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SPT Energy Group Inc.
(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
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.