CHK OIL (00632) announced that on November 20, 2025, the company was informed that its controlling shareholder, Xinhua Petroleum (Hong Kong) Limited, had entered into a loan agreement with Squadron Funding Capitalization Investor SPV2025, Ltd. (the lender) dated November 20, 2025. The agreement pertains to a non-recourse financing arrangement of approximately HKD 16 million.

Under the terms of the agreement, the controlling shareholder is required to deposit 80 million ordinary shares of the company (the pledged shares) into a securities account designated by the lender as collateral for the loan. The actual loan amount will vary based on the market price fluctuations of the pledged shares.

As of the announcement date, the controlling shareholder directly holds 592 million shares of the company, representing approximately 68.12% of the issued share capital. The pledged shares account for about 9.20% of the company's issued share capital as of the announcement date.