MALABU OIL & GAS LIMITED- OWNERSHIP STATEMENT

This press statement clarifies the true ownership of Malabu Oil & Gas Limited following recent misinformation published by the media. Malabu Oil & Gas Limited (Malabu) hereby states clearly and unequivocally:

Ownership is not in any way linked to Mohamed Abacha or Pecos Limited.

Claims that Malabu is owned by the Abacha’s or Pecos Limited are false and misleading. The
rightful ownership is reflected in the Corporate Affairs Commission (CAC) records. Malabu’s
ownership and shareholding are documented in the CAC records, which govern and confirm
the legitimate shareholders.

In respect of the 2011 settlement agreement, the Federal Government of Nigeria engaged with the legitimate owners in accordance with due process during the 2011 OPL 245 settlement. Public display by third parties claiming ownership is misleading.

Ownership claims by non-recorded parties are misrepresentations.

Parties parading themselves as owners or as having interests in Malabu without basis in the
CAC records are misrepresenting the facts. Abubakar Atiku has no ownership interest and
cannot speak on Malabu’s behalf. Recent statements attributed to him concerning Malabu or
OPL 245 do not reflect Malabu’s position and cannot stand.

Judicial status of ownership claims.

No court has recognized the claimants as Malabu’s owners. There has been no court grant of
shareholding to Mohamed Abacha, Pecos, or any other third party. They lost in the court of first
instance and on appeal, and none of these judgments confer legal ownership in Malabu on the
impostors.

Call to responsible discourse.

We urge all commentators and media representatives to rely on the CAC records and
established court processes when discussing ownership and governance of Malabu and OPL

245. More importantly, the parties should immediately stop parading themselves as
     shareholders of Malabu as it is fraudulent and misleading.
     All impostors should at once stop harassing the Federal Government of Nigeria in respect to
     OPL 245 as they have no legal basis for engaging in such actions. The Federal Government is
     dealing with the legal shareholders of Malabu as required by law.
     This statement reaffirms Malabu’s commitment to transparency, due process, and compliance
     with applicable laws and regulatory requirements.
     Signed,
     Management.