The board of directors of GSS Energy Limited (the " Company" , together with its subsidiaries, the " Group" ) wishes to provide an update on the receipt of the unsolicited non-binding offer from Mr. Yeung Kin Bond, Sydney (&ldquo Mr. Yeung&rdquo ), an Executive Director and Group Chief Executive Officer of the Company, to acquire the entire issued and paid-up share capital of Giken Sakata (S) Limited (a wholly-owned subsidiary of the Company) (&ldquo GSL&rdquo ) which was announced on 23 January 2020 (the &ldquo Previous Announcement&rdquo ). Capitalised terms not defined herein shall have the meanings as ascribed to them in the Previous Announcement. After considering the terms and conditions of Mr. Yeung&rsquo s unsolicited non-binding offer, the Company has made the decision to proceed to negotiate with Mr. Yeung and will make further announcements to its Shareholders when there are material updates as may be necessary or appropriate.