GoFintech Quantum Innovation Limited — Regulatory Filings 2019

May 24, 2019

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)

INSIDE INFORMATION

UPDATE ON OIL DISCOVERY AT THE CHIRETE CONCESSION IN THE PROVINCE OF SALTA, ARGENTINA

The Board wishes to inform the Shareholders and potential investors that the Group considers the oil discovery from the exploration well, HLG.St.LB.x-2001, in the Chirete Concession, Salta, Argentina, to be commercially viable, and is proceeding with the construction of Phase 1 of the permanent production facilities to extract hydrocarbon. Scheduled to be completed in early August 2019, the Phase 1 production facilities will have a production capacity of approximately 2,000 bopd.

This announcement is made by New Times Energy Corporation Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The purpose of this announcement is to keep the shareholders of the Company (the “ Shareholders ”) and the potential investors informed of the latest development of the Chirete Concession (the “ Chirete Concession ”).

• For identification purposes only

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Reference is made to the announcement of the Company dated 12 December 2018, as well as disclosure made in the Company’s 2018 Annual Report, in respect of the oil discovery made by the Group’s exploration well (“ HLG.St.LB.x-2001 ” or the “ Exploration Well ”) in the Chirete Concession, in which at the depth of 2,670 meters, the Exploration Well encountered significant amount of gas and oil shows before reaching its total depth of 2,705 meters on 29 November 2018.

During extended well tests in the first three months of 2019, the indications were that HLG. St.LB.x-2001 contained light crude oil with an estimated API index of 37 with virtually zero water content and free of other contaminants. The crude oil flow rates under different choke size test conditions ranged from an average of 533 barrels of oil per day (“ bopd ”) for a 4mm choke, to an average of 2,295 bopd for a 10mm choke. Approximately 82,000 barrels of crude oil in total was produced as of 18 March 2019 during the extended well test period.

The Group considers the oil discovery from the exploration well, HLG.St.LB.x-2001 to be commercially viable, and is proceeding with the construction of Phase 1 of the permanent production facilities to extract hydrocarbon. Scheduled to be completed in early August 2019, the Phase 1 production facilities will have a production capacity of approximately 2,000 bopd. Initial commercial production output from the well is expected to be in the range of 1,000 bopd to 1,500 bopd.

The Group plans to conduct further extended tests in the Chirete Concession and, if justified, will drill additional development well(s) which may increase crude oil production and the construction of future phases of permanent production facilities.

Application for the Exploitation and Production Permit has already been filed by the Group to the Secretary of Energy of the Province of Salta. The Group is expecting an Exploitation and Production Permit from the regulatory authorities to produce hydrocarbon of between the next 20 to 25 years as the Operator in the Chirete Concession.

HLG.St.LB.x-2001 is operated by the branch office of the wholly-owned subsidiary of the Company, High Luck Group Limited (“ HLG ”), and is located approximately 7km south of the HLG.St.LB.x-1002 Exploration Well, drilled by HLG in October 2015 in the southern sector of the Chirete Concession in the Province of Salta in northern Argentina. The Chirete Concession is a 50:50 joint venture between the Group and Pampa Energía S.A., where the Group is the Operator of the concession.

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Further announcement(s) will be made by the Company to update the Shareholders and potential investors on the latest development of HLG.St.LB.x-2001 in due course.

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

Hong Kong, 24 May 2019

At the date of this announcement, the Board comprises:

EXECUTIVE DIRECTORS:

Mr. CHENG Kam Chiu, Stewart

Mr. TANG, John Wing Yan

NON-EXECUTIVE DIRECTOR:

Mr. LEE Chi Hin, Jacob

INDEPENDENT NON-EXECUTIVE DIRECTORS:

Mr. CHAN Chi Yuen

Mr. YUNG Chun Fai, Dickie

Mr. CHIU Wai On

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