Up Energy Development : RESULTS OF THE SCHEME MEETING

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.

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(In Provisional Liquidation (For Restructuring Purposes)) (Incorporated in Bermuda with limited liability)

(Stock code: 307)

RESULTS OF THE SCHEME MEETING

This announcement is made by Up Energy Development Group Limited (In Provisional Liquidation (For Restructuring Purposes)) (the "Company") pursuant to Rule 13.09 and Rule 13.24A of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the provisions of inside information under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong).

References are made to the announcements of the Company dated 31 March 2016, 23 May 2016, 7 July 2016, 10 July 2016, 25 August 2016, 13 September 2016, 21 September 2016, 26 September 2016, 13 October 2016, 17 October 2016, 24 October 2016, 3 November 2016, 29 November 2016, 7 December 2016, 22 February 2017, 23 February 2017, 6 March 2017, 26 April 2017, 23 May 2017, 2 October 2017, 20 October 2017, 27 October 2017, 28 November 2017, 12 March 2018, 18 April 2018, 5 June 2018, 1 August 2018, 12 September 2018, 11 October 2018, 6 November 2018, 11 February 2019, 4 March 2019, 8 May 2019, 7 August 2019 and 18 September 2019 respectively (collectively the "Announcements") in relation to, among other things, the appointment of the Joint Provisional Liquidators of the Company. Capitalised terms used in this announcement shall bear the same meanings as those defined in the Announcements unless the context requires otherwise.

RESULTS OF THE SCHEME MEETING

The Company is pleased to announce that at the Scheme Meeting convened and held on 30 September 2019, the Scheme was approved by the requisite statutory majorities of the Creditors.

The Company will submit the results of the Scheme Meeting to the Bermuda Court and the Hong Kong Court respectively for sanctioning the Scheme. The Hong Kong Court hearing for sanctioning the Scheme is scheduled on 29 October 2019. The Company will apply to the Bermuda Court for the sanctioning of the Scheme. Further announcement(s) will be made by the Company if and when there is material development in relation to the progress of the Schemes.

* For identification purposes only

CONTINUED SUSPENSION OF TRADING

At the request of the Company, trading in the shares of the Company on the Stock Exchange has been halted with effect from 9:00 a.m. on 30 June 2016. Trading in the Shares will remain suspended until further notice.

For and on behalf of

Up Energy Development Group Limited

(In Provisional Liquidation

(For Restructuring Purposes))

Osman Mohammed Arab

Roy Bailey

Lai Wing Lun

Provisional Liquidators

who act without personal liability

Hong Kong, 30 September 2019

As at the date of this announcement, the Board of Directors comprises Mr Wang Chuan, Mr Zhang Li and Mr Zheng Yuan as Executive Directors; and Mr Li Bao Guo, Mr Liu Yongshun, and Mr Wu Yanfeng as Independent Non-executive Directors. The names of the Board members referred hereto are based on the latest register of directors of the Company. For the avoidance of doubt, the composition of the Board is a matter in dispute as Mr Gao Shufang (subsequently resigned with effect from 30 September 2017) and Mr Ji Lianming claimed themselves being appointed as Executive Directors whereas Mr Chan Ming Sun Jonathan, Mr Lee Chi Hwa, Joshua and Mr Mak Yiu Tong claimed themselves to be appointed as Independent Non-executive Directors in replacement of the entire Board members (inter alia including Mr Chui Man Lung, Everett who has purported resigned on 30 August 2018) in a SGM held on 25 April 2017.

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