Delixy Holdings Limited (NASDAQ:DLXY) (the "Company" or "Delixy"), a Singapore-based company engaged in the trading of oil related products, today announced that on September 15, 2026, the Company entered into a non-binding letter of intent (the "LOI") with Caog S.a.r.l, a Luxembourg registered company, for acquisition or merger of up to 48% of shares in Tarbagatay Munay ("TBM"), a Kazakhstan registered company and the subsoil user and operator of the oil and gas project of Sarybulak Oil Field in East Kazakhstan (the "Project").

Pursuant to the proposed terms of the LOI, Delixy intends to evaluate two potential transaction schemes: (i) an acquisition of part or all of the equity of the Project operating company to obtain the operating right, profit right and development right of the Project; or (ii) an asset merger and restructuring involving the Project’s operational assets, pipeline facilities, mineral right reserves and production and operation business to realize integrated cooperative operation.

The Project is a gas and crude oil upstream exploitation and production company located approximately 90 kilometers from the China-Kazakhstan border, providing strategic access to one of the region’s key energy transportation corridors. The Project has maintained a stable and continuous supply of natural gas to China for more than thirteen years through a self-owned cross-border pipeline, delivering an aggregate of close to 4.0 billion cubic meters by the end of April 2026.

In addition to its established gas production operations, the Project has recently expanded into crude oil production, with commercial oil sales commencing in the first quarter of 2026. TBM currently has approximately 100 million metric tons of approved original oil in place ("OOIP") recognized by the Kazakhstan Geological Committee. Ongoing geological exploration and resource evaluation activities have identified additional oil-bearing formations within the Project area, which are expected to further enhance the Project's resource scale and asset value.