CHK Oil: CEO and Executive Director Resign Over HK$30.00 million Loan Dispute

CHK Oil Limited announced on 12 November 2026 that Chief Executive Officer and Executive Director Mr. Lam Pui Wang, together with Executive Director Mr. Wong Chung Kin Quentin, have resigned with immediate effect.

Mr. Lam and Mr. Wong cited disagreement with the terms of a HK$30.00 million loan facility approved by the board on 11 November 2026. The executives stated that, in their assessment, the financing arrangement is not demonstrably in the best interests of the company and its shareholders.

Key loan terms include: • Principal: up to HK$30.00 million • Tenor: six months • Interest: 2% per month • Security: pledge of 493.87 million ordinary shares by the controlling shareholder

The facility is intended to fund a proposed acquisition announced on 20 October 2026 and to provide general working capital. The board maintains that the loan is fair, reasonable, and beneficial to shareholders, and it does not expect the resignations to have a material impact on business operations, financial position, or corporate governance.

Following the departures, the board comprises two executive directors (Mr. Yu Zhibo and Mr. Jin Ailong), one non-executive director (Mr. Zheng Ye), and three independent non-executive directors (Ms. Zhong Bifeng, Ms. Huang Qingwei, and Mr. Chen Yawei).