The conditions precedent in the subscription agreement signed between Polyard Petroleum International Group Limited and Haitong International Securities Company Limited have been fulfilled. On July 21, 2015, PPIG completed the issue of convertible bonds in the amount of HKD 100,000,000 to Haitong Securities. The proceeds from the subscription will be used for the development and production of SC49 oil field in the Philippines and the general working capital.

Issued on 23 July, 2015