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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  SPT Energy Group Inc.    1251   KYG8405W1069

SPT ENERGY GROUP INC.

(1251)
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SPT Energy : VOLUNTARY ANNOUNCEMENT IN RELATION TO ENTERING INTO STRATEGICAL COOPERATION AGREEMENT 2019-06-10

06/10/2019 | 10:58am EST

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.

SPT Energy Group Inc.

華油能源集團有限公司*

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1251)

VOLUNTARY ANNOUNCEMENT IN RELATION TO

ENTERING INTO STRATEGICAL COOPERATION AGREEMENT

This announcement is made by SPT Energy Group Inc. (the "Company" ) on a voluntary basis.

The board of directors of the Company (the "Board" ) is pleased to announce that the Company and 第四範式(北京)技術有限公司(The Fourth Paradigm (Beijing) Technology Co., Ltd.* ( "The Fourth Paradigm" )) have recently signed a strategical cooperation agreement (the "Cooperation Agreement" ). The two parties will cooperate on oil and gas field exploration and production technology services, and jointly build a smart platform for oil and gas field exploration and production operations.

The Company and its subsidiaries (the "Group" ) are principally engaged in single technology provision and intergrated contract operations for oil and gas fields covering drilling, well completion and oil production services during the exploration and production process of oil and gas fields, forming a relatively comprehensive technical system and ancillary service capability with operations not only in the PRC but also over 10 countries and regions. The Fourth Paradigm is an artificial intelligence technology and service provider. It has strong artificial intelligence software and hardware development capabilities, and applies machine learning technology to combine artificial intelligence technology with the production and operation of various industries to help enterprises improve efficiency and achieve artificial intelligence transformation.

In accordance with the Cooperation Agreement, the two parties will cooperate in the following two aspects: (1) jointly establish a new oil and gas field technology service company which combines industry experiences, oil and gas field services and data application as well as management and technological abilities of both parties in order to set up high-tech oil and gas field service business in provision of one-stop solutions on oil and gas field exploration and production; and

  1. leveraged on respective advantages of the parties, we will select appropriate oil and gas fields in the PRC to launch pilot projects, jointly establish an intelligent oilfield platform and carry out domestic and overseas promotion.

1

Energy transformation in the PRC has entered into a critical stage, and energy technology innovation has become one of the key factors for successful transformation. With the continuous upgrading of technologies in the fields of mobile internet, Internet of Things and artificial intelligence, the construction of smart oil fields is facing unprecedented opportunities. Leveraged on our solid business foundation and competitive advantages in technology application, the Group will make full use of the leading edges of The Fourth Paradigm in the field of artificial intelligence by complementing each other's strengths to jointly serve the management transformation and technological upgrade of the PRC's oil and gas development industry.

By order of the Board

SPT Energy Group Inc.

Mr. Wang Guoqiang

Chairman

Hong Kong, 10 June 2019

As of the date of this announcement, the executive Directors are Mr. Wang Guoqiang, Mr. Ethan Wu, Mr. Li Qiang and Mr. Wu Jiwei; the non-executive Director is Ms. Chen Chunhua; and the independent non-executive Directors are Ms. Zhang Yujuan, Mr. Wu Kwok Keung Andrew and Mr. Wan Kah Ming.

  • For identification purpose only

2

Disclaimer

SPT Energy Group Inc. published this content on 10 June 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 10 June 2019 14:57:01 UTC


© Publicnow 2019
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Financials
Sales 2020 1 486 M 226 M 226 M
Net income 2020 54,6 M 8,30 M 8,30 M
Net cash 2020 292 M 44,4 M 44,4 M
P/E ratio 2020 9,19x
Yield 2020 -
Capitalization 511 M 77,7 M 77,7 M
EV / Sales 2020 0,15x
EV / Sales 2021 0,18x
Nbr of Employees 4 461
Free-Float 64,9%
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 0,22 CNY
Last Close Price 0,28 CNY
Spread / Highest target -3,53%
Spread / Average Target -19,2%
Spread / Lowest Target -28,9%
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Managers
NameTitle
Dong Fang Wu Chief Executive Officer & Executive Director
Guo Qiang Wang Chairman & Secretary
Zhi Guo Li COO & Manager-Project Expansion Department
Qiang Li Chief Financial Officer, Executive Director & VP
Wen Jiang Wan Vice President & Head-Engineering Technology
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