Sky China Petroleum

Sky China Petroleum: to sell 100% stake in Song Yuan Tian Xi Harbor Oil Exploration Co (“Tianxi”) for RMB 27m (~S$5.5m). Tianxi is engaged in the business of crude oil extraction. Sale was undertaken as part of Group’s efforts to shift its business model from oil extraction to the provision of full oil field services. Group also sees greater operating and earnings risks at Tianxi, in view of tightening environmental policies in the PRC Group to record gain of $1.6m from sale, with proceeds to be used for general working capital. No material impact to recurring EPS and NTA expected.