"E&P" means Exploration & Production

"mmboe" means million barrels of oil equivalent

"NGLs" means Natural Gas Liquids

"Prospective Resources" means estimated potentially discoverable resources

"PSC" means Production Sharing Contract

"TCF" means trillion standard cubic feet

APPENDIX I

PLACING AND SUBSCRIPTION

1.1 Seascape Energy Asia plc (company number 12020297) (the "Company") intends to conduct a placing (the "Placing") and direct subscription (the "Subscription"). New ordinary shares of ten pence (£0.10) nominal value each ("Ordinary Shares") will be issued to existing and new investors pursuant to the Placing ("Placing Shares") and Subscription ("Subscription Shares") at 70 pence per share ("Issue Price") as determined by Stifel and the Company.

1.2 The Company has appointed Stifel as its agent in respect of the Placing.

1.3 In addition, the Company proposes a retail offer (the "Retail Offer" and, together with the Placing and the Subscription, the "Fundraise")) to raise up to approximately £0.9 million by way of the issue to subscribers of new Ordinary Shares pursuant to the Retail Offer ("Retail Offer Shares" and, together with the Placing Shares and the Subscription Shares, the "New Ordinary Shares") at the Issue Price through the WRAP Platform. For the avoidance of doubt, the Retail Offer Shares do not form part of the Placing and are not Placing Shares. Stifel is not acting for the Company with respect to the Retail Offer.

1.4 Application is proposed to be made by Stifel to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM.

1.5 The terms and conditions set out in this Appendix apply to persons making an offer to subscribe for Placing Shares under the Placing. Each Purchaser shall be deemed to have read the Announcement, and this Appendix, in its entirety.

Bookbuild

1.6 Following this Announcement, Stifel will commence the Bookbuild to determine demand for participation in the Placing by Placees. This Appendix gives details of the terms and conditions of, and the mechanics of participation in, the Placing. No commissions will be paid to Placees or by Placees in respect of any Placing Shares. The book will open with immediate effect. Members of the public are not entitled to participate in the Placing.

1.7 Stifel and the Company shall be entitled to effect the Placing by such alternative method to the Bookbuild as they may, in their sole discretion, determine.

ALLOCATION AND CONDITIONS TO PLACING

2.1 The Placing Shares under the Placing will be issued on the Closing Date (as defined below).

2.2 Participation in the Placing will only be available to persons who may lawfully be, and are, invited to participate by Stifel.

2.3 The Issue Price will be a fixed price of 70 pence per new ordinary share.

2.4 The final number of Placing Shares will be agreed at the close of the Bookbuild and the result will be announced as soon as practicable thereafter. The timing for close of the Bookbuild is subject to Stifel's discretion, in consultation with the Company, although it is envisaged that the Bookbuild will be closed no later than 7.00 a.m. on 25 March 2026, The Placing is not being made available to the public and is only available in the United Kingdom to Relevant Persons (as defined above).

2.5 To bid in the Bookbuild, Placees should communicate their bid by telephone or email to their usual sales contact at Stifel. Each bid should state the number of Ordinary Shares which a Placee wishes to acquire at the Issue Price.

2.6 Stifel is arranging the Placing within the UK as agent for and on behalf of the Company. Participation in the Placing will only be available to Placees who may lawfully be, and are, invited to participate by Stifel. Stifel and any of its affiliates (as defined below) are entitled to enter bids in the Bookbuild. However, the Placing is not being underwritten by Stifel and it shall not be obliged to underwrite any of the Placing Shares or to subscribe for any of the Placing Shares.

2.7 The Bookbuild is expected to close no later than 7.00 a.m. on 25 March 2026 but may be closed earlier or later subject to the agreement of Stifel and the Company. Stifel may, in agreement with the Company, accept bids that are received after the Bookbuild has closed. The Company reserves the right (subject to the agreement of Stifel) to reduce or seek to increase the amount to be raised pursuant to the Placing, in its discretion. Following, amongst other things, the close of the Bookbuild, the Company will release an announcement of the results of the Placing, detailing the aggregate number of the Placing Shares to be issued.

2.8 Acceptances of the Placing and allocations of Placing Shares (including the subscription amount payable) will be:

2.8.1 as confirmed (orally or in writing) with prospective purchasers who are in the United Kingdom (or as Stifel and Company may agree, in any other jurisdiction) by Stifel (or its broker dealers or its agents as agent of the Company). That confirmation constitutes an irrevocable legally binding commitment of that person (who will at that point become a purchaser ("Purchaser")) to subscribe for the number of Placing Shares allocated to it on the terms and conditions set out in this Appendix (a copy of this Appendix having been provided to the Purchaser prior to or at the same time as such confirmation) and in accordance with the Company's articles of association; or

2.8.2 (unless paragraph 2.8.1 applies) by the completion and return of such letter of confirmation and registration or other forms as Stifel or its agents may in its absolute discretion require and in that event the terms and conditions set out in such letter of confirmation and registration or other form shall apply to the exclusion of this Appendix.

2.9 Except as required by law or regulation, no press release or other announcement will be made by Stifel or the Company using the name of any Purchaser (or its agent), in its capacity as Purchaser (or agent), other than with such Purchaser's prior written consent.

2.10 Each Purchaser will have an immediate, separate, irrevocable and binding obligation, owed to Stifel, to pay in cleared funds immediately on the settlement date, in accordance with the registration and settlement requirements set out below, an amount equal to the product of the Issue Price and the number of Placing Shares such Purchaser has agreed to take up. Stifel will procure the allotment of the Placing Shares to each Purchaser following each Purchaser's payment to Stifel of such amount.

2.11 Each Purchaser agrees that its rights and obligations in respect of the Placing will terminate only in the circumstances described in paragraph 4.6 below and will not be capable of rescission or termination by the Purchaser.

2.12 In making an investment decision, Purchasers must rely on their own examination of the Company and its prospects and the terms of the Placing, including the merits and risks involved in investing in the Placing Shares.

2.13 Irrespective of the time at which a Purchaser's allocation pursuant to the Placing is confirmed, settlement for all Placing Shares to be acquired pursuant to the Placing will be required to be made at the same time, on the basis explained below under "Registration and Settlement".

2.14 Settlement will occur on a date to be advised but expected to be on or around 30 March 2026 (the "Closing Date").

2.15 To the fullest extent permissible by law and applicable FCA rules, none of (a) Stifel, (b) any of its affiliates, agents, directors, officers, employees, (c) to the extent not contained within (a) or (b), any person connected with Stifel as defined in the Financial Services and Markets Act 2000 (the "FSMA") ((b) and (c) being together "affiliates" and individually an "affiliate" of Stifel), or (d) any person acting on behalf of Stifel, shall have any liability (including to the extent permissible by law, any fiduciary duties) to any Purchaser or to any other person whether acting on behalf of a Purchaser or otherwise. In particular, neither Stifel nor any of its affiliates shall have any liability (including, to the extent permissible by law, any fiduciary duties) in respect of their conduct of the Placing or in respect of their conduct of the Bookbuild or of any alternative method of effecting the Placing as Stifel and the Company may agree.

SHARES AND QUOTATION

3.1 The New Ordinary Shares will be issued fully paid and will rank equally, from the date of issue, in all respects with the Company's existing issued ordinary shares, including the right to receive all dividends and other distributions declared, made or paid in respect of such ordinary shares after the date of issue of the Placing Shares and the Subscription Shares.

3.2 Application will be made to London Stock Exchange plc for admission to trading of the New Ordinary Shares on AIM ("Admission"). It is anticipated that Admission will become effective on or around 30 March 2026 and that dealings in the New Ordinary Shares will commence at that time.

PLACING AGREEMENT

4.1 On 24 March 2026, the Company and Stifel entered into a placing agreement in connection with the Placing (the "Placing Agreement"). Pursuant to the Placing Agreement, Stifel has agreed to use its reasonable endeavours to place the Placing Shares with prospective Purchasers.

4.2 Stifel's obligations under the Placing Agreement in respect of the Placing Shares are conditional, inter alia, on:

4.2.1 in the opinion of Stifel (acting in good faith), none of the warranties contained in the Placing Agreement being untrue, inaccurate or misleading as at the date of the Placing Agreement or at any time up to the date of Admission, which in any such case is material in the context of the Fundraise;

4.2.2 the publication of this Announcement and the announcement of the Retail Offer through a Regulatory Information Service by no later than 4.45 p.m. on the date of the Placing Agreement or such other time and/or date as may be agreed between the Company and Stifel;

4.2.3 the Company allotting, subject only to Admission, the New Ordinary Shares in accordance with the Placing Agreement;

4.2.4 Admission taking place not later than 8.00 a.m. on 30 March 2026 or such later date as the Company and Stifel may otherwise agree but not being later than 8.30 a.m. on 13 April 2026;

4.2.5 the Retail Offer Shares having been allotted, credited as fully paid, subject only to Admission, by the Company to the relevant subscribers in accordance with the terms of the Retail Offer;

4.2.6 the Subscription Letters becoming unconditional in accordance with their terms (save for any condition relating to Admission) and the Company being in receipt of the subscription funds prior to Admission; and

4.2.7 prior to Admission, there having been no development or event which will have or is, in the opinion of Stifel (acting in good faith), likely to have a material adverse effect on the Company or the Group and which, in any such case, could, in the opinion of Stifel (acting in good faith), materially and adversely affect the Fundraise or dealings in the Ordinary Shares immediately following Admission;

4.3 If:

4.3.1 any of the conditions contained in the Placing Agreement in relation to the Placing Shares are not fulfilled or waived (if capable of being waived) by Stifel by the respective time or date where specified (or such later time or date as the Company and Stifel may agree);

4.3.2 any of such conditions becomes incapable of being fulfilled; or

4.3.3 the Placing Agreement is terminated in the circumstances specified below,

the Placing in relation to the Placing Shares will lapse and the Purchaser's rights and obligations hereunder in relation to the Placing Shares shall cease and terminate at such time and each Purchaser agrees that no claim can be made by the Purchaser in respect thereof.

4.4 Stifel may, at its absolute discretion and upon such terms as it thinks fit, waive, or extend the period for, compliance by the Company with the whole or any part of any of the Company's obligations in relation to the conditions in the Placing Agreement save that the conditions relating to Admission and the allotment and issue of the Placing Shares (subject only to Admission) may not be waived. Any such extension or waiver will not affect Purchasers' rights and obligations under the terms and conditions set out in this Appendix.

4.5 Neither Stifel nor the Company shall have any liability to any Purchaser (or to any other person whether acting on behalf of a Purchaser or otherwise) in respect of any decision they may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition to the Placing nor for any decision they may make as to the satisfaction of any condition or in respect of the Placing generally and by participating in the Placing each Purchaser agrees that any such decision is within the absolute discretion of Stifel.

4.6 Stifel is entitled, at any time before Admission, to terminate the Placing Agreement by giving notice to the Company in certain circumstances, including, inter alia, a material breach of the warranties given to Stifel in the Placing Agreement, the failure of the Company to comply with material obligations under the Placing Agreement, or if an event has occurred which, in the opinion of Stifel (acting in good faith), constitutes or is likely to cause a material adverse change or on the occurrence of certain force majeure events. Following Admission, the Placing Agreement is not capable of rescission or termination.

4.7 The rights and obligations of the Purchasers shall terminate only in the circumstances described in these terms and conditions and will not be subject to termination by the Purchaser or any prospective Purchaser at any time or in any circumstances. By participating in the Placing, Purchasers agree that the exercise by Stifel of any right of termination or other discretion under the Placing Agreement shall be within the absolute discretion of Stifel, and that it need not make any reference to Purchasers and that it shall have no liability to Purchasers whatsoever in connection with any such exercise.

NO UNDERWRITING

The Fundraise is not being underwritten by any party.

OFFER PERSONAL

The offering of Placing Shares and the agreement arising from acceptance of the Placing is personal to each Purchaser and does not constitute an offering to any other person or to the public. A Purchaser may not assign, transfer, or in any other manner, deal with its rights or obligations under the agreement arising from the acceptance of the Placing, without the prior written agreement of Stifel in accordance with all relevant legal requirements.

• NO PROSPECTUS
• REGISTRATION AND SETTLEMENT

8.1 Settlement of transactions in the Placing Shares will, unless otherwise agreed, take place on a delivery versus payment basis within the CREST system administered by Euroclear UK & International Limited ("CREST").

8.2 The Company will (or will procure its registrar or transfer agent to) deliver the Placing Shares to CREST accounts operated by Stifel for the Company and Stifel will enter their respective delivery (DEL) instructions into the CREST system. The input to CREST by each Purchaser of a matching or acceptance instruction will then allow delivery of the relevant Placing Shares to that Purchaser against payment.

8.3 Following the close of the Bookbuild, each Purchaser allocated Placing Shares in the Placing will be sent a conditional trade confirmation stating the number of Placing Shares and the subscription amount payable to be allocated to it and will be required to provide Stifel with funds sufficient to purchase such securities prior to the Closing Date.

8.4 Each Purchaser is deemed to agree that, if it does not comply with these obligations, the Company may sell any or all of the Placing Shares allocated to that Purchaser on such Purchaser's behalf and retain from the proceeds, for the Company's account and benefit, an amount equal to the aggregate amount owed by the Purchaser plus any interest due. The relevant Purchaser will, however, remain liable for any shortfall below the aggregate amount owed by it and may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties) which may arise upon the sale of such Placing Shares on such Purchaser's behalf.

8.5 It is expected that settlement will take place on or about 30 March 2026 in CREST in accordance with the instructions set out in the conditional trade confirmation.

8.6 The Company reserves the right to require settlement for and delivery of the Placing Shares (or a portion thereof) to any Purchaser in any form it requires if, in Stifel's or the Company's opinion, delivery or settlement is not possible or practicable within CREST or would not be consistent with the regulatory requirements of the Purchaser's jurisdiction.

8.7 Each Purchaser agrees that it will do all things necessary to ensure that delivery and payment is completed in accordance with the applicable registration and settlement procedures, including if applicable, CREST rules and regulations and settlement instructions that it has in place with Stifel.

8.8 If Placing Shares are to be delivered to a custodian or settlement agent, Purchasers should ensure that the conditional trade confirmation is copied and delivered immediately to the relevant person within that organisation. Each Purchaser shall ensure that, insofar as Placing Shares are registered in a Purchaser's name or that of its nominee or in the name of any person for whom a Purchaser is contracting as agent or nominee, such person shall not be a person who is or may be liable to any UK stamp duty or stamp duty reserve tax or securities transfer tax.

8.9 Interest is chargeable daily on payments to the extent that value is received after the due date at the rate per annum of 4 percentage points above the Barclays Bank PLC base rate.

REPRESENTATIONS AND WARRANTIES

9.1 Each Purchaser and prospective Purchaser (and each person acting on its behalf) represents, warrants, acknowledges and undertakes for the benefit of the Company, Stifel and the respective officers, directors, employees, agents and advisers of the Company and Stifel, and any person acting on behalf of any of them (each a "Beneficiary" and together the "Beneficiaries") as follows:

9.1.1 if it is a Purchaser in the United Kingdom it:

• is a Qualified Investor as defined under the POATR; and
• is also a person falling within one or more of the categories of persons referred to in article 19 (investment professionals) or 49 (high net worth companies, etc.) of the Order or is a person to whom the Placing may otherwise be made or to whom the Placing Shares may otherwise be directed without making an unlawful financial promotion; and
• understands, recognises and acknowledges that no prospectus has been or will be approved in connection with the Placing by the FCA in the United Kingdom;

9.1.2 if it is not in the United Kingdom but is acting for the account of a Purchaser in the United Kingdom, that each of paragraphs 9.1.1(a), 9.1.1(b) and 9.1.1(c) applies in respect of each such Purchaser;

9.1.3 if it is a Purchaser in a member state of the EEA it:

• is a Qualified Investor as defined under the EU Prospectus Regulation; and

9.1.4 if it is not in a member state of the EEA but is acting for the account of a Purchaser in a member state of the EEA, that each of paragraphs 9.1.3(a) and 9.1.3(b) applies in respect of each such Purchaser;

9.1.5 it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) relating to the Placing Shares in circumstances in which section 21(1) of FSMA does not require approval of the communication by an authorised person.;

9.1.8 it (and any account for which it is purchasing) is, and at the time the Placing Shares are acquired will be, either:

• located outside of the United States and:
• subscribing for the Placing Shares only in an "offshore transaction" as defined in, and in accordance with, Regulation S; and
• is aware of the restrictions on the offer and sale of the Placing Shares pursuant to Regulation S; or
• if specifically agreed with the Company and Stifel, located within the United States and:
• it has duly executed and delivered to the Company and Stifel and/or their respective affiliates a US investor letter substantially in the form provided to it.

9.1.9 the Placing Shares have not been offered to it by means of any "directed selling efforts" as defined in Regulation S or by means of any "general solicitation" or "general advertising" as defined in Regulation D;

9.1.10 it is acquiring the Placing Shares for investment purposes and is not acquiring the Placing Shares with a view to, or for offer or sale in connection with, any distribution thereof (within the meaning of the US Securities Act) that would be in violation of the securities laws of the United States or any state thereof;

9.1.11 it will not distribute, forward, transfer or otherwise transmit this Announcement or any part of it, or any other presentation or other materials concerning the Placing (including electronic copies thereof), in or into the United States, Australia, Canada, Japan, New Zealand, or the Republic of South Africa, and it has not distributed, forwarded, transferred or otherwise transmitted any such materials to any other person.

9.1.12 time shall be of the essence as regards obligations pursuant to this Appendix;

9.1.13 unless otherwise specifically agreed in writing with Stifel, neither it nor the beneficial owner of such Placing Shares is or will be a resident of, or subject to the laws of the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa, or will otherwise be considered a U.S. person as defined in Regulation S;

9.1.15 if required by applicable securities laws or as otherwise reasonably requested by the Company, the Purchaser will execute, deliver and file and otherwise assist the Company in filing reports, questionnaires, undertakings and other documents with respect to the issue of the Placing Shares;

9.1.16 if it is acting as a "distributor" (for the purposes of UK MiFID II Product Governance Requirements):

• it acknowledges that the product approval process has determined that the Placing Shares are:
• compatible with an end target market of:
• retail investors,
• investors who meet the criteria of professional clients; and
• eligible counterparties (each as defined in MiFID II); and
• eligible for distribution through all distribution channels as are permitted by MiFID II, and that the product approval process undertaken by Stifel (the "Target Market Assessment") does not constitute:
• an assessment of suitability or appropriateness for the purposes of MiFID II; or
• a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares and each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels;
• notwithstanding any Target Market Assessment undertaken by Stifel it confirms that, other than where it is a providing an execution-only service to investors, it has satisfied itself as to the appropriate knowledge, experience, financial situation, risk tolerance and objectives and needs of the investors to whom it plans to distribute the Placing Shares and that is has considered the compatibility of the risk/reward profile of such Placing Shares with the end target market; and
• it acknowledges that the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom;

9.1.17 the Purchaser has not received or requested, nor does it have any need to receive, any offering memorandum or any other document describing the business and affairs of the Company in order to assist it in making an investment decision to subscribe for the Placing Shares;

9.1.18 it is purchasing the Placing Shares for its account or for the account of one or more persons for investment purposes only and not with the purpose of, or with a view to, the resale, transfer or distribution or granting, issuing or transferring of interests in, or options over, the Placing Shares;

9.1.19 it has such knowledge and experience in financial and business matters and expertise in assessing credit and all other relevant risks that it is capable of evaluating independently, and has evaluated independently and conducted an in-depth detailed analysis on, the merits and risks of a purchase of the Placing Shares for itself and each other person, if any, for whose account it is acquiring any Placing Shares, and it has determined that the Placing Shares are a suitable investment for itself and each other person, if any, for whose account it is acquiring any Placing Shares, both in the nature and the number of the Placing Shares being acquired;

9.1.21 it has had access to all information that it believes is necessary or appropriate in connection with, and for an adequate time prior to, its purchase of the Placing Shares. It acknowledges and agrees that it will not hold Stifel responsible for any misstatements in, or omissions from, any publicly available information concerning the Company;

9.1.22 it has made and relied entirely upon its own assessment of the Company, and has conducted its own independent investigation with respect to the Placing Shares and the Company;

9.1.23 it shall obtain its own advice regarding the tax consequences in any jurisdiction of purchasing, owning or disposing of any Placing Shares;

9.1.24 it has not relied on any investigation that any Beneficiary may have conducted with respect to the Placing Shares or the Company. No Beneficiary has made any representation to it, express or implied, with respect to the Placing Shares, the Bookbuild or the Company;

9.1.25 it acknowledges that the Placing does not constitute a securities recommendation or advice in relation to any securities, and that no securities recommendation or advice has been made or given to it by any Beneficiary in relation to the Placing;

9.1.26 it acknowledges that an investment in the Placing Shares involves a degree of risk;

9.1.27 except to the extent that liability cannot by law be excluded, it acknowledges that none of the Beneficiaries accept any responsibility in relation to the Placing or for the accuracy or completeness of any information given to it in connection with the Placing;

9.1.28 it acknowledges and agrees that it will accept the decisions and actions of Stifel and/or the Company in respect of the Placing and the acceptance of any Placing of Placing Shares does not oblige Stifel and/or the Company to consult with it as to any matter or qualify the exercise or non-exercise of rights arising under or in relation to the Placing;

9.1.29 it has been independently advised as to any resale restrictions under applicable securities laws in its own jurisdiction;

9.1.30 it acknowledges and agrees that if Stifel takes title to the Placing Shares it does so only as agent for the Purchaser for the purposes of effecting settlement and it agrees to release Stifel from any liability incurred by it in acting in such capacity (whether arising out of any act or omission by the Company in relation to the Placing or to the Placing Shares or otherwise);

9.1.31 if it is acquiring any Placing Shares for an account of one or more persons, it has full power to make the acknowledgements, representations, warranties and agreements hereunder on behalf of each such person and it will take reasonable steps to ensure that each such person will comply with its obligations hereunder;

9.1.32 it acknowledges that the Beneficiaries will rely upon the truth and accuracy of the foregoing acknowledgements, representations, warranties and agreements in conducting and undertaking the Placing;

9.1.33 it has read this Announcement, including this Appendix, in its entirety and its subscription of the Placing Shares is subject to and based upon only the terms, conditions, representations, warranties, acknowledgements, agreements and undertakings and other information contained herein;

9.1.34 the exercise by Stifel of any right of termination or any right of waiver exercisable by it contained in the Placing Agreement including, without limitation, the right to terminate the Placing Agreement, is within its absolute discretion and Stifel will not have any liability to any Purchaser whatsoever in connection with any decision to exercise or not exercise any such rights;

9.1.35 if:

• any of the conditions in the Placing Agreement are not satisfied (or, where relevant, waived), or
• the Placing Agreement is terminated or does not otherwise become unconditional in all respects prior to the admission of the Placing Shares, the Placing will lapse and its rights shall cease and determine at such time and no claim shall be made by any Purchaser in respect thereof;

9.1.36 no offer document or prospectus has been, or will be, prepared in connection with the Placing and it represents and warrants that it has not received a prospectus or other offer document in connection therewith;

9.1.37 the ordinary shares of ten pence (£0.10) each in the capital of the Company are (and the Placing Shares issued pursuant to the Placing will be) admitted to trading on AIM, and the Company is therefore required to publish certain business and financial information in accordance with the rules and practices of AIM and that it is able to obtain or access such information without undue difficulty, and is able to obtain access to such information or comparable information concerning any other AIM quoted company, without undue difficulty;

9.1.38 none of Stifel or the Company nor any of their respective affiliates nor any person acting on behalf of any of them has provided it, and will not provide it, with any material regarding the Placing Shares or the Company or any other person other than this Announcement; nor has it requested any of Stifel or the Company nor any of their respective affiliates or any person acting on behalf of any of them to provide it with any such information;

9.1.40 in subscribing for Placing Shares, it has consented to receive "inside information" for the purposes of MAR, and it has agreed not to deal in any securities of the Company until such time as the inside information of which it has been made aware has been made public for the purposes of MAR or it has been notified by Stifel or the Company that the proposed Placing will not proceed and any unpublished price sensitive information of which the Purchaser is aware has been publicly announced, and, other than in respect of its knowledge of the proposed Placing, it has neither received nor relied on any confidential price sensitive information concerning the Company or the Placing Shares;

9.1.41 it has complied with its obligations in connection with the Criminal Justice Act 1993, money laundering and terrorist financing under the Anti Terrorism Crime and Security Act 2001, the Proceeds of Crime Act 2002, the Terrorism Act 2003, MAR, the POATR, the Terrorism Act 2006, the Money Laundering Regulations 2007, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and Part VIII of FSMA (the "Regulations"), including identifying its clients in accordance with the Regulations, and, if making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations. If within a reasonable time after a request for verification of identity Stifel has not received such satisfactory evidence, Stifel may, in its absolute discretion, reject an application for Placing Shares in which event all funds delivered by such Purchaser to Stifel (if any) will be returned without interest to the account of the drawee bank from which they were originally debited;

9.1.42 if it is a financial intermediary, as that term is used in Article 3(2) of the EU Prospectus Regulation or Regulation 7(4) of the POATR, any Placing Shares acquired by it in the Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of securities to the public other than an offer or resale in the United Kingdom or the EEA to Qualified Investors, unless Stifel has given prior consent to such proposed offer or resale;

9.1.43 it has complied and will comply with all applicable laws with respect to anything done by it or on its behalf in relation to the Placing Shares (including all relevant provisions of the FSMA in respect of anything done in, from or otherwise involving the United Kingdom);

9.1.44 it will (or will procure that its nominee will), if applicable, make notification to the Company of the interest in the Company's ordinary shares in accordance with Chapter 5 of the Disclosure Guidance and Transparency Rules;

9.1.45 it and any person acting on its behalf is entitled to subscribe for and purchase the Placing Shares under the laws of all relevant jurisdictions which would apply to it, and that it and any person acting on its behalf is in compliance with applicable laws in the jurisdiction of its residence, the residence of the Company, or otherwise;

9.1.46 it (and any person acting on its behalf) will make or procure payment for the Placing Shares allocated to it in accordance with this Announcement on the due time and date set out herein, failing which the relevant Placing Shares may be placed with other subscribers or sold as Stifel and the Company may in their absolute discretion determine and without liability to such Purchaser, and it will remain liable for any shortfall below the net proceeds of such Placing Shares and may be required to bear the liability for any stamp duty or stamp duty reserve tax or security transfer tax (together with any interest or penalties due pursuant to or referred to in in these terms and conditions) which may arise upon the placing or sale of such Purchaser's Placing Shares on its behalf;

9.1.47 the person whom it specifies for registration as holder of the Placing Shares will be (i) itself or (ii) its nominee, as the case may be, and none of Stifel nor the Company will be responsible for any liability to stamp duty or stamp duty reserve tax resulting from a failure to observe this requirement. Each Purchaser and any person acting on behalf of such Purchaser agrees to participate in the Placing and it agrees to indemnify the Company and Stifel in respect of the same on the basis that the Placing Shares will be allotted to the account of Stifel who will hold them as nominee on behalf of such Purchaser until settlement in accordance with its standing settlement instructions;

9.1.48 it will indemnify on an after-tax basis and hold the Company and Stifel and their respective affiliates, agents, directors, officers and employees harmless from any and all costs, claims, liabilities and expenses (including legal fees and expenses (including any VAT thereon)) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings in this Announcement or incurred by the Company, Stifel or their respective affiliates, agents, directors, officers and employees arising from the performance of the Purchaser's obligations as set out in this Announcement, and further agrees that the provisions of this Appendix shall survive after completion of the Placing;

9.1.49 its commitment to subscribe for Placing Shares on the terms set out herein will continue notwithstanding any amendment that may in future be made to the terms of the Placing and the Purchaser will have no right to be consulted or require that its consent be obtained with respect to the Company's conduct of the Placing. The foregoing representations, warranties and confirmations are given for the benefit of the Company and Stifel. The agreement to settle a Purchaser's subscription (and/or the subscription of a person for whom such Purchaser is contracting as agent) free of stamp duty and stamp duty reserve tax depends on the settlement relating only to the subscription by it and/or such person direct from the Company for the Placing Shares in question. Such agreement assumes, and is based on the warranty above from each Purchaser, that neither it, nor the person specified by it for registration as holder, of Placing Shares is, or is acting as nominee or agent for, and that the Placing Shares will not be allotted to, a person who is or may be liable to stamp duty or stamp duty reserve tax in excess of 0.5% under any of sections 67, 70, 93 and 96 of the Finance Act 1986 (depositary receipts and clearance services). If there are any such arrangements, or the settlement relates to any other dealing in the Placing Shares, stamp duty or stamp duty reserve tax may be payable. In that event the Purchaser agrees that it shall be responsible for such stamp duty or stamp duty reserve tax, and neither the Company nor Stifel shall be responsible for such stamp duty or stamp duty reserve tax. If this is the case, each Purchaser should seek its own advice and notify Stifel accordingly;

9.1.50 no action has been or will be taken by any of the Company, Stifel or any person acting on behalf of the Company or Stifel that would, or is intended to, permit a public offering of the Placing Shares in any country or jurisdiction where any such action for that purpose is required;

9.1.51 it will be liable for any stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the United Kingdom by them or any other person on the subscription by them of any Placing Shares or the agreement by them to subscribe for any Placing Shares;

9.1.52 Stifel or any of its affiliates may, at its absolute discretion, agree to become a Purchaser in respect of some or all of the Placing Shares;

9.1.53 when a Purchaser or person acting on behalf of the Purchaser is dealing with Stifel, any money held in an account with Stifel on behalf of the Purchaser and/or any person acting on behalf of the Purchaser will not be treated as client money within the meaning of the rules and regulations of the FCA made under FSMA;

9.1.54 it acknowledges that the money will not be subject to the protections conferred by the client money rules and as a consequence, this money will not be segregated from Stifel's money in accordance with the client money rules and will be used by Stifel in the course of its own business; and the Purchaser will rank only as a general creditor of Stifel;

9.1.55 it acknowledges that all times and dates in this Announcement may be subject to amendment and Stifel shall notify the Purchasers and any person acting on behalf of the Purchasers of any changes;

9.1.56 that past performance is no guide to future performance and persons needing advice should consult an independent financial adviser;

9.1.57 all obligations entered into by the Purchaser pursuant hereto with Stifel are entered into with it as agent for the Company and are therefore enforceable directly by the Company;

9.1.58 if a company, it is a valid and subsisting company and has all the necessary corporate capacity and authority to execute its obligations in connection with the Placing participation;

9.1.59 it is not presently acting in concert, as defined in the City Code on Takeovers and Mergers, with any existing shareholder of the Company or other Purchaser; and

9.1.60 it irrevocably appoints any director of Stifel as its agent for the purposes of executing and delivering to the Company's and/or its registrars any documents on its behalf necessary to enable it to be registered as the holder of any of the Placing Shares offered to it.

The Purchaser agrees that the Company and Stifel will rely upon the truth and accuracy of the foregoing confirmations, representations, warranties, acknowledgments, undertakings and agreements which are given by each Purchaser (or persons acting on their behalf) and are irrevocable.

ENTIRE AGREEMENT

The terms set out in this Appendix and the allocation of Placing Shares (including the subscription amount payable) as confirmed to a Purchaser, constitute the entire agreement to the terms of the Placing and a Purchaser's participation in the Placing to the exclusion of prior representations, understandings and agreements between them. Any variation of such terms must be in writing.

GOVERNING LAW AND JURISDICTION

The agreement arising out of acceptance of the Placing and any dispute or claim arising out of or in connection with the Placing or formation thereof (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England. Each Purchaser irrevocably agrees to submit to the exclusive jurisdiction of the courts of England to settle any claim or dispute that arises out of or in connection with the agreement arising out of acceptance of the Placing or its subject matter or formation (including non-contractual disputes or claims).

APPENDIX II

DEFINITIONS

The following definitions apply throughout this Announcement (including the Appendices), unless the context requires otherwise:

"Bookbuild" means the accelerated bookbuilding process to be conducted by Stifel to determine demand for participation in the Placing by Placees;

"EEA" means The European Economic Area;

"EUWA" means the European Union (Withdrawal) Act 2018 (as amended);

"Group" means the Company and its subsidiaries at the date hereof;

"London Stock Exchange" means London Stock Exchange plc;

"MAR" means the Market Abuse Regulation (EU) No.596/2014, as it forms part of UK domestic law by virtue of the EUWA and as amended from time to time;

"New Ordinary Shares" means the Placing Shares, the Retail Offer Shares and the Subscription Shares;

"Ordinary Shares" means ordinary shares of ten pence (£0.10) each in the capital of the Company;

"Placees" means the placees subscribing for Placing Shares pursuant to the Placing;

"Placing" means the conditional placing by Stifel, as agents for the Company, of the Placing Shares at the Issue Price on a non-pre-emptive basis, on the terms and conditions set out in the Placing Agreement to be conducted by way of an accelerated bookbuilding process;

"Placing Agreement" means the conditional placing agreement dated 24 March 2026 between the Company and Stifel;

"Placing Shares" means the new Ordinary Shares to be subscribed for under the Placing;

"QIB" means a "qualified institutional buyer" as defined in Rule 144A;

"Regulation D" means Regulation D under the US Securities Act;

"Regulation S" means Regulation S under the US Securities Act;

"Retail Offer Shares" means up to 1,261,956 new Ordinary Shares which are proposed to be allotted and issued by the Company pursuant to the Retail Offer;

"Retail Offer" means the offer by the Company of the Retail Offer Shares at the Issue Price to existing and new Shareholders who are retail investor clients of the Intermediaries on the WRAP Platform by Winterflood Securities Limited;

"Rule 144A" means Rule 144A under the US Securities Act;

"Subscription" means the proposed subscription for the Subscription Shares at the Issue Price;

"Subscription Letters" means the subscription letters dated on or around the date of this Announcement between the Company and certain Directors, pursuant to which such investors will subscribe for the Subscription Shares at the Issue Price;

"Subscription Shares" means the new Ordinary Shares to be issued pursuant to the Subscription Letters;

"United States" or "US" means the United States of America, its territories and possessions, any state of the United States of America, and the District of Columbia;

"US Securities Act" the United States Securities Act of 1933, as amended; and

"WRAP Platform" means the Winterflood Retail Capital Markets "WRAP" platform, a proprietary platform owned and operated by Winterflood Securities Limited.