ANNOUNCEMENT OF RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2024
The Petroleum sales, net of royalties for the twelve months ended December 31, 2024 slightly decreased to CAD29.3 million from CAD29.6 million for the twelve months ended December 31, 2024. The decrease was mainly due to lower sales volume and higher royalty expenses, partially offset by higher dilbit sales price.
The net operating income for the three months ended December 31, 2024 excluding one-off foreign exchange loss, was a net operating loss of CAD1.3 million compared to a net operating income of CAD0.8 million for the same period in 2023.
Recurring net loss attributable to owners of the Company (excluding foreign exchange (loss) gain, non-cash depletion and depreciation) for the twelve months ended December 31, 2024 was a net loss of about CAD 25 million compared with approximately CAD 22 million for the twelve months ended December 31, 2023.
The operating cash flow for the three months ended December 31, 2024 was a net loss of CAD1.7 million compared to a net loss of CAD1.4 million for the three months December 31, 2023. The decrease in the operating cash flow was primarily due to decrease in sales volume.
As at December 31, 2024, December 31, 2023, the Company notes the following selected financial figures.
|
(Canadian $000s) |
December 31, 2024 |
December 31, 2023 |
|
Petroleum sales, net of royalties |
29,317 |
29,555 |
|
Average Dilbit sales (bbl / day) |
1,018.8 |
1,152.8 |
|
Foreign exchange (loss) gain |
(43,549) |
11,683 |
|
Non-Cash Depletion and depreciation |
(6,686) |
(8,610) |
|
Net loss attributable to owners of the Company |
(75,392) |
(19,330) |
|
Recurring net loss attributable to owners of the Company (excluding foreign exchange (loss) gain, non-cash depletion and depreciation) |
(25,157) |
(22,403) |
|
(Canadian $000s) |
3M ended 12/31/24 |
3M ended 12/31/23 |
|
Net Operating income(loss), excluding one-off foreign exchange gain (loss) |
(1,273) |
782 |
|
Operating cash flow |
(1,664) |
(1,445) |
|
Net profit (loss) and comprehensive profit (loss) attributable to owners of the Company |
(43,614) |
2,771 |
|
(Canadian $000s) |
December 31, 2024 |
December 31, 2023 |
|
Cash and cash equivalents |
319 |
527 |
|
Trade and other receivables |
4,811 |
8,018 |
|
Exploration and evaluation assets |
239,259 |
237,971 |
|
Property, plant and equipment |
476,446 |
481,384 |
|
Total liabilities |
722,175 |
654,885 |
|
Shareholders’ equity |
16,848 |
91,047 |
The quarterly results and the audited consolidated financial statements have been reviewed by the Company’s Audit Committee and have been audited.
Hong Kong, March 31, 2025
Calgary, March 31, 2025
As at the date of this announcement, the Board consists of Mr. Kwok Ping Sun and Ms. Gloria Pui Yun Ho as executive directors; Mr. Michael John Hibberd, Ms. Linna Liu and Ms. Xijuan Jiang as non-executive directors; and Mr. Yi He, Mr. Guangzhong Xing and Ms. Jue Pang as independent non-executive directors.