Jericho Energy clarifies LOI with Smartkem

Executive Summary

• Jericho Energy Ventures Inc. issued a clarification that the Oct. 7, 2025 release announcing a non‑binding LOI with Smartkem Inc. does not constitute a definitive agreement and imposes no change of control, management, or asset disposition.
• The LOI is solely for exploring terms of a possible future business combination; any amalgamation would result in Jericho delisting from the TSX Venture Exchange and listing on Nasdaq, but completion is uncertain.
• Jericho confirms continued operation of its core oil & gas and energy‑infrastructure activities in Oklahoma and remains in full compliance with TSX Venture Exchange requirements.

Key Details

• Letter of Intent (LOI): Non‑binding agreement with Smartkem Inc. to explore a potential business combination; no definitive terms have been agreed upon.
• No Change of Control: The LOI does not trigger any change in ownership, management, board composition, or asset transfers.
• Regulatory Status: Jericho remains compliant with TSX Venture Exchange listing requirements as of the clarification date.
• Potential Future Listing: If a definitive agreement is reached and the amalgamation proceeds, the combined entity would seek listing on the Nasdaq Stock Market, resulting in delisting from the TSX Venture Exchange.
• Operational Continuity: Jericho continues its core oil and gas production, joint‑venture assets, and energy infrastructure operations in Oklahoma without interruption.

Notable Quotes

(No direct quotes were provided in the clarification release.)