Mr. Stuart Olley reports

JESMOND CAPITAL PROVIDES UPDATE ON PROPOSED QUALIFYING TRANSACTION

Jesmond Capital Ltd., further to its previously announced qualifying transaction, pursuant to the policies of the TSX Venture Exchange, to acquire Quattro Energy Ltd., has agreed with Quattro to extend the date for completion of the transaction to March 29, 2024.

As previously announced, Quattro has made an application as operator on a 100-per-cent basis for certain blocks that have been made available within the United Kingdom's 33rd offshore oil and gas licensing round, considered by Quattro as strategic in nature. Should any potential block awards be made to Quattro by the U.K. regulatory body, Quattro expects that they would be awarded in the next 60 days. Given this timeline, and the state of the current markets, the company has determined that it is prudent to pause the transaction pending the outcome of the awards, and agree to the extension for completion of the transaction because it remains optimistic about the oil and gas sector and its future, and about the ability of Quattro to build a portfolio of international oil-and-gas-producing assets, with its initial focus on the U.K. North Sea.

As a result of the foregoing, the company also announces that the previously announced non-brokered private placements (see the company's Feb. 13, 2023, press release) that were to be completed in connection with the transaction will not be completed as proposed.

Jesmond will issue additional news releases related to the transaction, any future concurrent financings and other material information as it becomes available. The company gives notice that pending the results of the 33rd offshore oil and gas licensing round, the terms of the transaction may be revised.

All information in this press release relating to Quattro 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.