Asia Energy Logistics : PLACING OF CONVERTIBLE BONDS UNDER SPECIFIC MANDATE FURTHER EXTENSION OF PLACING PERIOD AND LONG STOP DATE

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This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities of the Company.

ASIA ENERGY LOGISTICS GROUP LIMITED

亞 洲 能 源 物 流 集 團 有 限 公 司

(Incorporated in Hong Kong with limited liability)

(Stock Code: 351)

PLACING OF CONVERTIBLE BONDS UNDER SPECIFIC MANDATE FURTHER EXTENSION OF PLACING PERIOD AND LONG STOP DATE

Reference is made to the announcements of Asia Energy Logistics Group Limited (the "Company") dated 25 June 2019 and 13 September 2019 (the "Announcements"), and the circular of the Company dated 26 July 2019 (the "Circular") in relation to, among other matters, the placing of Convertible Bonds under the Specific Mandate and the extension of the Placing Period and the Long Stop Date to 4 October 2019 and 31 October 2019 respectively. Capitalized terms used in this announcement have the same meanings as those defined in the Announcements and the Circular unless otherwise specified in this announcement.

In light of the unfavourable current stock market conditions, the Company and the Placing Agent have come to an agreement to further extend the Placing Period and the Long Stop Date so as to allow the Placing Agent to have more time in soliciting potential subscribers of the Convertible Bonds and the Parties to satisfy or fulfill the conditions precedent set out in the Placing Agreement (as revised and supplemented by the Supplemental Placing Agreement). On 4 October 2019 (after trading hours), the Company and the Placing Agent entered into a second supplemental placing agreement (the "Second Supplemental Placing Agreement") to the Placing Agreement (as revised and supplemented by the Supplemental Placing Agreement) for the further extension of the Placing Period and the Long Stop Date to 25 October 2019 and 15 November 2019 respectively.

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Save as and subject only to the variations set forth and agreed in the Second Supplemental Placing Agreement and such other alterations (if any) as may be necessary to make the Placing Agreement (as revised and supplemented by the Supplemental Placing Agreement) consistent with the Second Supplemental Placing Agreement, all other terms and conditions of the Placing Agreement (as revised and supplemented by the Supplemental Placing Agreement) shall remain in full force and effect.

Closing of the Placing is subject to the fulfillment of the conditions precedent set forth in the Placing Agreement (as revised and supplemented by the Supplemental Placing Agreement and the Second Supplemental Placing Agreement). As the Placing may or may not proceed, Shareholders and potential investors of the Company are advised to exercise caution when dealing in the Shares and other securities of the Company.

By Order of the Board

Asia Energy Logistics Group Limited

Liang Jun

Executive Director

Hong Kong, 4 October 2019

As at the date of this announcement, the executive Directors are Mr. Liang Jun, Mr. Fu Yongyuan, and Mr. Wu Jian; the non-executive Director is Mr. Yu Baodong (Chairman); and the independent non-executive Directors are Mr. Chan Chi Yuen, Mr. Wong Cheuk Bun and Mr. Wong Yin Shun.

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