United Energy : POSTIVIE PROFIT ALERT

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.

UNITED ENERGY GROUP LIMITED

聯合能源集團有限公司*

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

(Stock Code: 467)

POSTIVIE PROFIT ALERT

This announcement is made by United Energy Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors (the "Board") of the Company would like to inform the shareholders of the Company (the "Shareholders") and potential investors that based on a preliminary review of the Group's unaudited consolidated management accounts for the six months ended 30 June 2022, the Group is expected to record an increase in net profit of around 50%-60% for the six months ended 30 June 2022 as compared with net profit for the corresponding period of 2021, mainly due to the continuous substantial high international oil price in first half of 2022 compared to 2021 caused by geopolitical conflicts in Eastern Europe and the Group's Iraqi assets has ramped up its production.

Shareholder should note that the Company is still in the process of finalising its unaudited consolidated accounts for the six months ended 30 June 2022, the net profit for the period as aforesaid mentioned is subject to adjustment after the finalisation of unaudited consolidated accounts, if any.

The information contained in this announcement is only based on the preliminary assessment by the Board on the unaudited consolidated management accounts of the Group for the six months ended 30 June 2022 and the information available for the time being, which have been neither reviewed by the audit committee of the Company nor audited by the Company's auditors, and is subject to possible adjustment upon further review.

Shareholders and potential investors are advised to read carefully the annual results announcement of the Group for the six months ended 30 June 2022, which is expected to be released by late of August 2022.

Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

By Order of the Board

United Energy Group Limited

Zhang Hong Wei

Chairman

Hong Kong, 5 August 2022

As at the date of this announcement, the executive directors of the Company are Mr. Zhang Hong Wei (Chairman) and Ms. Zhang Meiying; and the independent non-executive directors of the Company are Mr. Chau Siu Wai, Mr. San Fung and Ms. Wang Ying.

* For identification purposes only

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