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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 2016.

In 2016, the volatility of energy prices continued to affect the oil and gas segment of the Group. The United States, Russia, Saudi Arabia and other major oil production countries wrestled with each other in respect of oil production issue, which continued to suppress the performance of oil price; the rise of shale gas also imposed pressure on traditional oil and natural gas demand and price. The average selling price of the Group ’ s oil and gas projects in Texas, the United States, declined last year; the unstable prices also created uncertainties to the Group ’ s further new well drilling plans, resulting in delay of expansion plans and decline in production. However, the management of the Group believes that the global energy macro-demand will gradually increase in 2017. The Group will closely monitor the trend of energy prices, formulate medium and long term plans for drilling and production, and strengthen the energy performance of the Group ’ s energy segment.

The Group completed a new share placing in May last year and successfully raised over HK$400 million to further enhance the liquidity of the Group. The proceeds from the raising were partly utilized to develop new business factoring and finance leasing businesses, which have successfully explored new income streams for the Group; others will be used for new acquisitions as planned, including the proposed investment on eco-friendly stone paper project, and the seeking of quality energy projects around the world.

Looking forward to 2017, countries all over the world will have plenty of opportunities under the leadership of new leaders. We shall continue to lead the management team under such circumstances, review the business strategy 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.

Zhang Wanzhong
Chairman
31 March 2017


 
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