Petro king Oilfield Services : CHANGE OF DIRECTORS AND CHANGE OF COMPOSITION OF COMMITTEES

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.

PETRO-KING OILFIELD SERVICES LIMITED

百勤油田服務有限公司

(Incorporated in the British Virgin Islands with limited liability)

(Stock Code: 2178)

CHANGE OF DIRECTORS AND

CHANGE OF COMPOSITION OF COMMITTEES

RESIGNATION OF NON-EXECUTIVE DIRECTORS

The board (the "Board") of directors (the "Director(s)") of Petro-king Oilfield Services Limited (the "Company", together with its subsidiaries, the "Group") announces that Mr. Lee Tommy ("Mr. Lee") has resigned as a non-executive Director and a member of each of the remuneration committee and nomination committee of the Company with effect from 21 April 2021, due to his decision to devote more time to his personal business. Mr. Lee confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the shareholders of the Company (the "Shareholders").

In addition, Ms. Ma Hua ("Ms. Ma") has resigned as a non-executive Director with effect from 21 April 2021, due to her decision to devote more time to her personal endeavours. Ms. Ma confirmed that she has no disagreement with the Board and there is no matter relating to her resignation that needs to be brought to the attention of the Stock Exchange and the Shareholders.

The Board would like to take this opportunity to express its appreciation for the contribution of Mr. Lee and Ms. Ma to the Company during their respective terms of service.

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APPOINTMENT OF EXECUTIVE DIRECTOR

The Board is pleased to announce that Mr. Huang Yu ("Mr. Huang") has been appointed as an executive Director with effect from 21 April 2021. Mr. Huang has been appointed as the chief executive officer (the "CEO") of the Company since 31 May 2019. The biographical details of Mr. Huang are set out as follows:

Mr. Huang Yu (黃瑜), aged 57, joined the Group as our vice president in December 2018, and was appointed as the CEO in May 2019. Mr. Huang is responsible for the overall management of the Group's business operations. Mr. Huang has over 30 years of experience in the oilfield services industry. Mr. Huang graduated from Southwest Petroleum University in July 1989 with a master's degree and obtained an Executive Master of Business Administration degree from the School of Economics and Management, Tsinghua University in 2011. Mr. Huang holds the professional title of senior engineer in petroleum engineering and professor-level senior economist, and has accumulated rich experience in international cooperation in the oil and gas fields. Before joining the Group, Mr. Huang served as the chief executive officer of Polytec Resources Ltd. from December 2007 to December 2013. Mr. Huang acted as the vice president and chief economist of China National Oil and Gas Exploration and Development Company from June 2000 to October 2007, and was responsible for company planning, business development and mergers and acquisitions business. He served as the manager of planning and operation department of China National Oil and Gas Exploration and Development Company from May 1999 to May 2000. From January 1997 to May 1999, Mr. Huang worked as the chief economist and manager of planning and finance department of CNPC International (Nile) Ltd.. From July 1989 to December 1996, Mr. Huang worked in Zhongyuan Oilfield and served as the senior reservoir engineer of the Development Research Institute of Zhongyuan Petroleum Exploration Bureau and the director of the International Cooperation Department of Zhongyuan Petroleum Exploration Bureau. Mr. Huang was the non-executive director of China Oil HBP Science & Technology Co., Ltd., a company listed on the Shenzhen Stock Exchange (stock code: 002554) from December 2016 to December 2019.

Save as disclosed above, Mr. Huang (i) has not held any other position with the Company or any other members of the Group; (ii) has not held any directorships in the last three years preceding the date of this announcement in any other public companies the securities of which are listed on any securities market in Hong Kong or overseas; and (iii) has no other major appointments and professional qualifications.

Mr. Huang has entered into a service agreement with the Company for a term of three years commencing from 21 April 2021, subject to retirement by rotation and re-election at the next following general meeting of the Company in accordance with the articles of association of the Company. Mr. Huang is entitled to an annual salary of HK$135,000 as executive

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Director and an annual salary of RMB607,000 as the CEO, determined with reference to the prevailing market conditions, Mr. Huang's expertise, qualifications and his duties and responsibilities in the Group's affairs and a year-end discretionary bonus determined with reference to the Company's annual performance. The service agreement can be terminated by either party by serving three months' notice in writing on the other party.

As at the date of this announcement, Mr. Huang is interested in (i) 954,200 shares of the Company (the "Shares"); and (ii) 17,000,000 share options of the Company. In addition, Mr. Huang is also interested in 300 shares of King Shine Group Limited ("King Shine"), representing approximately 3.07% of the issued share capital of King Shine. King Shine is a substantial shareholder of the Company which is interested in 488,920,138 Shares, representing approximately 28.32% of the issued Shares.

Save as disclosed above, Mr. Huang does not have any relationship with any Directors, senior management, substantial shareholders or controlling shareholders of the Company as at the date of this announcement and he does not have any other interests in the Shares within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO").

Save as disclosed above, Mr. Huang has confirmed there is no other information required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules (the "Listing Rules") Governing the Listing of Securities on the Stock Exchange and no matter regarding his appointment that needs to be brought to the attention of the Shareholders.

APPOINTMENT OF NON-EXECUTIVE DIRECTOR

The Board is pleased to announce that Mr. Wong Shiu Kee ("Mr. Wong") has been appointed as a non-executive Director with effect from 21 April 2021. The biographical details of Mr. Wong are set out as follows:

Mr. Wong Shiu Kee, aged 57, was the executive director of Termbray Industries International (Holdings) Limited (stock code: 0093) from 18 January 2001 to 8 April 2021 and has been a director of Guangdong Ellington Electronics Technology Company Limited since December 2007, which is listed on the Shanghai Stock Exchange (stock code: 603328). Mr. Wong has over 20 years of experience in financial management. He is a fellow member of both the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants, and is also a qualified Chartered Secretary designated as ACG and ACS.

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Save as disclosed above, Mr. Wong (i) has not held any other position with the Company or any other members of the Group; (ii) has not held any directorships in the last three years preceding the date of this announcement in any other public companies the securities of which are listed on any securities market in Hong Kong or overseas; and (iii) has no other major appointments and professional qualifications.

Mr. Wong has entered into a letter of appointment with the Company for a term of three years commencing from 21 April 2021, subject to retirement by rotation and re-election at the next following general meeting of the Company in accordance with the articles of association of the Company. Mr. Wong is entitled to an annual salary of HK$240,000, determined with reference to the prevailing market conditions, Mr. Wong's expertise, qualifications and his duties and responsibilities in the Group's affairs. The letter of appointment can be terminated by either party by serving three months' notice in writing on the other party.

Save for disclosed above, Mr. Wong does not have any relationships with any Directors, senior management, substantial shareholders or controlling shareholders of the Company. As at the date of this announcement, Mr. Wong does not have any interests in the Shares within the meaning of Part XV of the SFO.

Save as disclosed above, Mr. Wong has confirmed there is no other information required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Listing Rules and no matter regarding his appointment that needs to be brought to the attention of the Shareholders.

The Board would like to express its warmest welcome to Mr. Huang and Mr. Wong in joining the Board.

By Order of the Board

PETRO-KING OILFIELD SERVICES LIMITED

Wang Jinlong

Chairman

Hong Kong, 21 April 2021

As at the date of this announcement, the executive Directors are Mr. Wang Jinlong, Mr. Zhao Jindong and Mr. Huang Yu; the non-executive Director is Mr. Wong Shiu Kee; and the independent non-executive Directors are Mr. Leung Lin Cheong, Mr. Tong Hin Wor and Mr. Xin Junhe.

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