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Board of Directors

Dear shareholders,

On behalf of the board of directors (the “Board”) of King Stone Energy Group Limited (the “Company”, together with its subsidiaries, the “Group”), I am delighted to present the annual results for the year ended 31 December 2017.

In 2017, the volatility of energy prices and silver prices continued to affect both oil and gas and silver mining businesses of the Group which have created uncertainties to the Group’s production and expansion during the year. The Group will closely monitor the trend of energy and commodity prices, formulate medium and long term plans for drilling and production, and strengthen the energy performance of the Group’s energy segment. Meanwhile, the assets financing business has provided steady revenue to the Group which partially offset decrease in revenue from both oil and gas and silver mining businesses. The Group will explore more opportunities in this business in coming year.

After further evaluation of technology test results for the stone paper business to be invested by the Group, we consider that it would not be beneficial to the Group to pursue the stone paper business at the time being. Therefore, we have reallocated certain proceeds from placing completed in previous years and changed the development plans to the mergers and acquisition of target companies with business potential. In December 2017, to grasp the chance to development of conventional mining business and new energy sectors, the Group has entered memorandum of understanding in relation to acquisition of zinc and lead mines in Inner Mongolia, the PRC as well as solar energy business in Japan. Further announcements will be made if there is any material development on the above potential acquisitions and/or other new business opportunities.

Looking forward to 2018, we shall continue to review the business strategy and development plans of the Group in a timely manner, and create satisfactory returns to the shareholders. Finally, on behalf of the Board, I give my sincerest thanks to our employees, customers and shareholders for their continuous support and trust to the Group.

Gloria Chang Wong
Chairman

23 March 2018

 
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