JESMOND CAPITAL DETERMINES NOT TO EXTEND DEADLINE FOR COMPLETION OF PROPOSED QUALIFYING TRANSACTION

CALGARY, AB, April 3, 2024 /CNW/ - Jesmond Capital Ltd. (TSXV: JES.P) ("Jesmond" or the "Company") announces that further to the Company's previously announced "Qualifying Transaction" (the "Transaction") pursuant to the policies of the TSX Venture Exchange (the "Exchange"), to acquire Quattro Energy Limited ("Quattro"), the Company has agreed with Quattro to terminate the proposed transaction in it's current form.

Jesmond and Quattro have been actively engaged for over a year attempting to secure the acquisition of certain oil & gas assets in the North Sea both through a previously announced private transaction and the ongoing United Kingdom's 33^rd Offshore Oil and Gas Licensing Round. Unfortunately, the private asset transaction was not completed prior to licence expiry and a licence extension was not granted. Subsequent delays in securing contiguous licences have created substantial uncertainty about the ability of Jesmond and Quattro to complete the proposed transaction within the agreed time frame.

Quattro has entered into a number of discussions regarding alternative opportunities involving the acquisition of producing assets within the UK and Africa that may lead to a Qualifying Transaction. Accordingly, by mutual agreement Jesmond and Quattro have determined not to further extend the current deadline for completion of the current transaction, though have agreed to continue to work together to seek opportunities in the oil & gas sector. A renewed time frame for the contemplated transaction will be announced to the market once an alternative Qualifying Transaction has been agreed between Jesmond and Quattro.

Jesmond will also consider transactions in other sectors in the event a suitable oil & gas sector Qualifying Transaction is not identified.

All information in this press release relating to Quattro has been provided by Quattro and is the sole responsibility of Quattro.

Completion of any qualifying transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, a qualifying transaction cannot close until the required shareholder approval is obtained. There can be no assurance that a qualifying transaction will be completed.

Investors are cautioned that, trading in the securities of a capital pool company should be considered highly speculative

The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the structure, terms, conditions and proposed timing for completion of a qualifying transaction.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive shareholder or regulatory approvals; and the results of continued development, marketing and sales. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Jesmond disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.

SOURCE Jesmond Capital Ltd.