Asia Energy Logistics : PLACING OF CONVERTIBLE BONDS UNDER SPECIFIC MANDATE EXTENSION OF PLACING PERIOD AND LONG STOP DATE

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This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities of the Company.

ASIA ENERGY LOGISTICS GROUP LIMITED

亞 洲 能 源 物 流 集 團 有 限 公 司

(Incorporated in Hong Kong with limited liability)

(Stock Code: 351)

PLACING OF CONVERTIBLE BONDS UNDER SPECIFIC MANDATE

EXTENSION OF PLACING PERIOD AND LONG STOP DATE

Reference is made to the announcement of Asia Energy Logistics Group Limited (the "Company") dated 25 June 2019 (the "Placing Announcement"), the circular of the Company dated 26 July 2019 in relation to, among other matters, the entering into of the conditional Placing Agreement between the Company and the Placing Agent pursuant to which the Placing Agent has agreed as agent of the Company to procure not less than six

1. Placees to subscribe for the Convertible Bonds (being the 3-year 2.5% unsecured non- redeemable convertible bonds in an aggregate principal amount of up to HK$60,000,000 to be issued by the Company) on a best effort basis on the terms and subject to the conditions of the Placing Agreement, and the poll results announcement of the Company dated 15 August 2019 in relation to, among other matters, the approval by the shareholders of the Company in the general meeting of the Company for the Placing Agreement and the transactions contemplated thereunder and the grant of the Specific Mandate respectively. Capitalised terms used in this announcement have the same meanings as used in the Placing Announcement unless otherwise defined in this announcement.

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According to the terms of the Placing Agreement and as disclosed in the Placing Announcement, (a) the period during which the Placing Agent shall procure Placees for the Placing (the "Placing Period") shall be one (1) month commencing on the Business Day immediately after the granting of the Specific Mandate, or such longer period of time as the Parties may otherwise agree in writing, unless terminated earlier pursuant to the terms of the Placing Agreement; and (b) the Long Stop Date by which the parties to the Placing Agreement shall fulfil the conditions precedent thereunder (unless otherwise waived) for the Closing of the Placing shall be 30 September 2019 (or such later date as may be agreed by the parties in writing). As the Specific Mandate was granted on 15 August 2019, the Placing Period will expire on 15 September 2019.

The Board announces that on 13 September 2019 (after trading hours), the Company and the Placing Agent entered into a supplemental placing agreement (the "Supplemental Placing Agreement") pursuant to which the parties have agreed to extend the Placing Period to 4 October 2019 and the Long Stop Date to 31 October 2019, due to the additional time required for the Placing. Save as and subject only to the variations set forth and agreed in the Supplemental Placing Agreement and such other alterations (if any) as may be necessary to make the Placing Agreement consistent with the Supplemental Placing Agreement, all other terms and conditions of the Placing Agreement shall remain in full force and effect.

Closing of the Placing is subject to the fulfilment of the conditions precedent set forth in the Placing Agreement (as supplemented by the Supplemental Placing Agreement). As the Placing may or may not proceed, Shareholders and potential investors of the Company are advised to exercise caution when dealing in the Shares and other securities of the Company.

By Order of the Board

Asia Energy Logistics Group Limited

Liang Jun

Executive Director

Hong Kong, 13 September 2019

As at the date of this announcement, the executive Directors are Mr. Liang Jun, Mr. Fu Yongyuan, and Mr. Wu Jian; the non-executive Director is Mr. Yu Baodong (Chairman); and the independent non-executive Directors are Mr. Chan Chi Yuen, Mr. Wong Cheuk Bun and Mr. Wong Yin Shun.

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