Update - Formal request for removal from ASX

ASX-RNS Announcement

29 November 2022

ASX: SYN / AIM: SYN

On 18 November 2022, Synergia Energy Ltd (the "Company" or "Synergia") (formerly named Oilex Ltd) advised it had submitted a formal application for its removal from the Official List of the Australian Securities Exchange ("ASX") pursuant to ASX Listing Rule 17.11, meaning that the Company's shares would no longer be quoted on the ASX and would instead solely be quoted on London's AIM market.

On 24 November 2022, the Company provided written communication to securityholders in relation to the removal of Company from the Official List of the ASX (enclosed Annexure A for ease of reference), specifically updating information relating to how securityholders can retain / sell their securities after the ASX delisting. The information contained replaces the guidance that was previously released.

This release has been authorised by the Company Secretary.

For and on behalf of Synergia Energy Ltd

Jack Rosagro

Company Secretary

For further information, please contact:

24 November 2022

Dear Securityholder

Synergia Energy Limited (ACN 078 652 632) ("Company" or "SYN")Written communication in relation to the removal of Company from the Official List of the ASX

We refer to the Company's market announcement to the Australian Securities Exchange ("ASX") dated 18 November 2022, which we have enclosed with this letter as Annexure 'A' for ease of reference.

The Company provides this written communication to all securityholders pursuant to the ASX in-principle advice referred to in the abovementioned market announcement and Section 2.6 of ASX Guidance Note 33 titled 'Removal of Entities from the ASX Official List' in order to set out the following information:

(i) the nominated time and date at which the Company will be removed from the Official List of the ASX is 30 December 2022 (the "Delisting Date");

(ii) securityholders can retain their security interests in the Company after the Delisting Date and will be issued share certificates, which will remain as their proof of ownership and should be held in safe keeping by the securityholder;

(iii) if you wish to sell your securities on ASX, you will need to do so before the Delisting Date; and

(iv) if you wish to sell your securities after the Delisting Date, you will only be able to sell your underlying securities on the AIM market of the London Stock Exchange ("AIM") or via off-market private transactions (subject to compliance with the Corporations Act 2001 (Cth)) after that date in accordance with the following details:

(a) to facilitate the trading of the Company's securities on AIM, the Company has established a depositary interest ("DI") facility under which Computershare Investor Services PLC ("Computershare UK") act as the depositary. Securities of Australian issuers such as the Company cannot be directly registered, transferred or settled through the electronic settlement system in the United Kingdom, known as CREST. The DI facility overcomes this by creating entitlements to the Company's securities, which are deemed to be United Kingdom securities and therefore admissible to CREST. The underlying securities are listed and traded on AIM, while the DI's are transferred in CREST to settle those trades;

(b) in order to sell your securities on AIM after the Delisting Date, you must first engage an Australian broker who has an agreement with a UK broker that is able to trade on AIM and can accept the DIs into the UK CREST system to hold or for settlement purposes. Alternatively, you can contact the Company's United Kingdom broker, being Novum Securities Limited, via email at [email protected], telephone at +44 (0)20 7399 9400 or via their website at www.novumsecurities.com. The broker will provide you with details to assist in converting your securities into DI's. After the DI's are registered in CREST, the broker will then facilitate the sale of the securities on AIM on your behalf and, if requested by the securityholder, convert and remit the net proceeds of the sale in Australian dollars to the securityholder; and

(c) securityholders who wish to convert their securities into DI's can do so by completing a Depositary Interests Issuance (Australian Register to UK DI Register) form ("DI Issuance Form"). It is important that the securityholder completes the form in full, and in particular the CREST participant details in full (as provided by the broker in point (b) above) within the DI Issuance Form and delivery instructions section. The completed and signed DI Issuance Form, the securityholder's original certified identification and their share certificate(s) (point (ii) above) should be sent to Computershare's global transactions team in Australia by post or email as follows:

Computershare Limited - Global Transactions TeamPO Box 103 AbbotsfordVictoria 3067 AustraliaE: [email protected]

If securityholders have any questions about the DI conversion process from Australia to the UK, they can contact Computershare's Global Transactions team via telephone or email as follows:

P: 1300 731 056 (within Australia)P: +61 3 9415 4000 (outside Australia)E: [email protected]

Please do not hesitate to contact the Company should you have any queries in relation to this notice.

This written communication has been authorised for release by the Board of Synergia Energy Limited.

For and on behalf of Synergia Energy Limited

Roland WesselChief Executive OfficerSynergia Energy Limited