JX Energy Ltd. — Earnings Release 2019

Mar 24, 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.

==> picture [65 x 32] intentionally omitted <==

Persta Resources Inc.

(incorporated under the laws of Alberta with limited liability)

(Stock code: 3395)

ANNOUNCEMENT PROFIT WARNING

This announcement is made by Persta Resources Inc. (the ‘‘Company’’) pursuant to Rule 13.09(2) 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 board of directors (the ‘‘Board’’) of the Company would like to inform the shareholders of the Company (the ‘‘Shareholders’’) and potential investors that based on the unaudited management accounts for the year ended December 31, 2019 of the Company (the ‘‘Unaudited Management Accounts’’), the Company is expected to make a loss of approximately C$51 million (equivalent to approximately HK$266 million) for the year ended December 31, 2019 (year ended December 31, 2018: a loss of approximately C$7 million (equivalent to approximately HK$37 million)). This increase in loss was largely due to the impairment of certain natural gas and oil assets of the Company for the year ended December 31, 2019. The Company identified triggers for impairment attributable to (1) the very weak natural gas and oil prices as a result of the slowing global economy; and (2) the slowing global demand for natural gas and oil, which has reduced forecast prices for the remainder of 2020 and 2021. Impairment losses are non-cash charges taken for accounting purposes, as such the Company’s working capital and operations are not impacted.

As the Company is still in the process of finalizing the annual results of the Company for the year ended December 31, 2019, the information contained in this announcement is only a preliminary assessment made by the Board based on the Unaudited Management Accounts which have not been audited or reviewed by the Company’s independent auditors or the audit and risk committee, and may therefore be subject to necessary adjustments. Details of the Company’s annual results for the year ended December 31, 2019 will be disclosed in the annual results announcement of the Company which is expected to be published on or before March 31, 2020 (Hong Kong time).

– 1 –

Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

By order of the Board Persta Resources Inc. Yongtan Liu Chairman

Calgary, March 24, 2020 Hong Kong, March 24, 2020

As at the date of this announcement, the executive Director is Mr. Yongtan Liu; the non-executive Director is Mr. Yuan Jing; and the independent non-executive Directors are Mr. Richard Dale Orman, Mr. Bryan Daniel Pinney and Mr. Peter David Robertson.

Unless otherwise specified, conversions of C$ into HK$ in this announcement are based on the rate of C$1.00 : HK$0.19 for illustration purpose only.

– 2 –