The board of directors of Anton Oilfield Services Group announced that on 12 May 2024, in the supplementary fifth and sixth rounds of the Iraq oilfield block tender, the Group successfully won the bid for the development rights of the Dhafriyah oilfield for a development period of 25 years. The Group will participate in the development of this oilfield block as an operator. The tender for the blocks was held under the auspices of the Prime Minister of Iraq, Mohammed Shia al-Sudani.

The tender included 29 blocks in 12 provinces of Iraq and attracted 22 oil companies including Shell, BP, Lukoil, PetroChina, Sinopec and United Energy to participate in the bidding process. The Group successfully won the bidding for the development right of the Dhafriah oilfield in the bidding process on 12 May 2024. The Dhafriyah oilfield is located in Wasit Province, Iraq, with a block area of 368 square kilometers.

The block has relatively low risk, high reserve realization and good development potential and economic value. The project is essentially a turnkey contract of oilfield technical services. The Group will always be committed to providing first-class oilfield technical services to oil companies.

The Group adopted differentiated business strategy to avoid direct competing with oil company customers. In this round of block bidding process, the Group fully leveraged its own advantages, actively participated in and proactively covering positions. It was committed to make contributions to the efficient development of oil and gas resources in Iraq.

At the same time, the Group always adheres to strong risk management and control. In the selection of blocks, the Group selected the more mature appraisal development blocks rather than exploration blocks, and selected blocks with lower risks, stepped away from high risk areas. In addition, the Group always adheres the asset-light business development model, and the Group will leverage on and organize its resources through the platform-based operation model to jointly promote the high-quality development of this oilfield block with its ecological partners.

The winning of this oilfield development block project marks a key step for the Group in the field of oil and gas development and opens a new milestone in the development of its business in Iraq. The Group believes that the new business expansion will give new impetus to the Group's scaled growth. The Group will continue to adhere to asset-light development, cash flow operation, continuously upgrade and make breakthroughs, and make solid strides towards the strategic objective of becoming an innovative global leading integrated oilfield technical services company.