319 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 49. Subsequent events (a) On 2 December 2022, Yinson Azalea Production Pte Ltd (“YAPPL”), an indirect wholly owned subsidiary of the Company, incorporated in Singapore, entered into the Agreement for Preliminary Activities (“APA”) with Eni Angola S.p.A. (“Eni”), a wholly owned subsidiary of Azule Energy. In entering into the APA, both YAPPL and Eni have interests in commencing with the preliminary work to safeguard the project schedule in accordance with the terms therein, in anticipation of the finalization of a contract (“Contract”). A summary of the salient terms of the APA is as follows: (i) the tenure of the APA is for a period of 60 days or approximately two (2) months from the Effective Date of the APA, being 2 December 2022. (ii) the estimated aggregate value of the APA is approximately USD218 million (equivalent to approximately RM956 million), subject to the terms and condition of the APA. Eni, on 23 January 2023 and 17 February 2023, entered into two separate agreements with YAPPL to further extend the tenure of the APA for a period of up to 20 February 2023 and subsequently to 28 February 2023 (“APA Extensions”). Save for the extension of the tenure, the terms under the APA Extensions remains unchanged. The estimated aggregate value of the APA Extensions is approximately USD92 million (equivalent to approximately RM418 million). On 27 February 2023, YAPPL and Yinson Azalea Operações Angola - Prestação de Serviços, (SU), LDA, each an indirect wholly owned subsidiary of Yinson, have entered into the Contract with Eni for the provision of: (i) A floating, production, storage and offloading vessel to be deployed for the Agogo Integrated West Hub Development Project, located in the West Hub part of Block 15/06 in Angola (“Agogo FPSO”) to process hydrocarbons; and (ii) Operation and maintenance services for the Agogo FPSO. Pursuant to the Contract, the term of the charter is for a fixed period of 5,479 days or approximately 15 years, with the option to extend the term of the charter for up to five (5) years thereafter. The estimated aggregate value of the Contract is approximately USD5.3 billion (equivalent to approximately RM23.6 billion) (inclusive of an optional 5-year extension period). (b) FPSO Anna Nery achieved first oil on 7 May 2023 following a successful 72-hour testing. This marks the commencement of the firm charter for a period of 25 years which includes the provision of FPSO chartering and operation and maintenance services during the charter phase. 50. Authorisation of financial statements for issue The financial statements for the financial year ended 31 January 2023 were authorised for issue in accordance with a resolution of the Board of Directors on 19 May 2023.
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