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FOR IMMEDIATE RELEASE.

23 June 2023

New Energy One Acquisition Corporation Plc

("NEOA" or the "Company")

Statement regarding potential business combination

The Board of NEOA notes the recent speculation that NEOA is in discussions about a potential combination with a portfolio of carbon capture and storage projects (the "CCS Assets") owned by Eni S.p.A. ("Eni") (the "Potential Business Combination"). Eni International B.V., a wholly-owned subsidiary of Eni, is a sponsor of NEOA.

NEOA confirms that it is in very preliminary discussions with Eni in connection with the Potential Business Combination.

On 14 June 2023, NEOA's shareholders approved an extension to the deadline by which NEOA may complete a business combination to 15 March 2024.

On 25 May 2023, NEOA announced that it believes that the carbon capture, storage and utilisation ("CCUS") business provides the most compelling opportunities within the Energy Transition sector. NEOA's ambition is to create:

·   amongst the first pure-play publicly listed CCUS companies; and

·   a business operating across the CCUS value chain, incorporating carbon management, capture, utilisation, transportation and storage.

Discussions in relation to the Potential Business Combination are at a very preliminary stage and neither the transaction perimeter nor a valuation has been agreed at this point, nor have the potential financing requirements for NEOA been determined. There is no certainty that the Potential Business Combination will be agreed or complete.

Assuming discussions on the Potential Business Combination progress, further details of the information required under paragraph 5.6.18DR(2) of the Listing Rules, including a description of the CCS Assets that are agreed as the subject of the Potential Business Combination, all material terms of the Potential Business Combination, the proposed timetable for the Potential Business Combination and an indication of how the assets that are the subject of the Potential Business Combination have been or will be valued by NEOA, will be disclosed in a further announcement as soon as such information is known.

Important Notice:

This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth and strategies. Forward-looking statements speak only as of the date they are made.