09:04     NEWOCEAN ENERGY<00342> - Results Announcement (3)                   

                                                                              
    2. Earnings Per Share                                                     
    The calculation of the basic and diluted earnings per share is based on   
    the following data:                                                       
                                            2004            2003              
                                            HK$'000         HK$'000           
                                                                              
    Profit for the purposes of basic and diluted earnings per share           
                                            20,178          17,051            
                                            ========        ========          
                                                                              
    Weighted average number of shares for the purposes of basic earnings per  
    share                                   461,143,085     327,288,723       
    Effect of dilutive potential shares:                                      
    Options                                   4,854,760     -                 
                                            -------------   --------------    
                                                                              
    Weighted average number of shares for the purposes of diluted earnings per
    share                                                                     
                                            465,997,845     327,288,723       
                                            ==========      ============      
                                                                              
    The weighted average number of shares for the year ended December 31, 2003
    for the purpose of basic earnings per share has been adjusted for the     
    share consolidation on November 9, 2004.                                  
                                                                              
    For the year ended December 31, 2003, the computation of diluted earnings 
    per share did not assume the exercise of the Company's outstanding share  
    options as the exercise price of those options was higher than the average
    market price for the year.                                                
                                                                              
                                                                              
    3. Dividend                                                               
                                                                              
                                            2004                    2003      
                                            HK$'000                 HK$'000   
                                                                              
    Final, proposed - HK1 cent per share of HK$0.10 each (2003: HK0.08 cent   
    per share of HK$0.01 each)                                                
                                            4,817                   3,853     
                                            =========               ======    
                                                                              
    Subsequent to December 31, 2004, the directors proposed a final dividend  
    of HK1 cent per share (2003: HK0.08 cent per share of HK$0.01 each, being 
    equal to HK0.8 cent per share of HK$0.10 each after the 10 to 1           
    consolidation of the Company's shares on November 9, 2004) be paid to the 
    shareholders of the Company whose names appear on the register of members 
    on June 13, 2005. This final dividend is subject to approval by the       
    shareholders at the forthcoming annual general meeting. At April 22, 2005,
    the number of shares issued and fully paid is 481,676,687.                
                                                                              
    For more details, please refer to the press announcement today.