Update on Buried Hill

St Peter Port Capital Limited

Update on Buried Hill

It was announced on 21 January, 2021 that the Turkmen and Azeri Governments have signed a Memorandum of Understanding ("MOU") covering the development of a disputed area in the Caspian Sea. It has been separately confirmed that the area includes the hydro-carbon blocks under licence to Buried Hill by the Turkmen Government.

It is not yet clear what the impact of the MOU will be on the final commercial arrangements for developing the field, which is to be renamed Dostluk. However, the ending of the longstanding dispute between the Governments seems to be a historic milestone in unlocking the development of the field.

For further information:

St Peter Port Capital Limited

Lynn Bruce, Director

+44 (0) 1481 724 222

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett

Jamie Barklem

+44 (0) 20 7383 5100