Federal Court of Australia Approves Twinza Scheme

Twinza Oil Limited (Twinza or the Company) is pleased to announce that the Federal Court of Australia has approved a Scheme of Arrangement allowing a restructure of the Company.

Twinza’s Senior Lenders, Convertible Redeemable Preference Shareholders, and existing Ordinary Shareholders had previously reached an agreement on the consensual restructuring and signed a framework document late last year.

Through the agreed and approved restructure, Senior Lenders, led by funds managed by Tor Investment Management, will convert the majority of their debt to become the majority shareholders of Twinza. Further, funds managed by Tor Investment Management will commit additional funds to enable Twinza to complete the Front-End Engineering and Design program for Twinza’s 95%-owned Pasca Project.

Twinza, the Receivers and Managers (FTI Consulting), and the Senior Lenders are now attending to the procedural steps to complete the Scheme. It is anticipated the Scheme will be implemented and take effect before the end of March 2026, after which the Receivers and Managers will retire.

Post-completion of the Scheme, Twinza’s major shareholders will be Tor Asia Credit Master Fund LP and Tor Asia Credit Opportunity Master Fund LP, collectively holding approximately 76% of Twinza’s equity.

Twinza Chairman Stephen Quantrill commented: “The Federal Court approval of our agreed restructure plans is a welcome milestone for the Company and Pasca Project.

This restructuring will give Twinza flexibility with its balance sheet and allow for future fundraising as we move into project development.

This is a great outcome for the company and its stakeholders. We are grateful that the parties were able to come together and work out a collaborative solution.”