Sino Oil and Gas : RE-DESIGNATION OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER TO NON-EXECUTIVE DIRECTOR AND APPOINTMENT OF CHIEF EXECUTIVE OFFICER

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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 702)

RE-DESIGNATION OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER TO NON-EXECUTIVE DIRECTOR AND

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

The Board announces that with effect from 14 September 2020:

1. Mr. King Hap Lee has been re-designated from executive director and chief executive officer to non-executive director of the Company; and
2. Dr. Dai Xiaobing, chairman of the Board, has been appointed to act as chief executive officer of the Company concurrently.

RE-DESIGNATION OF EXECUTIVE DIRECTOR AND

CHIEF EXECUTIVE OFFICER TO NON-EXECUTIVE DIRECTOR

The Board of Directors (the "Board") of Sino Oil and Gas Holdings Limited (the "Company") announces that Mr. King Hap Lee has been re-designated from executive director and chief executive officer to non-executive director of the Company with effect from 14 September 2020 due to his other business commitments.

Mr. King Hap Lee, aged 58, was appointed as chief executive officer of the Company in November 2010 and executive director of the Company in September 2011. Mr. King holds a bachelor degree of engineering and a master degree of business administration from Xian Jiaotong University and Guanghua School of Management of Peking University respectively. He worked for various central government departments and state-owned enterprises for a considerable period of time and has extensive experience in government organizations and enterprises management. He was the deputy director and chairman of Workers Union of Mechanic and Electronic Products Importation and Exportation Office of the State Council, the deputy general manager of 中國機械工業供銷深圳集團公司 (China Machinery Industry Marketing & Supply Shenzhen Group Corporation*) and managing director of 中 機香港公司 (China National Machinery Hong Kong Company*).

As at the date of this announcement, Mr. King has personal interest in options for subscription of 3,600,000 shares of the Company. He has not held any directorship in other listed

1

companies in the past three years and has no relationship with any directors, senior management or substantial or controlling shareholders of the Company.

Mr. King is subject to retirement by rotation and re-election at annual general meeting in accordance with the bye-laws of the Company. His remuneration as non-executive director shall be determined with reference to his duties and responsibilities with 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 of Hong Kong Limited 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 re-designation of Mr. King.

APPOINTMENT OF CHIEF EXECUTIVE OFFICER

The Board further announces that Dr. Dai Xiaobing, chairman of the Board, has been appointed to act as the chief executive officer of the Company concurrently with effect from 14 September 2020. Dr. Dai will continue to serve as executive director, chairman of the Board, chairman of nomination committee and member of the remuneration committee of the Company.

Following the aforesaid change of the chief executive officer, Dr. Dai will assume the dual roles of the chief executive officer and the chairman of the Board. The Board believes that having the same individual in both roles as chairman of the Board and chief executive officer helps to ensure consistent leadership so that the overall strategy of the Group can be implemented more efficiently and effectively. The Board also believes that the balance of power and authority will not be impaired and is adequately ensured by the current Board which comprises experienced and high caliber individuals with one third of them being independent non-executive directors.

By order of the Board

Sino Oil and Gas Holdings Limited

Dai Xiaobing

Chairman

Hong Kong, 14 September 2020

As at the date of this announcement, the Board comprises two Executive Directors, namely, Dr. Dai Xiaobing and Mr. Wan Tze Fan Terence; four Non-executive Directors, namely, Mr. King Hap Lee, 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.

* For identification purpose only

2