ASIASONS CAPITAL LIMITED

(Company Registration Number: 199906459N) (Incorporated in the Republic of Singapore)

PROPOSED ACQUISITION OF 27.5% OF CLASS B UNITS IN BLACK ELK ENERGY OFFSHORE OPERATIONS LLC

The Board of Directors ("Board") of Asiasons Capital Limited ("Company") refers to the announcement of the Company dated 26 September 2013 ("Consolidated Announcement") in respect of the proposed acquisition of 27.5% of Class B Units in Black Elk Energy Offshore Operations LLC. Terms defined in the Consolidated Announcement shall have the same meanings herein. As stated in the Consolidated Announcement, the Company had proposed to utilise the Company's General Mandate for the issuance of Shares otherwise on a pro-rata basis to existing Shareholders for the issuance of the Consideration Shares and the Introducer Fee Shares. Subsequent to the Consolidated Announcement, the Company had made application to the SGX-ST for the listing and quotation of the Consideration Shares and the Introducer Fee Shares. The Board wishes to announce that the Company has received the response of the SGX-ST (by way of the SGX-ST's letter dated 16 October 2013) that, based on the Company's submissions and representations to the SGX-ST, the SGX-ST is of the view that there is insufficient mandate for the issuance of the Consideration Shares and Introducer Fee Shares from the General Mandate of the Company based on Rule 806 (3) of the Listing Manual of the SGX-ST. Rule 806 (3) provides that: For the purpose of Rule 806(2), the total number of issued shares excluding treasury shares is based on the issuer's total number of issued shares excluding treasury shares at the time of the passing of the resolution approving the mandate after adjusting for: (a) new shares arising from the conversion or exercise of convertible securities; (b) new shares arising from exercising share options or vesting of share awards outstanding or subsisting at the time of the passing of the resolution approving the mandate, provided the options or awards were granted in compliance with Part VIII of Chapter 8; and (c) any subsequent bonus issue, consolidation or subdivision of shares In addition, the SGX-ST has also informed the Company that, as the relative figure for Rule 1006 (b) of the Listing Manual of the SGX-ST in respect of the Proposed Acquisition is negative, the Company should consult the SGX-ST on whether Rule 1014 (2) of the Listing Manual of the SGX-ST is applicable to the Proposed Acquisition. Rule 1007(1) states that: If any of the relative figures computed pursuant to Rule 1006 is a negative figure, this Chapter may still be applicable to the transaction at the discretion of the Exchange, and issuers should consult the Exchange. The Board wishes to inform Shareholders that the Company shall engage with Black Elk and the Seller to revisit and relook the terms and conditions of the Proposed Acquisition. The Company shall make the appropriate announcements to inform of the outcome of such engagement accordingly.

BY ORDER OF THE BOARD Datuk Jared Lim Chih Li Joint Managing Director 17 October 2013