Jericho Clarifies October 7 News Release

Executive Summary

• Jericho Energy Ventures issued a clarification that the October 7, 2025 press release announcing a non‑binding LOI with Smartkem, Inc. does not constitute a definitive agreement and is solely exploratory.
• No change in control, management, board composition, or asset disposition has occurred; the company continues its core oil & gas and energy‑infrastructure operations in Oklahoma.
• If a future business combination proceeds, Jericho intends to list the combined entity on NASDAQ and delist from the TSX Venture Exchange, but there is no assurance that any transaction will be completed.

Key Details

• The LOI with Smartkem, Inc. is strictly non‑binding and entered into only to explore potential terms of a future business combination.
• No definitive agreement has been executed; consequently, there is no change in control, no management or board changes, and no transfer or disposition of assets.
• Jericho remains fully compliant with TSX Venture Exchange listing requirements and continues its core oil & gas production and energy‑infrastructure activities in Oklahoma.
• The company states that, should an amalgamation be completed, the resulting entity would seek a NASDAQ listing and Jericho would delist from the TSX‑V. No guarantee of such outcome is provided.
• Forward‑looking statements are included, highlighting risks related to regulatory changes, commodity price volatility, financing availability, and other factors that could affect any future transaction.

Notable Quotes

(No direct quotes were provided in the release.)