Green Energy Group Provides Update on Strategic Review

Source: www.gulfoilandgas.com 6/30/2022, Location: Europe

In reference to the 26 January press release stating that Green Energy Group (SBX Plc, or "the Company") had initiated a strategic review, and the 28 April release stating that the Company had entered into a LOI with exclusivity for a potential buyer of the seismic business to conduct a due diligence over a certain period, the Company updates on the following:

* An agreement with the potential buyer, with economic considerations in line with previous guidance to the market, has been reached.
* Due to events outside of both parties control the negotiated deal has been put on hold. It is currently unclear to the Company whether the deal will go through or not.
* The period of exclusivity has lapsed and the Company has restarted negotiations also with other suitors.
* There can be no assurance that the ongoing process will materialize in a transaction. The Company will update on any significant developments.


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