Sino Oil and Gas : APPOINTMENT AND RESIGNATION OF NON-EXECUTIVE DIRECTORS

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(Incorporated in Bermuda with limited liability)

(Stock Code: 702)

APPOINTMENT AND RESIGNATION OF

NON-EXECUTIVE DIRECTORS

The Board announces the following changes in directorships of the Company with effect from

28 August 2020:

1. Appointment of Mr. Tsang Hing Bun as non-executive director of the Company; and
2. Resignation of Mr. Chen Hua as non-executive director of the Company.

The Board of Directors (the "Board") of Sino Oil and Gas Holdings Limited (the "Company") announces the following changes in directorships of the Company with effect from 28 August 2020:

1. Appointment of non-executive director

Mr. Tsang Hing Bun has been appointed as non-executive director of the Company.

Mr. Tsang Hing Bun, aged 40, holds a Bachelor Degree of Social Science from the Chinese University of Hong Kong and a Master of Science Degree in Finance from City University of Hong Kong. He has more than 18 years of experience in audit, accounting, corporate finance and compliance. Mr. Tsang is a member of The Hong Kong Institute of Certified Public Accountants, an associate member of The Hong Kong Institute of Chartered Secretaries and The Chartered Governance Institute. He is also a financial risk manager granted by Global Association of Risk Professionals. He has been an executive director of KK Culture Holdings Limited (stock code: 550), a company listed on the main board of The Stock Exchange of Hong Kong Limited ("Stock Exchange") since September 2015.

Save as disclosed above, Mr. Tsang has not held any directorship in other listed companies in the past three years. He has no relationship with any directors, senior

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management or substantial or controlling shareholders of the Company and does not have, and is not deemed to have, any interests or short positions in any shares, underlying shares or debentures (as defined under Securities and Futures Ordinance) of the Company.

The Company and Mr. Tsang have entered into a service contract for a term of 2 years and according to the Bye-laws of the Company, he is also subject to retirement by rotation and re-election and other related provisions as stipulated in the Bye-laws. The remuneration of Mr. Tsang is HK$200,000 per year which was determinated by the Board and the remuneration committee with reference to his duties and responsibilities within the Company. There is no other information which is required to be disclosed pursuant to Rule 13.51(2)(h) to Rule 13.51(2)(v) of the Rules Governing the Listing of Securities on the Stock Exchange and there is no other matter that needs to be brought to the attention of holders of securities of the Company in relation to the aforesaid appointment of Mr. Tsang.

The Board would like to take this opportunity to welcome Mr. Tsang on his new appointment.

2. Resignation of non-executive director

Mr. Chen Hua has tendered his resignation as non-executive director of the Company due to his other business commitments.

Mr. Chen has confirmed that he has no disagreement with the Board and that there is no matter that needs to be brought to the attention of the holders of securities of the Company in relation to his resignation.

The Board would like to take this opportunity to express its gratitude to Mr. Chen for his support to the Company during his tenure of office.

By order of the Board

Sino Oil and Gas Holdings Limited

Dai Xiaobing

Chairman

Hong Kong, 28 August 2020

As at the date of this announcement, the Board comprises three Executive Directors, namely, Dr. Dai Xiaobing, Mr. King Hap Lee and Mr. Wan Tze Fan Terence; three Non-executive Directors, namely, Mr. Huang Shaowu, Ms. Cai Yanling and Mr. Tsang Hing Bun; and three Independent Non-executive Directors, namely, Professor Wong Lung Tak Patrick, Dr. Wang Yanbin and Dr. Dang Weihua.

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