POVO is incorporated in the Netherlands and holds a 28.125 per cent participant interest, while POVL exists under the laws of the British Virgin Islands and holds 25 per cent participant interest in the oil and gas exploitation contract for Block 12W, at the Nam Con Son basin offshore Vietnam.

The acquisition is expected to be completed at the end of 2023 following receipt of the necessary approvals from Vietnamese authorities.

Big Energy is a newly established company, dedicated to the oil and gas business in Vietnam and beyond. It is a subsidiary of Big Capital JSC, the majority of which is owned by Vu Quang Hoi, the founder of multidisciplinary private company Bitexco Group. Bitexco Group has been active on offshore acreage for over 10 years.