Brightoil Petroleum : Announcements and Notices - Further Update Announcement in Relation to Winding-up Petition

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BRIGHTOIL PETROLEUM (HOLDINGS) LIMITED

光滙石油(控股)有限公司*

(Incorporated in Bermuda with limited liability)

(Stock Code: 933)

FURTHER UPDATE ANNOUNCEMENT

IN RELATION TO WINDING-UP PETITION

This announcement is made by Brightoil Petroleum (Holdings) Limited (the "Company") pursuant to Rule 13.09(2)(a) and Rule 13.25(1)(b) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the announcement of the Company dated 11 June 2019, 17 July 2019, 22 July 2019 and 30 July 2019 (the "Announcements"). Unless otherwise defined, capitalised terms used in this announcement have the same meanings as those defined in the Announcements.

WINDING UP PETITION IN HONG KONG

By consent of the Petitioner, Petco Trading Labuan Company Ltd ("Petco"), the Petition originally scheduled to be heard on 22 July 2019 at the High Court of Hong Kong was vacated and adjourned to a date to be fixed in consultation with counsel's diaries.

The consent to adjourn was achieved through the Company's continuous negotiations with its creditors which have resulted in a settlement agreement entered into between Petco and the Company on 7 August 2019.

The Company will continue to seek legal advice in relation to the Petition. Further announcement(s) will be made by the Company as and when appropriate.

WINDING UP APPLICATION IN SINGAPORE

For the creditors' legal proceedings against Brightoil Singapore (S'pore) Pte. Ltd., at the last hearing in the High Court of Singapore on 8 August 2019, the moratoria were further extended until 30 September 2019.

The Company will continue to seek legal advice in relation to the Application. Further announcement(s) will be made by the Company as and when appropriate.

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CONTINUED SUSPENSION OF TRADING

Trading in the Company's shares on the Stock Exchange has been suspended since 3 October 2017 pending the publication of the results announcements of the Company for the year ended 30 June 2017, the six months ended 31 December 2017, the year ended 30 June 2018 and the six months ended 31 December 2018, and will remain suspended until further notice. The Company will make further announcement(s) as and when appropriate.

By Order of the Board

Brightoil Petroleum (Holdings) Limited

Chiang Chi Kin

Company Secretary

Hong Kong, 9 August 2019

As at the date of this announcement, the Board comprises (i) two Executive Directors, namely Mr. Tang Bo and Mr. Xie Wenyan; (ii) two Non-executiveDirectors, namely Mr. Dai Zhujiang and Mr. Zhao Liguo; and (iii) three Independent Non-executiveDirectors, namely Dr. Lo Wing Yan William, JP, Mr. Wang Tian and Mr. Chan Wai Leung.

* For identification purposes only

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