Acquisitions of Two Oil & Gas Corporations by UEG for 1.5 Billion HK Dollars

United Energy Group Limited (00467.HK), hereinafter referred to as “UEG” or “the Company”, announced on February 28 that its wholly-owned subsidiary－Dragon Prime Hong Kong Limited, as the Purchaser, has entered into share purchase agreements OMEL and OPAK respectively with OMV Maurice Energy GmbH (OMEG) and OMV Exploration & Production GmbH (OMVEP).

Pursuant to the share purchase agreements, Dragon Prime Hong Kong Limited will acquire the entire issued share capital of OMV Maurice Energy GmbH (OMEG) and OMV Exploration & Production GmbH (OMVEP), with a total value of EUR157,800,000 (equivalent to approximately HK$1,578,000,000).

The two parties will complete the deals as soon as possible by facilitating the process to obtain the approvals from the related governments and regulators.

The company has upstream exploration and development businesses as well as assets in Pakistan. OMV is an Austrian-based oil & gas company and is listed among the world’s top 500. It is principally engaged in integrated oil businesses including oil exploration & production, transportation & trade, refining-chemical processing and retail etc.

Based in Hong Kong, UEG is an independent exploration and development corporation listed on the Hong Kong Stock Exchange with the Beijing office acting as the operational HQ, and has subsidiaries in Pakistan as well as other business presence in South Asia. UEG is principally engaged in the exploration, development and operation of oil & gas and new energy development, with investments in areas ranging from oil, natural gas to other energy-related fields. Through a strategy of “Reliable Operation + Rapid Expansion” to enhance its assets value, UEG is committed to developing into a strongly competitive international energy company.

At the end of 2010, UEG established United Energy Pakistan Limited (or “UEP”) through the acquisition of 100% rights and interests of BP’s oil & gas businesses at Pakistan. UEP is principally engaged in the exploration, development and production of oil & gas. UEG has been investing heavily in its Pakistan acquisition. By introducing Chinese oil & gas expertise and supply chain management, the company has successfully achieved exponential growth over the last five years, making UEG and its Pakistan subsidiary, United Energy Pakistan Limited, the largest foreign exploration and production company and investor in Pakistan.

The acquisition of UEP is an extension and enlargement of the UEG’s upstream businesses in Pakistan.