10:02     SOUTH SEA PETRO<00076> - Announcement                               

    The Stock Exchange of Hong Kong Limited takes no responsibility for the   
    contents of this announcement, makes no representation as to its          
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon the    
    whole or any part of the contents of this announcement.                   
                                                                              
    SOUTH SEA PETROLEUM HOLDINGS LIMITED                                      
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 076)                                                         
                                                                              
    The board of directors of South Sea Petroleum Holdings Limited noted an   
    increase in the trading volume of the shares in the Company today. The    
    Board wishes to state that, save for Bondic Holdings Limited, a company   
    beneficially owned by Ms. Lee Sin Pyung, the executive director of the    
    Company, disposed 4,700,000 Shares in the Company, the Board is not       
    aware of any reasons for such increase.                                   
                                                                              
    This statement is made at the request of The Stock Exchange of Hong       
    Kong Limited.                                                             
                                                                              
    The board of directors (the "Board") noted an increase in the trading     
    volume of the shares (the "Shares") today. South Sea Petroleum Holdings   
    Limited (the "Company") was informed by Bondic Holdings Limited           
    ("Bondic"), a company beneficially owned by Ms. Lee Sin Pyung, the        
    executive director of the Company, that 4,700,000 shares, which           
    represents 0.98% of the issued share capital of the Company, have been    
    disposed on 30 November 2004. Bondic disposed the Shares on the market    
    of the Hong Kong Stock Exchange to independent third parties. The         
    highest price was HK$0.51 and the lowest price was HK$0.50. Before such   
    disposal, Bondic held 8,000,000 shares in the Company which represented   
    1.67% of the issued share capital of the Company. After the disposal,     
    Bondic is holding 3,300,000 shares in the Company which represents        
    0.68% of the issued share capital of the Company.                         
                                                                              
    Save as disclosed in this announcement, the Board is not aware any        
    reasons for the increase in the trading volume of the Shares.             
                                                                              
    The Board also confirms that there are no negotiations or agreements      
    relating to intended acquisitions or realizations which are               
    discloseable under rule 13.23, neither is the Board aware of any matter   
    discloseable under the general obligation imposed by rule 13.09, which    
    is or may be of a price-sensitive nature.                                 
                                                                              
    Made by the order of the Board of the Company, the directors of which     
    individually and jointly accept responsibility for the accuracy of this   
    statement.                                                                
                                                                              
    By Order of the Board                                                     
    South Sea Petroleum Holdings Limited                                      
    Lam Lee Yu                                                                
    Company Secretary                                                         
                                                                              
    Hong Kong, 30 November 2004                                               
                                                                              
    As at the date of this statement, the executive directors of the          
    Company are Mr. Zhou Ling, Ms. Lee Sin Pyung and Ms. Sit Mei. The         
    independent non-executive directors are Mr. Lu Ren Jie, Mr. Chai Woon     
    Chew and Mr. Ho Choi Chiu.