Brightoil Petroleum : ANNOUNCEMENT IN RELATION TO WINDING-UP PETITION

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

BRIGHTOIL PETROLEUM (HOLDINGS) LIMITED

光滙石油(控股)有限公司*

(Incorporated in Bermuda with limited liability)

(Stock Code: 933)

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).

WINDING UP PETITION IN HONG KONG

Reference is made to the announcement of 13 August 2020. On 29 July 2020, a winding-up petition (the "Petition") was filed by a creditor (the "Petitioner") with the Court of First Instance of the High Court of the Hong Kong Special Administrative Region (the "High Court of Hong Kong") for the winding up of the Company under the provisions of the Companies (Winding Up and Miscellaneous Provision) Ordinance (Chapter 32 of the Laws of Hong Kong) (the "Companies (WUMP) Ordinance") in relation to an alleged unpaid amount in the sum of US$268,095.42 (comprising of the principal sum of US$259,356 and default interest of US$8,739.42), pursuant to a deed of guarantee allegedly signed by the Company.

The Company is in the course of seeking legal advice in relation to the Petition. Given the amount involved, the Company is confident that the claim could be resolved and the Petition be withdrawn shortly. Further announcement(s) will be made by the Company as and when appropriate.

1

POTENTIAL IMPACT OF THE PETITION

According to Section 182 of the Companies (WUMP) Ordinance, in a winding up by the court, any disposition of the property of the company and any transfer of shares made after the commencement of the winding up, shall, unless the court otherwise orders, be void. Pursuant to Section 184(2) of the Companies (WUMP) Ordinance, the winding up of a company by the court shall be deemed to commence at the time of the presentation of the petition for the winding up.

As such, the Company wishes to remind its shareholders and potential investors that as the Petition was presented to the High Court of Hong Kong on 29 July 2020, the transfer of the shares of the Company made thereafter would be void without a validation order from the High Court of Hong Kong, unless the Petition has been struck out, dismissed or permanently stayed.

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 Outstanding Financial Results 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

Tang Bo

Chairman

Hong Kong, 11 September 2020

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

* For identification purpose only

2

This is an excerpt of the original content. To continue reading it, access the original document here.