SPT Energy Group Inc. announced Mr. Wang Guoqiang needs to devote more time to personal engagements, he has been re-designated as a non-executive Director of the Company from an executive Director of the Company, and resigned as the chairman of the Board, the chairman of the nomination committee of the Board, and a member of the remuneration committee of the Board. Mr. Ethan Wu, an executive Director of the Company, has been appointed as the chairman of the Board, the chairman of the Nomination Committee, a member of the Remuneration Committee and the Authorised Representative, and he will continue to serve as the chief executive officer of the Company. Mr. Wang, aged 61, has been a Director of the Company since June 2008.

He served as the chief executive officer of the Company during the period from 1 December 2011 to 31 August 2016 and 1 September 2017 to 10 May 2018. He served as an engineer of North China Oil Field Testing Company, a subsidiary of China National Petroleum Corporation, from July 1984 to August 1993. Mr. Wang has over 39 years of experience in the petroleum industry.

Mr. Wang obtained a diploma in field machinery from North China Petroleum Vocational College (currently known as Beijing Institute of Economics and Management in July 1984 and a master's degree in business administration from The National University of Singapore in April 2007. Mr. Wu, aged 52, is currently an executive Director of the Company. He has been the chief executive officer of the Company since 11 May 2018, responsible for the overall operation and management of the Group.

Mr. Wu has 32 years of experience in the petroleum industry. Mr. Wu has been a Director of the Company since June 2008. Mr. Wu served as an assistant engineer of North China Oil Field Testing Company, a subsidiary of China National Petroleum Corporation, from March 1991 to November 1993.

Mr. Wu obtained a bachelor's degree in electronic instrument and measuring technology from Xi'an Shiyou University in July 1991 and an executive master's degree in business administration from Tsinghua University in February 2006.