OQEP
Enhances Shareholder Value Through Share Buyback Program

Muscat,
24 Jul (ONA) — OQ Exploration and Production (OQEP) has announced a share
buyback program following approval from the Financial Services Authority (FSA).

This
initiative aims to enhance the company’s ability to deliver value to its
shareholders, in addition to its current annual base dividends of RO 231
million (equivalent to USD 600 million) and its semi-annual performance-linked
dividends.

The
company stated that the program will commence 15 days from today, in accordance
with the regulations of the FSA and the Muscat Stock Exchange. It will be
implemented based on the resolutions passed during the company’s Extraordinary
General Meeting held last June, which amended the company’s articles of
association to enable share repurchases.

OQEP
clarified that the buyback program targets the acquisition of between 45 million
and 60 million shares over a period of six months from the program’s
commencement, or until the targeted share purchase is completed.

Eng.
Ahmed Said Al Azkawi, CEO of OQ Exploration & Production, explained that
this program reflects confidence in the company’s strong fundamentals and its
long-term growth prospects. He noted that the company’s shareholders will
benefit from a capital return program that includes the RO 231 million base
dividend, a performance-linked dividend program, and the share buyback.

He
affirmed that OQ Exploration & Production remains focused on achieving
growth, operational excellence, optimizing its investment portfolio, generating
strong and predictable cash flows, and ensuring long-term value for its
shareholders.

—Ends/AG