Shareholder Update - March 2026

Sat, 21 Mar 2026 15:03:01 GMT

Dear Shareholders,

Recent geopolitical developments involving the escalation of conflict with Iran have had a profound and immediate impact on global energy markets particularly liquefied natural gas (LNG). While such events are inherently concerning from a global stability perspective, they are also reshaping the structural dynamics of energy supply in ways that are directly relevant to Robinson Energy’s strategy and asset positioning.

As you may be aware, coordinated strikes and retaliatory actions in the Gulf region have materially disrupted LNG infrastructure, most notably in Qatar. Damage to liquefaction facilities at Ras Laffan has resulted in the loss of approximately 17% of Qatar’s LNG export capacity, with recovery timelines estimated at three to five years . Given that Qatar accounts for roughly 20% of global LNG supply , this represents a significant and sustained supply shock to the global gas market.

Compounding this disruption is the vulnerability of the Strait of Hormuz, through which approximately 20% of global LNG trade transits . The current conflict has constrained shipping flows through this critical chokepoint, further tightening supply availability. Importantly, over 80% of LNG volumes moving through Hormuz are destined for Asian markets , making Asia the most exposed region to supply dislocation.

This has resulted in a rapid repricing of LNG, with buyers—particularly in Asia—actively seeking diversified and geopolitically secure sources of supply . Market participants are increasingly recognizing that the global LNG system is heavily concentrated in a small number of assets and transit routes, creating structural vulnerabilities that are now being exposed in real time.

ROBINSON ENERGY LIMITED AND COBRA VENTURE CORPORATION ENTER INTO DEFINITIVE AGREEMENT FOR REVERSE TAKE OVER TRANSACTION

Fri, 20 Mar 2026 17:36:13 GMT

ROBINSON ENERGY LIMITED AND COBRA VENTURE CORPORATION ENTER

INTO DEFINITIVE AGREEMENT FOR REVERSE TAKE OVER TRANSACTION

CALGARY – March 17, 2026 – Cobra Venture Corporation (TSXV:CBV ) (“ Cobra ”) and Robinson Energy Limited (the “ Corporation ” or “ Robinson ”) are pleased to announce that they have entered into a definitive agreement dated March 17, 2026 (the “ Agreement ”), with respect to the previously announced reverse takeover transaction (the “ Transaction ”). Pursuant to the Agreement, Robinson and a wholly-owned subsidiary of Cobra (“ Cobra Subco ”) will amalgamate to become a wholly-owned subsidiary of Cobra, and former shareholders of Robinson will receive common shares in the capital of Cobra (the “ Cobra Shares ”), resulting in a change of control of Cobra. Immediately prior to the amalgamation, Cobra will change its name to “Robinson Energy Limited” (the “ Resulting Issuer ”). Immediately after closing of the Transaction, the Resulting Issuer will dispose of the existing oil & gas assets of Cobra in accordance with the terms of the Agreement, and after the amalgamation will continue the business of Robinson. The Transaction is subject to the receipt of all necessary regulatory approvals and shareholder approvals required by applicable corporate law, including the approval of the shareholders of Cobra and Robinson, as well as the satisfaction of the conditions as set out in the Agreement.

About the Parties

Cobra is a junior oil and gas company that is focused on the exploration and development of petroleum and natural gas interest in Canada. Cobra is continued under the laws of the Province of British Columbia and is a reporting issuer in British Columbia and Alberta.

Robinson is a private company incorporated under the laws of the Province of Alberta on March 4, 2022. Robinson was established to acquire and develop strategic Petroleum Licenses in the Western Province of Papua New Guinea. Robinson has been granted its first Petroleum License, PRL 62. Robinson has 6,927,439 Class A Common Shares, 151,515 Preferred Shares Series 3, and 1,165,814 Preferred Shares Series 4 (collectively, the “ Robinson Shares ”) issued and outstanding.

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Shareholder Update - March 2026

ROBINSON ENERGY LIMITED AND COBRA VENTURE CORPORATION ENTER INTO DEFINITIVE AGREEMENT FOR REVERSE TAKE OVER TRANSACTION

INTO DEFINITIVE AGREEMENT FOR REVERSE TAKE OVER TRANSACTION