GoFintech Quantum Innovation Limited — Capital/Financing Update 2020

Nov 4, 2020

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)

VOLUNTARY ANNOUNCEMENT PARTICIPATION IN AN AUCTION SALE TO ACQUIRE SUBSTANTIALLY ALL OR PART OF THE PRODUCING DELAWARE BASIN OIL AND GAS ASSETS OF A COMPANY IN BANKRUPTCY

This announcement is made by New Times Energy Corporation Limited (the “ Company ”, together with its subsidiaries, the “ Group ”). The purpose of this announcement is to keep the shareholders of the Company (the “ Shareholders ”) and potential investors informed of the latest development of the Company.

The Board of Directors (the “ Board ”) of the Company is pleased to announce that the Company is a qualified bidder, and plans to participate in an auction sale scheduled for this week (“ Auction ”) to acquire substantially all or part of the producing Delaware Basin oil and gas assets of a company in bankruptcy (the “ Seller ”).

BACKGROUND

The Seller is an exploration and production company currently in bankruptcy, that was previously listed on the NYSE, and purely focused on the production of unconventional light oil and natural gas in the Delaware Basin.

The Delaware Basin along with the Midland Basin, together make up the Greater Permian Basin, one of the largest and most active oil basins in the United States. It accounts for approximately a third of the total oil production in the country.

• For identification purposes only

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REFUNDABLE BID DEPOSIT

As at the date of this announcement, the Company has submitted a refundable bid deposit of US$5 million, in order to become a qualified bidder in the Auction. The US$5 million will form part of the total amount to be paid by the Company if it is successful in the Auction.

If the Company is unsuccessful, the refundable bid deposit of US$5 million will be refunded in full to the Company.

REASONS FOR AND BENEFITS OF THE POSSIBLE ACQUISITION

The Group is principally engaged in the business of oil and gas production and exploration. The Board considers this possible acquisition in the Delaware Basin of the United States will complement the Group’s existing crude oil producing asset in Argentina. Furthermore, it is an opportunity to acquire a distressed asset in a world renowned basin at a heavily discounted price.

POSSIBLE LISTING RULES IMPLICATION

In the event the Company is successful in the Auction, and a definitive Purchase and Sale Agreement (“ PSA ”) is entered into with the relevant parties (subject to the final agreed terms, conditions, and purchase price), such an acquisition may constitute as a transaction under Chapter 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”). The Company will comply with its obligation under the Listing Rules, if and when the PSA is entered into to acquire substantially all or part of the producing Delaware Basin oil and gas assets of the Seller.

FURTHER ANNOUNCEMENT(S)

Further announcement(s) will be made to update the Shareholders and other potential investors of the outcome of the Auction in due course. Shareholders and potential investors should exercise caution when dealing in the securities of the Company.

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

Hong Kong, 4 November 2020

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At the date of this announcement, the Board comprises:

Executive Directors:

Mr. CHENG, Kam Chiu Stewart (Chairman)

Mr. TANG, John Wing Yan (Chief Executive Officer)

Non-executive Director:

Mr. LEE, Chi Hin Jacob

Independent Non-executive Directors:

Mr. YUNG, Chun Fai Dickie

Mr. CHIU, Wai On

• Mr. HUANG, Victor

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