Correction to Conversion of debt to shares with resulting share capital increase


The following correction to the announcement is enclosed. The share capital
increase will be registered in VPS.

Juan Partecipazioni SA has provided Netoil Capital Ltd with a loan to cover day
to day expenses. The loan totals USD 35 000 and has an interest rate of Libor
+2%, repayable by end of 2022.
Juan Partecipazioni SA has requested that the outstanding loan be converted to
shares and it is agreed that this will be done at a price of NOK 2.40.
Netoil Capital will as such issue 128 479 new shares to Juan Partecipazioni SA
The following share capital increase relating to the completion of the Juan
Partecipazioni SA conversion of loan

In addition, John P. Kenny, who provided the initial funding for the company has
requested that all his outstanding loans be converted to shares. The loan
totals USD 455 960 including outstanding interest. This will also be done at
NOK 2.40.
Netoil Capital will as such issue 1,785,843 shares to John P. Kenny
The new share capital in the company is £ 4559, divided into 45,590,964 with a
par value of £ 0.0001.

The share capital increase is registered at Companies House and will be
registered at Norwegian Central Securities Depository (“VPS”).

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