Meanwhile, Mr. Justin Sawdon Stewart Murphy will resign as an executive director of the Group and the chief executive officer of Brightoil Shipping Singapore Ptd. Ltd., a wholly-owned subsidiary of the Group, with effect on the same day.

Mr Wang joined the Group as the chief executive officer of Brightoil Petroleum (S’pore) Pte. Ltd, a wholly-owned subsidiary of the Group, on 24 November 2014. He has over 28 years of experience in oil & gas industry. Before joining the Group, Mr. Wang held a number of senior management positions in different business units of Sinochem Group from 1986 to 2014, with the latest position being the Managing Director of Sinochem International Oil (Singapore) Pte. Ltd from 2007 to 2014.

Mr. Wang will hold office until the next following annual general meeting and will thereafter be subject to retirement by rotation and re-election at the Group’s annual general meeting in accordance with the bye-laws of the Company. A service agreement was entered into between the Group and Mr. Wang for an initial term of three years.

Dr. SIT Kwong Lam, Chairman of Brightoil Petroleum, commented, “Mr. Wang possesses extensive experience together with proven track records of success in the oil and gas sector. We are confident that his appointment as a board member will drive the Group’s sustainable development and reinforce its market leadership going forward.”