JINTAI ENERGY HOLDINGS LIMITED Jintai Energy Holdings Limited announced that on 25 January 2022, it entered into a non-legally binding memorandum of understanding (the 'MoU') with Tacheng Xingta Energy Investment Exploitation Construction Company Limited. According to the MoU, the Company and Tacheng Xingta intend to form a joint venture (the ``Joint Venture Company'') to acquire the exploitation right of an oil sand mine in Tacheng, Xinjiang, PRC currently owned by Tacheng Xingta (the 'Oil Sand Mine'). Tacheng Xingta agreed to transfer the exploitation right of the Oil Sand Mine to the Joint Venture Company after its formation.
The company agreed to provide funding to the exploitation of the Oil Sand Mine after the exploitation right is transferred to the Joint Venture company. Both parties shall endeavour to enter into a legally binding joint venture agreement within 120 days from the date of the MoU. Tacheng Xingta shall not negotiate with other parties about the acquisition of exploitation right of the Oil Sand Mine or other cooperation arrangement during the term of the MoU.
The company will make further announcement in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in due course.
