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

CALGARY, AB, May 30, 2023 /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 extend the date for completion of the Transaction to September 15, 2023. Upon completion of the Transaction, the combined entity (the "Resulting Issuer") 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 (the "P2519 Licence"), which includes Blocks 15/18e and 15/19c and covers an area of c. 225 km² 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 (the "Licence Acquisition") which agreement has been extended to July 31, 2023, to provide sufficient time to meet the funding 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 January 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 they progress toward development and prefunding approvals. As a further update, Quattro has also made an application as "Operator" on a 100% basis for certain blocks that have been made available within the UK 33rd License Round, considered by Quattro as strategic in nature. Should any potential block awards be made to Quattro by the UK 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 "Name Change"). 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

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and 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 the Transaction and the Licence Acquisition; the ability of Jesmond and Quattro to complete the Transaction; the ability of the Quattro to complete the Licence Acquisition; the receipt of additional blocks under the UK 33^rd License Round, the Resulting Issuer's future business operations and results; the receipt of all necessary shareholder, Exchange, securities regulatory authority and other third party consents and approvals; and the receipt by Jesmond of an exemption from the sponsorship requirements of the Exchange. 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.

Jesmond Capital Ltd., Stuart Olley, Chief Executive Officer and Director, Telephone: [phone], Email: [email protected]; Quattro Energy Limited, Neill Carson, Executive Chairman and Director, Email: [email protected]