WHITE ENERGY COMPANY LIMITED (WEC)

The suspension of trading in the securities of White Energy Company Limited will be lifted immediately following the release by WEC of an announcement regarding an update on the judgement released on 23 October 2023.

On 23 October 2023, the Court delivered its judgement in relation to the appeal of the SICC's costs determination. Whilst the Court allowed the appeal, it did not agree with the Appellants' argument that BCBCS be awarded costs up to the late stage of the proceedings at which Bayan first raised the narrow point of causation which ultimately prevented BCBCBS from recovering any damages. The Court found that the discount of 40% awarded to the Respondents was insufficient and instead awarded a greater discount of 70%. The Court also held that BCBC should not be jointly and severally liable for costs. The Company is disappointed with the outcome of the appeal and that Bayan has not been held to account for its blatant breaches of contract and that BCBCS has not been properly compensated for such breaches. The directors of BCBCS have yesterday resolved to appoint KPMG Singapore as the provisional liquidator to BCBCS. BCBCS estimates it has assets of approximately SGD1.7 million and unsecured liabilities of approximately SGD160.4 million. The intercompany loan from BCBC to BCBCS represents approximately SGD157 million, with the unsecured liability to Bayan as a result of the judgement being approximately SGD3.35 million. In regards to the proceedings in Western Australia, the Court has ordered that special costs be awarded to Bayan from BCBCS, with the quantum to be determined by taxation if not agreed. The intercompany loan from BCBC to BCBCS is fully eliminated on consolidation and therefore there would be no impact from any further write down of the loan on the financial results of the WEC group resulting from the liquidation.

The securities of White Energy Company Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of WEC, pending the release of an announcement regarding an update on the judgement released on 23 October 2023.

The Australian Shareholders Association opposes the ongoing chairmanship of Travers Duncan: the White Energy chairman has been adversely named by ICAC in relation to the Mt Penny coal tenement and ASA will be opposing his re-election at the AGM in Sydney on November 22.

the suspension of trading in the securities of White Energy Company Limited (the "Company") will be lifted immediately, following the Company's announcement regarding its Tabang operations

the securities of White Energy Company Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement regarding its Tabang operations

the suspension of trading in the securities of White Energy Company Limited (the "Company") will be lifted immediately following receipt of an announcement by the Company

the securities will be suspended from quotation pending the release of an announcement

shares reinstated to quotation

name changed from Amerod Resources Limited