A. Alshinbayev Announces Acquisition of Common Shares of PetroTal Corp.

HONG KONG, July 28, 2023 /CNW/ - A. Alshinbayev reports a change in his ownership of securities of PetroTal Corp. ("PetroTal") (TSXV: TAL) (AIM: PTAL). On July 3, 2023, YF Finance Limited ("YFF") exercised its 37,500,000 common share purchase warrants of PetroTal (the "Warrants") to acquire 37,500,00 common shares of PetroTal (the "Common Shares") at a price of £0.16 per Common Share (the "Warrant Exercise"). The settlement date of the Warrant Exercise was July 12, 2023. Following the Warrant Exercise, as the sole shareholder of YFF, Mr. Alshinbayev owned or exercised control or direction over approximately 22.5% of the issued and outstanding Common Shares.

Immediately prior to the Warrant Exercise, Mr. Alshinbayev owned or exercised control or direction over 207,547,157 Common Shares, representing approximately 23.5% of the then issued and outstanding Common Shares on a non-diluted basis. Following the Warrant Exercise, Mr. Alshinbayev owned or exercised control or direction over 207,547,157 Common Shares, representing approximately 23.5% of the issued and outstanding Common Shares on a non-diluted basis.

Following the Warrant Exercise, on July 18, 2023, YFF transferred 55,154,621 Common Shares by way of a dividend in-kind to Mr. Alshinbayev (the "Share Transfer" and, together with the Warrant Exercise, the "Reportable Events"). Following the Share Transfer, Mr. Alshinbayev continues to own or exercise control or direction over 22.5% of the issued and outstanding Common Shares. The Share Transfer did not take place through the facilities of any stock exchange or any other marketplace. The Share Transfer was carried out in reliance on the private agreement exemption under Section 4.2 of National Instrument 62-104 – Take-over Bids and Issuer Bids ("NI 62-104"). Therefore, Mr. Alshinbayev is not subject to the 20.0% threshold requiring disclosure under NI 62-104.

Immediately prior to the Share Transfer, Mr. Alshinbayev owned or exercised control or direction over 207,547,157 Common Shares, representing approximately 23.5% of the then issued and outstanding Common Shares on a non-diluted basis. Following the Share Transfer, Mr. Alshinbayev continues to own or exercise control or direction over 207,547,157 Common Shares, representing approximately 22.5% of the issued and outstanding Common Shares on a non-diluted basis.

The Reportable Events were solely for investment management restructuring purposes. Mr. Alshinbayev may take actions in the future in respect of his security holdings in PetroTal based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of Common Shares, whether in the open market, by privately negotiated agreement or otherwise.

PetroTal's head office is located at 11451 Katy Freeway, Suite 500, Houston, Texas, United States, 77079.

This press release is being issued pursuant to NI 62-103, which requires an early warning report to be filed under PetroTal's profile on SEDAR (www.sedarplus.ca) containing further information respecting the foregoing matters. For a copy of such report or further information, you may contact:

SOURCE Askar Alshinbayev

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