GoFintech Quantum Innovation Limited — Capital/Financing Update 2014

Oct 28, 2014

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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NEW TIMES ENERGY CORPORATION LIMITED 新 時 代 能 源 有 限 公 司[*]

(incorporated in Bermuda with limited liability)

(Stock Code: 00166)

UPDATES ON PALMAR LARGO OILFIELD PRODUCTION 2014 WORK OVER PROGRAM

This is a voluntary announcement made by New Times Energy Corporation Limited (the ‘‘Company’’) to update the Company’s shareholders and potential investors regarding the 2014 workover program in the Palmar Largo oilfield in Argentina.

The board of directors of the Company (the ‘‘Board’’) is pleased to announce the progress of the 2014 workover program in the Palmar Largo oilfield located in the Noroeste Basin in the Formosa Province in Argentina (the ‘‘Oilfield’’).

In February 2014, the Company completed the acquisition of 38.15% participation interest in the Oilfield and has been indirectly maintaining its ownership percentage since then.

After consideration of the geological, geophysical, mechanical and production data from the wells, as well as the proposed workover program from the previous operator of the Oilfield, the Company planned a seven-well workover program. After receiving the approval from the Palmar Largo UTE Operating Committee, the workover program began in the second quarter of 2014. The workover program is now nearly finished and six of the workovers have been completed. The remaining well is currently waiting for surface production equipment.

• For identification purpose only

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The actual expenditure of the workover program was approximately US$3.57 million (equivalent to approximately HK$27.69 million). The actual increase in production was 305 barrels of oil per day (‘‘BOPD’’), which is expected to increase by an additional 30 to 45 BOPD once the remaining well is completed. The total increase in production is expected to be around 335 to 350 BOPD, which represents an increase of 10 to 15% over the projection of 315 BOPD. Current production is averaging 1,210 BOPD, an increase of 32% over the 915 BOPD rate prior to the inception of the workover program.

The Company also intends to workover two wells with a coiled tubing unit, which will become available in November 2014. It is hoped that additional production of 40 BOPD will be realised from the coiled tubing project, at a cost of approximately US$0.25 million (equivalent to approximately HK$1.94 million), bringing total Oilfield production to approximately 1,280 to 1,295 BOPD.

For the purpose of this announcement, unless otherwise specified, conversion of the United States Dollars into Hong Kong Dollars is based on the approximate exchange rate of US$1.00 to HK$7.757.

By order of the Board New Times Energy Corporation Limited Cheng Kam Chiu, Stewart Chairman

Hong Kong, 28 October 2014

As at the date of this announcement, the Board comprises seven directors, of whom two are executive directors, namely Mr. Cheng Kam Chiu, Stewart and Mr. Cheng Ming Kit; one is a non-executive director, namely Mr. Heffner, Paul Lincoln; and four are independent non-executive directors, namely Mr. Wong Man Kong, Peter, Mr. Chan Chi Yuen, Mr. Yung Chun Fai, Dickie and Mr. Chiu Wai On.

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