The board of directors of South Sea Petroleum Holdings Ltd. announced that Mr. Ho Choi Chiu decided to retire from work and resigned as Independent Non-executive Director and the Chairman of the Audit Committee of the company with effect from November 15, 2012. On the same day, Mr. Feng Zhong Yun was appointed as Independent Non-executive Director and the Chairman of the Audit Committee of the company. Mr. Ho has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the company.