RNS Number:2086K
Arko Energy Holdings PLC
22 April 2003



For Immediate Release
22 April 2003



                 Arko Energy Holdings plc ("Arko or "Company")

                          Variation of Agreement with
                      Great Wall Foundation China Limited
                 For placing of 50,000,000 New Ordinary Shares
                                at 8p per share



Arko Energy Holdings plc announces a variation of its agreement to place
50,000,000 new ordinary shares of 0.5 pence each (representing 2.7 per cent. of
the enlarged share capital of the Company) at a price of 8 pence per share with
Great Wall Foundation China Limited ("Great Wall"), which was announced on 23
August 2002.

The original agreement was that shares would be subscribed for by Great Wall in
three stages (1) 12,500,000 shares to be issued within 90 days from the date of
signing of the agreement; (2) 18,750,000 shares to be issued within 180 days
from the date of signing of the agreement; (3) 18,750,000 shares to be issued
within 360 days from the date of signing of the agreement.  A non-refundable
deposit of #80,000 was paid to the Company by Great Wall at the time of the
original agreement.

Great Wall have not subscribed for the first two stages and accordingly Arko and
Great Wall have agreed to extend the period allowed for subscription for the
total number of shares (50,000,000) until 10 April 2004.

Application will be made for the new ordinary shares of 0.5 pence each to be
admitted to trading on the Alternative Investment Market as and when they are
issued to Great Wall.

Enquiries to:

Clement Leung - Executive Director Tel: 00 852 2219 9999

Arko Energy Holdings plc

Email: clementle@arkoenergy.com

Nigel Atkinson/Robert Lo Tel: 020 7710 7400

Nabarro Wells & Co. Limited, Nominated Adviser

Email: nigelatkinson@nabarro-wells.co.uk; robertlo@nabarro-wells.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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