ANNOUNCEMENT OF RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2025
The Petroleum sales, net of royalties for the six months ended June 30, 2025 decreased to CAD 0 million from CAD21.5 million for the six months ended June 30, 2024. The decrease was mainly due to the loss of revenue as a result of equipment maintenance at West Ells in Q1 and Q2 2025.
The net operating loss for the three months ended June 30, 2025 excluding one-off foreign exchange gain (loss), was a net operating loss of CAD2.1million compared to a net operating income of CAD1.13 million for the same period in 2024.
The operating cash flow for the three months ended June 30, 2025 was a net loss of CAD2.5 million compared to a net gain of CAD0.8 million for the same period in 2024. The increase in operating cash flow deficiency for the three months ended June 30, 2025 was primarily due to the loss of revenue as a result of equipment maintenance at West Ells in Q1 and Q2 2025.
For Q2 2025, net loss and comprehensive loss attributable to owners of the Company was approximately CAD2.0 million compared to a net loss and comprehensive loss attributable to owners of the Company of approximately CAD11.0 million in Q2 2024.
As at June 30, 2025, December 31, 2024 and June 30, 2024, the Company notes the following selected financial figures.
|
(Canadian $000s) |
|
1H25 |
1H24 |
|
Petroleum sales, net of royalties |
|
0 |
21,458 |
|
Average Dilbit sales (bbl/day) |
|
0 |
1,484.1 |
|
(Canadian $000s) |
|
2Q25 |
2Q24 |
|
Net Operating income (loss), excluding one-off foreign exchange gain (loss) |
|
(2,100) |
1,130 |
|
Operating cash flow |
|
(2,473) |
753 |
|
Net profit (loss) attributable to owners of the Company |
|
(1,981) |
(10,974) |
* For identification purposes only
|
(Canadian $000s) |
|
June 30, 2025 |
December 31, 2024 |
|
|
|
|
|
|
Property, plant and equipment |
|
478,001 |
476,446 |
|
Exploration and evaluation assets |
|
241,208 |
239,259 |
|
Shareholders’ equity |
|
22,202 |
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, August 29, 2025
Calgary, August 29, 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. Xijuan Jiang and Mr. Yonglan Chen as non-executive directors; and Mr. Yi He, Mr. Guangzhong Xing and Ms. Jue Pang as independent non-executive directors.