LIBERTY RESOURCES ACQUISITION CORP. ANNOUNCES THE ESTABLISHMENT OF THE M&A TRANSITION TASKFORCE ...

LIBERTY RESOURCES ACQUISITION CORP. ANNOUNCES THE ESTABLISHMENT OF THE M&A TRANSITION TASKFORCE TO FURTHER SUPPORT THE BUSINESS COMBINATION WITH CASPI OIL GAS LLP • The Taskforce visited the Rakushechnoye Field in Kazakhstan, an asset with quality oil and gas reserves, which is the subject of a production plan which is expected to be implemented following the business combination.

• The Director General of COG stated that the field is one of the best mid-size fields in Kazakhstan with quality of oil reserves with API47 and gas reserves with high LPG concentration.

• The Taskforce confirmed that the onshore asset is low cost with high netback.

• The Taskforce expects to restart production based on implementation of development plans for the project.

MIAMI, March 31 (Bernama-GLOBE NEWSWIRE) -- Liberty Resources Acquisition Corp. (NASDAQ: LIBY, LIBYU, LIBYW) (“Liberty”), a special purpose acquisition company, announced today the establishment of a M&A Transition Taskforce to support the business combination with Caspi Oil Gas LLP (“COG”) and execution of pre and post transaction business plans. As previously announced, Liberty entered into a definitive business combination agreement effective December 15, 2022 that will result in Liberty becoming a wholly owned subsidiary of Liberty Onshore Energy B.V. (“PubCo”). Through a complex restructuring PubCo will become the resultant amalgamated parent company and is expected to continue a listing on the Nasdaq Stock Exchange (“NASDAQ”). Dato’ Maznah Binti Abdul Jalil, Chief Executive Officer of Liberty commented, “The formation of the M&A taskforce is an important milestone as we accelerate our plans and strategies. It is important we lay the necessary foundation for a successful asset before the business combination is complete. This foundation is planned to enable the implementation of our project development and implement management structures to support these plans.” The M&A Transition Taskforce, led by Tan Sri Wan Zulkiflee, is comprised of five individuals, bringing decades of expertise and leadership to the transition team. The first order of business consisted of a visit to Rakushechnoye Field, COG’s Investment Venture in Kazakhstan. This visit is the first of the transition team, which was a follow-up visit to that by the advisors of Liberty Resources in Q1 2022. The transition team will remain in place until the public company transaction is complete, which is expected in the second half of 2023. The M&A Transition Taskforce is comprised of: Tan Sri Wan Zulkiflee bin Wan Ariffin, Chairman Mr. Tan Sri Wan Zulkiflee bin Wan Ariffin is a highly experienced executive with a passionate commitment to education and cultural endeavors, Tan Sri Wan Zulkiflee has served Petronas, the national Oil and Gas Company of Malaysia for 37 years including as a director, president, and Group CEO. He has also served as Chairman of Malaysia Aviation Group Berhad, Malaysia Airlines Berhad, DRB- HICOM (a diversified business conglomerate involved in automotive, services and property businesses), and Gas Malaysia Berhad. He was a Council Member of the East Coast Economic Region Development Council (ECERDC) and the Northern Corridor Implementation Authority (NCIA) where he chaired the Audit Committees at both Agencies. He was on the Council of ASCOPE, the association of National Oil Companies in ASEAN and was one of the Oil and Gas Governors at the World Economic Forum in Davos. He was also on the Board of ExxonMobil. Tan Sri Wan Zulkiflee is a Honorary Fellow of the Institution of Chemical Engineers, UK. Rep Scott William Taylor Mr. Scott Taylor is an advisor, former U.S. Congressman and U.S. Navy SEAL combat veteran. He is the President of the U.S.- Qatar Business Council, the premiere bilateral trade group between the United States and Qatar. Scott currently serves as a Consultant for Taylor Global Strategies, a company that provides clients with advisory services in business development, government relations and private diplomacy. He advises a range of companies on matters including geopolitical concerns, capital raising, contract bids, humanitarian aid, energy, defense, logistics and infrastructure. Mr. Taylor holds both a Bachelor’s and a Master’s degree from Harvard University with focuses on International Relations. He is a previous Gubernatorial appointee to the Virginia War Memorial Board of Trustees and is a past board member of the UDT/SEAL association. As a U.S. Congressman he served on the Appropriations Committee, overseeing all U.S. federal spending. Mohamad Rafi bin Shahzada Mr. Rafi bin Shahzada is a dedicated and self-motivated professional with extensive experience in management, financial, banking, hire-purchase, oil & gas, petrochemicals, insurance, legal, audit, marketing, retailing, manufacturing, consulting, information technology and accounting. He served as Board of Director of Bank Rakyat (Malaysia), Malaysia Development Bank Limited, Group project director of Puncak Oil & Gas. Previously, he was a Group Financial Controller of SABIC (Saudi Arabia Basic Industries Corp), a subsidiary of Saudi Aramco. Mr. Rafi holds numerous professional designations and an Honours BA (accounting and finance) and an MBA (accounting and finance) from the University of Wales, United Kingdom. Sakthi Kumar Mr. Sakthi Kumar has over 20 years of working experience in audit, accounting, finance, business support function and corporate finance in multinational companies, locally and internationally. Throughout his journey, Sakthi worked in different industries such as O&G and IT covering different regions within the APAC area. Moreover, his portfolio extends to cover finance, commercial, contracts, human resources, and administration portfolio for the APAC region. Subsequently, Mr. Sakthi established his career into Special Purpose Acquisition Company (SPAC) listed in Malaysia and listed on NASDAQ. Graduated with a Bachelor of Accountancy (Honors) degree from University of Malaya and a Master of Business Administration (“MBA”), majoring in corporate finance from Cardiff Metropolitan University, London. Adilzhan Kaliyev Mr. Adil Kaliyev is a proactive, goal orientated professional with over 10 years of experience in leadership positions. He has served as Country Manager for Markmore Energy Limited from 2019 to 2021. Prior to joining Markmore, Mr. Adil was the founder and COE of eLoan LLP (ekredit.kz). In 2015, he was appointed as Chairman of JSC Plemzavod Merke, a large agricultural farm which was acquired by AGROSTAN LLP which had over 20,000 heads of sheep, 90,000 hectares of land, more than 300 workers. Prior to that, he also served as CEO of Agrostan LLP and Executive Director of Kazakhstan-Malaysia Chamber of Commerce. As part of beginning its mandate, the M&A Transition Task Force has just returned from an initial visit to Kazakhstan between 15th to 17th March 2023. The visit was initiated by the Transition Task Force for a site visit to Rakushechnoye Field and to revitalise COG’s investment venture in Kazakhstan. In addition to the site visit and internal meetings the Transition Task Force held several meetings with local management and partners in the project and with government officials. About Liberty Resources Acquisition Corp. Liberty Resources Acquisition Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The Company is led by Dato’ Maznah Binti Abdul Jalil, Liberty’s Chief Executive Officer, and Dato’ Khalid bin Hj Ahmad, Liberty’s Chief Financial Officer. Liberty is sponsored by Liberty Fields, LLC. About Caspi Oil Gas LLP COG is the concession owner of the Rakushechnoye Oil Field, located in West Kazakhstan. The Rakushechnoye License Block is located onshore Caspian Sea of the Mangyshlak peninsula, West Kazakhstan. It covers an area of about 287 sq km in the south-western Manghystau Province. Geologically the field lies within the South Mangyshlak sedimentary basin and the two largest fields, Zhetybai and Uzen, are located approximately 65 kilometers to the north and 85 kilometers to the northeast, respectively. COG has favorable high-quality oil and gas reserves with API 47 and zero sulfur. Furthermore, the LPG concentration of C3 + C4 is between 10% - 12% of gas reserves. http://mrem.bernama.com/viewsm.php?idm=45793