OFFER TO PURCHASE FOR CASH OF ITS OUTSTANDING 9.75% SENIOR NOTES DUE 2020 UP TO THE MAXIMUM ACCEPTANCE AMOUNT(ISIN: XS1719264324; Common Code: 171926432)

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.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer, management, as well as financial statements. No public offer of securities is to be made by the Company in the United States.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OR TO U.S. PERSONS OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OR IN OR INTO ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.

OFFER TO PURCHASE FOR CASH OF ITS OUTSTANDING 9.75% SENIOR NOTES DUE 2020 UP TO THE MAXIMUM ACCEPTANCE AMOUNT

(ISIN: XS1719264324; Common Code: 171926432)

		Outstanding
Description of the		principal amount	Maximum
2020 Notes	ISIN/Common Code	of the 2020 Notes	Acceptance Amount	Purchase Price(3)	Expiration Deadline
9.75% Senior Notes	XS1719264324	US$300 million(1)	US$100 million(2)	US$1,018.75	4:00 p.m. (London Time)
due 2020	/171926432				on March 4, 2020(4)

1. As of the date of this announcement, the Company has repurchased and held an aggregate principal amount of US$4.0 million of the 2020 Notes (the "Repurchased 2020 Notes"). The Company intends to cancel the Repurchased 2020 Notes.
2. As such amount may be changed by the Company in its sole discretion.
3. Per US$1,000 principal amount of the 2020 Notes accepted for purchase.
4. Unless extended, re-opened, amended and/or terminated by the Company.

The Company is making an offer to purchase for cash its outstanding 2020 Notes up to the Maximum Acceptance Amount at a purchase price of US$1,018.75 per US$1,000 principal amount of the 2020 Notes. The Company has made available today to the Eligible Holders the Offer to Purchase setting out, among other things, the terms and conditions of the Offer.

The Offer is being made as part of the Company's policy to actively manage its balance sheet liabilities and optimize its debt structure.

Nomura and Admiralty Harbour are acting as the Dealer Managers and D.F. King is acting as the Information and Tender Agent in relation to the Offer.

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Background

The 2020 Notes are listed on the Stock Exchange. The obligations of the Company under the 2020 Notes are guaranteed by certain of the Company's existing subsidiaries. As of the date of this announcement, the aggregate principal amount of US$300 million of the 2020 Notes remains outstanding.

The Company is making an offer to purchase for cash its outstanding 2020 Notes up to the Maximum Acceptance Amount at a purchase price of US$1,018.75 per US$1,000 principal amount of the 2020 Notes. The Company has made available today to the Eligible Holders the Offer to Purchase setting out, among other things, the terms and conditions of the Offer.

The Offer

On the terms and subject to the conditions of the Offer, the Company is offering to purchase for cash an aggregate principal amount of the 2020 Notes up to the Maximum Acceptance Amount (as such amount may be changed by the Company in its sole discretion). The Company will determine, in its sole discretion, the aggregate principal amount of the 2020 Notes that it will accept (if any) for purchase pursuant to the Offer.

Purchase Price

The Purchase Price payable to the Eligible Holders whose 2020 Notes are accepted for purchase will be equal to US$1,018.75 for each US$1,000 in principal amount of the 2020 Notes.

Proration

If the aggregate principal amount of 2020 Notes validly tendered is greater than the Maximum Acceptance Amount, the Company will accept tenders of 2020 Notes for purchase on a pro rata basis such that the aggregate principal amount of 2020 Notes accepted for purchase is no greater than the Maximum Acceptance Amount. Such pro rata application will be performed by accepting (in respect of each relevant Tender Instruction) that proportion of 2020 Notes validly tendered which is equal to the Maximum Acceptance Amount divided by the aggregate principal amount in respect of all 2020 Notes validly tendered, subject to rounding and as described below.

In the event of any such proration, the Company will round downward, if necessary, to ensure all purchases of the 2020 Notes will be in a minimum principal amount of US$200,000 and integral multiples of US$1,000 in excess thereof. However, the Company may elect to accept or reject such tender of the 2020 Notes in full if application of proration will otherwise result in either (i) the Company accepting the 2020 Notes from any Eligible Holder in a principal amount of less than US$200,000 or (ii) the principal amount of the 2020 Notes not purchased due to pro rata application being less than US$200,000. All the 2020 Notes not accepted as a result of proration will be returned to Eligible Holders.

Accrued Interest Payment

The Company will also pay an Accrued Interest Payment in respect of the 2020 Notes accepted for purchase pursuant to the Offer (from and including the last interest payment date up to, but excluding, the Settlement Date) on the Settlement Date.

Sources of Funds

The Company intends to finance the Offer with the proceeds from internal funding.

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Tender Instruction

In order to participate in the Offer, Eligible Holders must validly tender their 2020 Notes for purchase by delivering, or arranging to have delivered on their behalf, a valid Tender Instruction that is received by the Information and Tender Agent by the Expiration Deadline. Separate Tender Instructions must be submitted on behalf of each individual beneficial owner due to potential proration. Tender Instructions will be irrevocable once delivered in accordance with the terms of the Offer.

Each Tender Instruction must specify the principal amount of the 2020 Notes that the relevant Eligible Holder is tendering at the Purchase Price. The 2020 Notes may be tendered only in minimum denominations of US$200,000 and integral multiples of US$1,000 in excess thereof.

Dealer Managers and Information and Tender Agent

The Company has appointed Nomura and Admiralty Harbour as the dealer managers and D.F. King as the information and tender agent in relation to the Offer.

Indicative Timetable for the Offer
Events	Times and Dates
Commencement of the Offer	February 25, 2020
The Offer is announced. Offer to Purchase available from the
Information and Tender Agent and on the Offer Website, and notice
of the Offer delivered to the Clearing Systems for communication
to Direct Participants.
Expiration Deadline
Final deadline for receipt of valid Tender Instructions by the	4.00 p.m. (London Time) on
Information and Tender Agent.	March 4, 2020
Announcement of Results	As soon as reasonably
Announcement of whether the Company will accept valid tenders
of the 2020 Notes pursuant to the Offer and, if so accepted, (i) the	practicable after the
aggregate principal amount of the 2020 Notes accepted for tender	Expiration Deadline
and any proration factor (if applicable), (ii) the Purchase Price and
(iii) the Accrued Interest (expressed per US$1,000 in principal
amount of the 2020 Notes accepted for purchase by the Company).
The Company plans to cancel the 2020 Notes it purchased pursuant
to the Offer and the Repurchased 2020 Notes. The 2020 Notes that
have not been validly tendered and accepted for purchase pursuant
to the Offer will remain outstanding after the Settlement Date.
Settlement Date
Expected settlement date for the Offer.	On or about March 9, 2020

The above times and dates are subject to the right of the Company to extend, re-open, amend and/ or terminate the Offer (subject to applicable law and as provided in the Offer to Purchase).

Eligible Holders are advised to check with any bank, securities broker or other intermediary through which they hold the 2020 Notes when such intermediary would need to receive instructions from an Eligible Holder in order for that Eligible Holder to be able to participate in the Offer by the deadline set out above. The deadline set by any such intermediary and each Clearing System for the submission of Tender Instructions will be earlier than the

deadline described above.

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Unless stated otherwise, announcements in connection with the Offer will be made through the website of the Stock Exchange and the Offer Website, the issue of a press release to a Notifying News Service and/or the delivery of notices to the Clearing Systems for communication to Direct Participants. Copies of the announcements, press releases and notices can also be obtained from the Information and Tender Agent, the contact details for which are on page 5 of this announcement. Significant delays may be experienced where notices are delivered to the Clearing Systems, and Eligible Holders are urged to contact the Information and Tender Agent for the relevant announcements during the course of the Offer using the contact details on page 5 of this announcement. In addition, Eligible Holders may contact the Dealer Managers for information using the contact details on page 4 of this announcement.

Offer to Purchase

The Offer to Purchase contains important information which should be read carefully by Eligible Holders before any decision is made with respect to the Offer. Eligible Holders are recommended to seek their own financial and legal advice, including in respect of any tax consequences, from their broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser.

The terms of the Offer are more fully described in the Offer to Purchase, which sets out further details regarding the tender procedures and the conditions of the Offer.

None of the Company, the Dealer Managers or the Information and Tender Agent (or any of their respective directors, employees or affiliates) makes any recommendation as to whether the Eligible Holders should tender their 2020 Notes in response to the Offer.

THIS ANNOUNCEMENT IS NOT AN OFFER TO PURCHASE, A SOLICITATION OF AN OFFER TO PURCHASE, OR A SOLICITATION OF AN OFFER TO SELL, ANY SECURITIES. AN OFFER MAY ONLY BE MADE PURSUANT TO THE TERMS OF THE OFFER TO PURCHASE.

DEALER MANAGERS

Nomura International plc

1 Angel Lane

London, EC4R 3AB

United Kingdom

Attention: Liability Management Desk Tel: [phone] E-mail: [e-mail]

Admiralty Harbour Capital Limited

Suite 1702, Prosperity Tower

39 Queen's Road Central, Hong Kong

Attention: Capital Markets and Advisory

Facsimile: [phone]

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INFORMATION AND TENDER AGENT

	D.F. King
In London	In Hong Kong
65 Gresham Street	Suite 1601, 16th Floor, Central Tower
London EC2V 7NQ	28 Queen's Road Central
United Kingdom	Hong Kong
Tel: [phone]	Tel: [phone]

Email: [e-mail]

Offer Website: https://sites.dfkingltd.com/antonoil

DEFINITIONS

"2020 Notes"

"Accrued Interest Payment"

9.75% Senior Notes due 2020 (ISIN: XS1719264324), which were issued by the Company on December 5, 2017.

an amount in cash (rounded to the nearest US$0.01, with half a cent rounded upwards) equal to the Accrued Interest on the 2020 Notes accepted for purchase by the Company

"Admiralty Harbour"

"Board"

"Clearing System Notice"

Admiralty Harbour Capital Limited

the board of directors of the Company

the form of notice to be sent to Direct Participants by each of the Clearing Systems on or about the date of the Offer to Purchase informing Direct Participants of the procedures to be followed in order to participate in the Offer

"Clearing Systems"

"Company"

"Dealer Managers"

"Direct Participants"

"D.F. King"

"Eligible Holders"

Euroclear Bank SA/NV and Clearstream Banking, S.A.

Anton Oilfield Services Group, a company incorporated with limited liability under the laws of the Cayman Islands

Nomura and Admiralty Harbour

each person who is shown in the records of Euroclear or Clearstream as a holder of the 2020 Notes

D.F. King Ltd

holders of the 2020 Notes who are non-U.S. persons located outside United States (as those terms are defined in Regulation S under the Securities Act)

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"Expiration Deadline"	4:00 p.m. (London Time) on March 4, 2020 (subject to the right
	of the Company to extend, re-open, amend and/or terminate the
	Offer)
"Information and	D.F. King Ltd
Tender Agent"
"Maximum Acceptance	the aggregate principal amount of the 2020 Notes validly tendered
Amount"	pursuant to the Offer that the Company will determine, in its sole
	discretion, that it will accept for purchase pursuant to the Offer
"Nomura"	Nomura International plc
"Notifying News Service"	a recognized financial news service or services (e.g. Reuters/
	Bloomberg) as selected by the Company
"Offer"	the offer to purchase for cash by the Company of its outstanding
	9.75% Senior Notes due 2020 up to the Maximum Acceptance
	Amount (subject to the offer restrictions referred to in "Offer
	and Distribution Restrictions"), on the terms and subject to the
	conditions set out in the Offer to Purchase

"Offer to Purchase"

"Offer Website"

"Purchase Price" "Settlement Date"

"Stock Exchange"

"Tender Instruction"

an Offer to Purchase dated February 25, 2020 issued to the Eligible Holders by the Company in connection with the Offer

the website, https://sites.dfkingltd.com/antonoil, operated by the Information and Tender Agent for the purpose of this Offer

US$1,018.75 per $1,000 principal amount of the 2020 Notes

On or about March 9, 2020 (subject to the right of the Company to extend, re-open, amend or terminate the Offer at any time)

The Stock Exchange of Hong Kong Limited

The electronic tender and blocking instruction in the form specified in the Clearing System Notice for submission by Direct Participants to the Information and Tender Agent via the relevant Clearing System and in accordance with the requirements of such Clearing System by the deadline in order for Eligible Holders to be able to participate in an Offer.

Such electronic tender and blocking instruction must specify the principal amount of the 2020 Notes that the relevant Eligible Holder is tendering at the Purchase Price. 2020 Notes may be tendered only in minimum denominations of US$200,000 and integral multiples of US$1,000 in excess thereof.

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"United States"The United States of America, its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and The Commonwealth of the Northern Mariana Islands), any state of the United States of America and the District of Columbia

"US$"

United States dollars

"%"percent

By Order of the Board

Anton Oilfield Services Group

LUO Lin

Chairman

Hong Kong, 25 February 2020

As at the date of this announcement, the executive Directors are Mr. LUO Lin, Mr. PI Zhifeng and Mr. FAN Yonghong, the non-executive Director is Mr. John William CHISHOLM and the independent non-executive Directors are Mr. ZHANG Yongyi, Mr. ZHU Xiaoping and Dato WEE Yiaw Hin.

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