Terraoil Announces Results of Annual General Meetings

All Resolutions for the Annual General Meetings Passed with over 96% Support

STEINHAUSEN, SWITZERLAND - EQS Newswire - 25 October 2022 - Terraoil Swiss AG ("Company"), an energy company with a strong focus on the Mediterranean is pleased to announce that the Annual General Meetings for fiscal years 2020 and 2021 were held as scheduled on October 20, 2022 at Theater Casino, Zug Switzerland.

Shareholders were provided with an update on the current activities of the Company followed by the formal meetings for each of the two fiscal years. The allegations that had previously been raised by the media against the Company and its management, and proved to be false by numerous authorities, were discussed in detail and the shareholders expressed overwhelming support for management and their efforts to guide the Company through the difficult situation that had been caused by these false allegations.

All of the business matters before the shareholders were passed by over 96% of the votes cast at the meeting. The shareholder resolutions for both meetings can be accessed at https://terraoil.swiss/publications.

Chief Executive Officer, Peter Krempin commented:

"It was great to see so many shareholders able to attend the AGMs. We all share frustration over the delays in our business development and our aim to list our shares on a stock exchange. Our objective in the short term is to complete the restructuring of the Company to pave the way for a transaction resulting in the listing of our shares, provided, of course, that all necessary market and regulatory conditions will be fulfilled by that time. Under the planned restructuring, it is envisaged that all shareholders of Terraoil will receive the same percentage shareholding in the new Liechtenstein Topco as they hold in Terraoil. The shareholder support shown over our battles against the media was overwhelming."

If you are an Terraoil shareholder and would like additional information, contact Peter Krempin either via email investors@terraoil.swiss or by telephone at +41 71 544 01 20.

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About Terraoil Swiss AG

Terraoil is an international energy company with a focus to identify and advance business opportunities in the upstream oil and gas and renewable energy sectors in the Mediterranean region.

https://terraoil.swiss

Terraoil forward-looking statements

This media release serves informational purposes and constitutes neither an offer to sell nor a solicitation or an advertisement to buy any shares of Terraoil Swiss AG in any jurisdiction. This media release does not constitute a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services. In addition, investors should seek advice from their bank or their financial adviser. This media release and the information contained therein are not being issued for the purpose of selling shares in the United States of America, Australia, Canada, Japan, the United Kingdom, or the European Economic Area and must not be distributed within or to such countries or via publications with a general circulation in such countries.

This media release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements are subject to certain risks and uncertainties which may cause actual results, performance, or events to differ materially from those anticipated in this media release. Readers should therefore not rely on these forward-looking statements. The forward-looking statements contained in this media release are based on the views and assumptions of Terraoil Swiss AG as of this date and Terraoil Swiss AG does not assume any obligation to update or revise this media release.