The board of directors Polyard Petroleum International Group Limited announced that there is a delay in the release of the audited annual results for the year ended 31 December 2022 (the 2022 Audited Annual Results) and despatch of annual report for the year ended 31 December 2022 (the 2022 Annual Report). Owing to the fact that the Company was informed by the competent person (as defined in Rule 18A.01 of the GEM Listing Rules) of the Group that, adversely effected by the Covid-19 pandemic, the competent person have not seen a return of their APAC business to the pre-Covid levels and had decided to cease to undertake any external technical assessment projects in mid-February 2023, the Company had to seek another competent person to prepare the competent person's report (as defined in Rule 18A.01 of the GEM Listing Rules). The Company has been contacting with the potential competent person and it is expected to take at least about 45 days to complete the competent person's report.

As a result, the audit procedures for the 2022 Audited Annual Results are affected and expected not being able to be completed on or before the date of Board meeting originally scheduled to be held on 31 March 2023, which causes the Company not being able to comply with the Rules 18.03, 18.48A and 18.49 of the GEM Listing Rules for the publication of Company's 2022 Audited Annual Results and 2022 Annual Report on or before 31 March 2023. It is expected that the publication of the 2022 Audited Annual Results and the publication and despatch of the 2022 Annual Report will be delayed to a date falling on or before 31 May 2023. The Company will publish further announcement(s) to inform the Shareholders and potential investors of the Company of any material developments in connection with the 2022 Audited Annual Results and the 2022 Annual Report as and when appropriate.