ANNOUNCEMENT OF RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025
The Petroleum sales, net of royalties for the three months ended March 31, 2025 decreased to CAD0 million from CAD11.2 million for the three months ended March 31, 2024. . The decrease in net petroleum sales is mainly due to the loss of revenue as a result of equipment maintenance at West Ells in Q1 2025.
The net operating income for the three months ended March 31, 2025 excluding one-off foreign exchange gain (loss), was a net operating loss of CAD1.7 million compared to a net operating gain of CAD0.1 million for the same period in 2024.
The operating cash flow for the three months ended March 31, 2025 was a net loss of CAD1.9 million compared to a net loss of CAD0.5 million for the three months ended March 31, 2024. The increase in operating cash flow deficiency for the three months ended March 31, 2025 was primarily due to the loss of revenue as a result of equipment maintenance at West Ells in Q1 2025.
For Q1 2025, net loss and comprehensive loss attributable to owners of the Company was approximately CAD 9.7 million compared to a loss attributable to owners of the Company of approximately CAD 22.1 million in Q1 2024.
As at March 31, 2025, December 31, 2024 and March 31, 2024, the Company notes the following selected financial figures.
|
(Canadian $000s) |
|
3M ended 3/31/25 |
3M ended 3/31/24 |
|
Petroleum sales, net of royalties |
|
0 |
11,192 |
|
Average Dilbit sales (bbl/day) |
|
0 |
1,665.4 |
|
(Canadian $000s) |
|
3M ended 3/31/25 |
3M ended 3/31/24 |
|
Net Operating income (loss), excluding one-off foreign exchange gain (loss) |
|
(1,710) |
55 |
|
Operating cash flow |
|
(1,878) |
(481) |
|
Net profit (loss) attributable to owners of the Company |
|
(9,716) |
(22,144) |
* For identification purposes only
|
(Canadian $000s) |
|
March 31, 2025 |
December 31, 2024 |
|
|
|
|
|
|
Property, plant and equipment |
|
478,027 |
476,446 |
|
Exploration and evaluation assets |
|
239,831 |
239,259 |
|
Shareholders’ equity |
|
7,055 |
16,848 |
The quarterly results and the unaudited condensed consolidated financial statements have been reviewed by the Company’s Audit Committee but have not been audited.
Hong Kong, May 14, 2025
Calgary, May 14, 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 and Ms. Xijuan Jiang as non-executive directors; and Mr. Yi He, Mr. Guangzhong Xing and Ms. Jue Pang as independent non-executive directors.