Intercontinental Oil & Gas Co., Ltd. Announcement on Receiving Regulatory Work Letter and Extension of Response to Regulatory Work Letter

Log in to the Sina Finance APP and search 【information disclosure】 to view more evaluation tiers

Security Code: 600759 Security Short Name: Intercontinental Oil & Gas Announcement No.: 2026-016

Announcement of Intercontinental Oil & Gas Co., Ltd. on Receipt of the Regulatory Work Letter and the Extension of the Reply to the Regulatory Work Letter

The board of directors of this company and all directors guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume individual and joint liability for the truthfulness, accuracy, and completeness of the contents.

On March 24, 2026, Intercontinental Oil & Gas Co., Ltd. (hereinafter referred to as “the Company”) received a Regulatory Work Letter on the relevant matters regarding loan guarantee provided by the Company’s subsidiary to lenders from the Shanghai Stock Exchange, sent by the Shanghai Stock Exchange, titled “Regulatory Work Letter” (SSE [2026] No. 0542) (hereinafter referred to as the “Regulatory Work Letter”). The specific contents of the “Regulatory Work Letter” are as follows:

Recently, the Company disclosed an announcement stating that it intends to provide a total of USD 250 million in loans through its wholly controlled holding subsidiaries, and it also warned of risks: this financing involves the pledge of the Company’s core assets, and the financing agreement provides for relatively strict default clauses. If a default occurs as a result of this financing, it may lead to the disposal of the Company’s core assets. The above risks have a major impact on the Company and investors. In accordance with Article 13.1.1 of the “Stock Listing Rules” of this Exchange, you are hereby requested to further verify and supplement the disclosure of the following matters.

1. The announcement shows that the guarantee matters for this financing require approval by more than 2/3 of the voting rights held by shareholders attending the meeting. The reasons include that the Company’s cumulative guarantee amount within any consecutive 12-month period exceeds the total assets of the latest audited financial statements. The Company’s 2025 interim report shows that, as of June 30, 2025, the Company has disclosed that the total guarantee balance for its subsidiaries is RMB 64,427 million, and the balance of guarantees provided to parties other than subsidiaries (excluding guarantees for subsidiaries) is RMB 0. You are requested to verify and disclose: (1) as of now, the Company’s guarantees provided to parties other than subsidiaries (including guarantees for subsidiaries), stating by item in a tabular manner the guarantee counterparties, amounts, dates, transaction background, whether there is counter-guarantee, whether the guarantee responsibility has been fulfilled, and for each transaction verify whether the information disclosure obligations and deliberation procedures have been performed in compliance with the rules; (2) in light of the current actual guarantee situation, verify and explain whether the disclosure information related to the previous guarantee matters contains any issues of being untrue, inaccurate, or incomplete, and whether the deliberation and decision-making procedures for the guarantee matters involve any violations.

2. The announcement shows that the two loan borrowing parties include Ma Teng Company and Zhongke Netherlands, and SGOL, which are controlled by the Company. Among them, Zhongke Netherlands’ asset-liability ratio has been higher than 100% for the past three years, with a debt scale of over RMB 5.5 billion, operating revenue of RMB 0, and asset, liability and operating revenue of SGOL are all RMB 0. You are requested to verify and supplement disclose: (1) the reasons and rationality for using Zhongke Netherlands and SGOL, two subsidiaries that have not actually operated, as the borrowing parties; (2) the Company’s control measures over Zhongke Netherlands and SGOL, and the governance situation of the two companies, including but not limited to the shareholders’ meeting and the board of directors’ systems and their operations, the appointment of directors and the hiring of executives, and the decision-making and execution status of major matters; explain whether the Company can achieve control over Zhongke Netherlands and SGOL, and whether it can effectively control the flow and use of the loan funds, as well as the specific measures; (3) the composition of Zhongke Netherlands’ main asset and liability line items, and the counterparties for large-sum fund transfers within the past 12 months and the specific situations; (4) in light of each default clause disclosed in the announcement and the Company’s and its subsidiaries’ debt situation, assess and give risk warnings regarding possible relevant debt repayment risks; (5) other than Zhongke Netherlands, whether the Company has provided guarantees to other subsidiaries or third parties with an asset-liability ratio exceeding 70%. If so, explain whether the relevant information disclosure and deliberation requirements have been fulfilled in accordance with the rules and the Company’s articles of association.

3. The announcement shows that the repayment sources of this loan mainly rely on the operating cash flows of Ma Teng Company and Keshan Company, as well as the future revenues of the NK project and the South Basra project. You are requested to: (1) based on the operating and financial conditions of the relevant parties, operating cash flows, the project development progress, funding needs, and future profit models and other repayment-related matters, explain how the Company and its subsidiaries ensure that the funding arrangements can timely fulfill their payment obligations in accordance with the loan contract; (2) based on the relevant clauses in this loan contract regarding “general undertakings” and “events of default,” assess the potential constraining impact on the Company’s business operations and financing autonomy, future earnings, and debt repayment capacity, and explain the specific risk mitigation measures proposed to be taken.

4. All directors and senior management personnel of the Company should perform their duties diligently and responsibly, actively take effective measures to ensure the safety of the loan funds’ use, and must not engage in any situation where related parties encroach on the Company’s interests. They should safeguard the legitimate rights and interests of listed companies and minority investors, and fulfill information disclosure obligations in accordance with law.

You are requested, the Company and all directors and senior management personnel, to earnestly implement the requirements of this work letter, take effective方案 measures, safeguard the legitimate rights and interests of listed companies and minority investors, and provide a written reply within five trading days to this department, and fulfill the information disclosure obligations as required.

After receiving the “Regulatory Work Letter,” the Company actively organized relevant personnel to verify and reply, item by item, to the issues involved in the “Regulatory Work Letter.” As some matters in the “Regulatory Work Letter” require further supplementation and improvement, in order to ensure the rigor of the company’s reply, the Company has extended the disclosure of the reply announcement by five trading days. The Company is accelerating the progress of the relevant work and will disclose the reply regarding the contents of the “Regulatory Work Letter” as soon as possible.

The Company designates the information disclosure newspapers as “China Securities Journal,” “Shanghai Securities News,” “Securities Times,” and “Securities Daily.” The Company designates the information disclosure website as the website of the Shanghai Stock Exchange (www.sse.com.cn). All information of the Company shall be subject to the announcements published on the above designated media. Investors are kindly requested to pay timely attention and take note of investment risks.

This announcement is hereby given.

Board of Directors of Intercontinental Oil & Gas Co., Ltd.

March 30, 2026

Security Code: 600759 Security Short Name: Intercontinental Oil & Gas Announcement No.: 2026-017

Intercontinental Oil & Gas Co., Ltd.

Announcement on the Postponement of the First Extraordinary General Meeting of Shareholders in 2026

The board of directors of this company and all directors guarantee that there are no false records, misleading statements, or material omissions in the contents of this announcement, and assume legal liability for the truthfulness, accuracy, and completeness of the contents.

Key information of this matter:

● Scheduled time after postponement: April 15, 2026

I. Details of the original shareholders’ meeting

1. Type and session number of the original shareholders’ meeting

First Extraordinary General Meeting of Shareholders in 2026

2. Date of convening of the original shareholders’ meeting: April 8, 2026

3. Record date for the shareholders’ meeting

■

II. Reasons for postponement of the shareholders’ meeting

With respect to the relevant issues and risks related to the loan matters, the Company is still further verifying them. After careful consideration, the Company has decided to postpone the First Extraordinary General Meeting of Shareholders in 2026, originally scheduled to be convened at 15:00 on April 8, 2026 (Wednesday), to be convened at 15:00 on April 15, 2026 (Wednesday). The record date for the shareholders’ meeting of the original meeting, the meeting venue, the method of convening the meeting, and the matters for consideration remain unchanged.

III. Details of the shareholders’ meeting after postponement

1. Date and time of the on-site meeting after postponement

Date and time: April 15, 2026 at 15:00

2. Start and end dates for online voting after postponement and voting time

Online voting start and end time: from April 15, 2026

to April 15, 2026

Online voting shall be conducted through the network voting system of the Shanghai Stock Exchange. The voting time via the trading system voting platform on the day of the shareholders’ meeting is the trading time segment, namely 9:15-9:25, 9:30-11:30, and 13:00-15:00; the voting time via the internet voting platform on the day of the shareholders’ meeting is 9:15-15:00.

3. The record date for the shareholders’ meeting for the postponed meeting remains unchanged; other relevant matters shall refer to the announcement published by the Company on March 21, 2026 (Announcement No.: 2026-015).

IV. Other matters

1. Transportation, meals, and accommodation expenses of attending shareholders shall be borne by themselves.

2. During the online voting period, if the online voting system is affected by a sudden major event, the progress of this shareholders’ meeting shall be carried out separately.

Board of Directors of Intercontinental Oil & Gas Co., Ltd.

March 30, 2025

For massive information and precise interpretations—only on the Sina Finance APP