Mr. Stuart Olley reports

JESMOND CAPITAL ANNOUNCES EXTENSION OF AGREEMENT FOR QUALIFYING TRANSACTION TO BECOME NORTH SEA FOCUSED OIL AND GAS EXPLORATION AND DEVELOPMENT COMPANY

Further to Jesmond Capital Ltd.'s previously announced qualifying transaction pursuant to the policies of the TSX Venture Exchange to acquire Quattro Energy Ltd., the company has agreed with Quattro to extend the date for completion of the transaction to Sept. 15, 2023. Upon completion of the transaction, the combined entity will continue the business of Quattro and will be engaged in building a portfolio of international oil and gas producing assets, with its initial focus on seaward production licence No. P2519, which includes blocks 15/18e and 15/19c and covers an area of approximately 225 square kilometres in the Outer Moray Firth basin, a highly prospective area with development potential of the United Kingdom Central North Sea, close to existing producing infrastructure. Quattro has entered into an asset purchase agreement to acquire the P2519 licence, which agreement has been extended to July 31, 2023, to provide sufficient time to meet the financing requirement under that asset purchase agreement, and the vendor of the P2519 licence has agreed that further extension may be required for all conditions precedent to be met to allow completion of the sale, including regulatory approvals to enable the transfer of funds to the vendor and the assignment of the P2519 licence to Quattro. See Jesmond's Jan. 17, 2023, press release for additional information.

Since the company and Quattro entered into the agreement to complete the transaction, Quattro has continued to conduct significant field development planning work on the target assets and supply chain engagement as it progresses toward development and prefinancing approvals. As a further update, Quattro has also made an application as operator on a 100-per-cent basis for certain blocks that have been made available within the United Kingdom 33rd licence round, considered by Quattro as strategic in nature. Should any potential block awards be made to Quattro by the United Kingdom regulatory body, it would be expected that they would be awarded in Q3 2023.

Name change

In connection with the transaction, it is proposed that Jesmond complete a name change to Quattro Energy Corp. or another name as the board of directors of Jesmond deems appropriate and as is acceptable to the exchange and regulators having jurisdiction over Jesmond. The company has also reserved the ticker symbol QTRO with the exchange in connection with such proposed name change.

Further information

Jesmond will issue additional news releases related to the transaction as it becomes available.

All information in this press release relating to Quattro and the P2519 licence has been provided by Quattro and is the sole responsibility of Quattro.

Completion of the 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, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

We seek Safe Harbor.