[Supplemental Announcement Overview](index=1&type=section&id=Supplemental%20Announcement%20Overview) This section provides an overview of the supplemental announcement, detailing its purpose, scope, and disclaimers regarding content responsibility [Purpose and Scope](index=1&type=section&id=Purpose%20and%20Scope) This announcement supplements New Era Energy Co., Ltd.'s 2022 Annual Report, providing specific clarifications without altering other original report information - This supplemental announcement clarifies the 2022 Annual Report, with all other original report information remaining unchanged[1](index=1&type=chunk)[2](index=2&type=chunk) [Disclaimer](index=1&type=section&id=Disclaimer) HKEX and HKSE disclaim responsibility for this announcement's content, accuracy, completeness, or any resulting losses - HKEX and HKSE disclaim responsibility for the content, accuracy, or completeness of this announcement[7](index=7&type=chunk) [Clarifications to 2022 Annual Report](index=1&type=section&id=Clarifications%20to%202022%20Annual%20Report) This section clarifies specific details within the 2022 Annual Report, focusing on share option schemes and the current Board of Directors composition [Share Option Scheme Details](index=1&type=section&id=Share%20Option%20Scheme%20Details) This section clarifies details of the company's share option schemes, including total issuable shares and grantable options for FY2022 Total shares issuable under all share option schemes for FY2022 | Metric | Value | | :----- | :---- | | Total shares issuable as % of weighted average shares issued | 0.91% | Share options grantable under the Share Option Scheme | Date | Total Options Grantable | % of Issued Shares (as of 2022 Annual Report date) | | :--- | :---------------------- | :------------------------------------------------- | | Jan 1, 2022 | 0 (conditionally approved June 23, 2022) | N/A | | Dec 31, 2022 | 745,888,098 | 8.47% | [Board of Directors Composition](index=2&type=section&id=Board%20of%20Directors%20Composition) This section provides an updated list of the Board of Directors, including executive, non-executive, and independent non-executive members Board of Directors Members | Role | Name | Position | | :--- | :--- | :------- | | Executive Director | Mr. ZHENG Jin Chao | Chairman | | Executive Director | Mr. DENG Wing Yan | CEO | | Non-Executive Director | Mr. LI Chi Huen | | | Independent Non-Executive Director | Mr. WENG Chun Fai | | | Independent Non-Executive Director | Mr. CHIU Wai On | | | Independent Non-Executive Director | Mr. WONG Wai Tak | |

Financial Performance - New Times Energy reported an annual profit of HK$285.9 million for 2022, a decrease from HK$329.4 million in 2021[18]. - The Group's revenue for 2022 was HK$20,913.2 million, up from HK$11,167.1 million in 2021, representing an increase of approximately 87.5%[15]. - Earnings per share for 2022 was HK$3.26, down from HK$3.76 in 2021, reflecting a decrease of approximately 13.3%[15]. - The Group reported a profit after tax of HK$285.9 million for 2022, down from HK$329.4 million in 2021[46]. - The Group's financial position improved with no external borrowings and highly liquid current assets of approximately HK$907.1 million as of December 31, 2022, compared to HK$642.6 million in 2021[50]. - The return on equity for the Group was 21.6% for the year ended December 31, 2022, down from 29.9% in 2021[50]. - Gross profit for the year was HK$421.5 million, up from HK$90.7 million in 2021, primarily due to strong energy commodity prices and contributions from Canadian operations[109]. - The Group recognized a net investment gain of HK$24.9 million during the year, recovering from a loss of HK$40.9 million in 2021, reflecting improved performance in certain listed equity securities[109]. - Finance costs for the year were HK$27.8 million, approximately doubling from HK$13.9 million in 2021, attributed to the full-year consolidation effect of Canadian operations[111]. - Profit attributable to the owners of the Company was HK$285.9 million for the year, down from HK$329.4 million in 2021, with basic and diluted earnings per share at 3.26 HK cents compared to 3.76 HK cents in 2021[112]. Production and Operations - The Group's Canadian oil and gas business produced approximately 11,500 barrels of oil equivalent (boe) per day, with 95% being natural gas[18]. - The overall production in Canada increased by approximately 1,150 boe per day as of early 2023 due to successful drilling and optimization programs[19]. - The Canadian oil and gas subsidiary, NTE Energy Canada Ltd., operates over 800 active wells, producing approximately 11,500 barrels of oil equivalent (95% natural gas) per day[46]. - Successful drilling and completion of six unconventional wells in 2022 increased total production in Canada by approximately 1,150 barrels of oil equivalent per day by early 2023[23]. - The Group's Argentinean oil production increased to approximately 1,350 barrels per day, although operations remain challenging due to various economic factors[33]. - NTEC's average daily production was approximately 11,500 barrels of oil equivalent (boe) per day, with 95% being natural gas, and natural gas sales accounted for 85% of total revenue for the year[60]. - NTEC increased oil production at the Los Blancos concession from approximately 800 barrels per day to 1,200 barrels per day, and subsequently to 1,350 barrels per day from September 2022 due to positive well behavior[78]. - The Group's Canadian oil and gas assets include over 800 active wells across approximately 761,000 acres, with Proved (1P) reserves estimated at 26.1 million boe, down from 30.2 million boe in 2021[57]. Sustainability and Environmental Initiatives - New Times Energy is transforming its 1,200 acres Discovery Park site into a green ecosystem hub powered by hydroelectricity as part of its energy transition strategy[21]. - The Group aims to work with local authorities to achieve net zero emissions while maintaining positive cash flows from its oil and gas operations[20]. - The Group is developing Discovery Park into a green ecosystem hub, focusing on sustainable energy and social responsibility[35]. - The planned facilities at Discovery Park include a liquid hydrogen plant capable of producing 60 tonnes of hydrogen daily and a renewable natural gas facility utilizing local biomass[31]. - The Group aims to create a circular economy at Discovery Park through vertical farming and modular construction manufacturing[26]. - Environmental and sustainability considerations will increasingly influence the Group's future business operations[36]. - The Group is actively exploring eco-investment opportunities to achieve net zero emissions, including Blue & Green Hydrogen and Carbon Capture, Utilization and Sequestration (CCUS)[55]. - The Group is transitioning its Discovery Park site into a green energy and ecosystem hub, aiming to develop industries such as hydrogen and bio-fuel production[102]. Market and Strategic Developments - The Group is optimistic about the new precious metals refinery expected to commence operations in Q2 2023, which is anticipated to enhance future profitability[34]. - The Group's commodities trading business, particularly in physical gold and silver, performed solidly, but the new precious metals refinery's operations have been deferred to Q2 2023 due to supply chain issues[54]. - The Group anticipates higher margins in the long term by bringing the refining process in-house once the new refinery is operational[98][100]. - The Group is actively seeking partnerships with established ag-tech companies to provide localized food supply solutions using indoor farming technologies[69]. - The Group is redeveloping its 1,200 acres Discovery Park site in British Columbia, aiming to enter the Vancouver market for green vegetables by the end of 2023[49]. Financial Position and Assets - Total assets increased to HK$2,165.4 million in 2022 from HK$1,736.4 million in 2021, reflecting a growth of about 24.7%[15]. - Market capitalization as of December 31, 2022, was HK$854.46 million, with a closing price of HK$0.097 per share[11]. - The Group's net working capital increased to HK$193.9 million as of December 31, 2022, compared to HK$151.0 million in 2021, mainly due to higher precious metal inventories[116]. - As of December 31, 2022, the Group's net current assets amounted to approximately HK$855.4 million, an increase from HK$684.1 million in 2021[128]. - Cash and bank balances as of December 31, 2022, were HK$851.2 million, up from HK$495.0 million in 2021[128]. - Total equity of the Group was HK$1,321.6 million as of December 31, 2022, compared to HK$1,101.5 million in 2021[129]. - The net asset value per share increased to HK$0.15 in 2022 from HK$0.13 in 2021[129]. - The Group's debt ratio was 39.0% as of December 31, 2022, compared to 36.6% in 2021[129]. - The Group did not have unsecured debt securities or short-term loans as of December 31, 2022, resulting in a gearing ratio of 0%[130]. Management and Governance - Mr. Cheng, the Executive Director, has extensive experience in property development and engineering management, having held various senior positions since 1984[174]. - Mr. Tang, the CEO, has over 20 years of senior management experience and has been with the group since August 2015[175]. - Mr. Lee, a non-executive director, has over 15 years of experience in corporate finance and investment, currently serving as a senior vice president at Chow Tai Fook Enterprises Limited[179]. - Mr. Yung, an independent non-executive director, has over 27 years of experience in finance and banking, previously serving as CEO of Landbridge Holdings Limited[184]. - Mr. Chiu, an independent non-executive director, has extensive experience in accounting and auditing services, currently serving as an independent director at DeTai New Energy Group Limited[185]. - Mr. Huang, an independent non-executive director, has over 30 years of experience in professional accounting, capital markets, and mergers and acquisitions[186]. - The company is focused on expanding its market presence and enhancing its strategic investments globally[179]. - The board includes members with diverse backgrounds in engineering, finance, and management, contributing to a well-rounded leadership team[190]. - The company is committed to innovation, as evidenced by Mr. Tang's U.S. Patent for wireless solar power transmission technology[177]. - The management team is well-equipped to navigate the complexities of the energy sector, leveraging their extensive industry experience[193]. Exploration and Reserves - The Group's total proved oil and gas reserves are 34.1 million barrels of oil equivalent (mmboe), a decrease from 40.0 mmboe as of December 31, 2021, representing a reduction of approximately 15%[162]. - The Greater Sierra Area holds 23.3 mmboe of total reserves as of December 31, 2022, down from 27.1 mmboe in 2021, indicating a decline of about 14%[162]. - In the Los Blancos Concession, proved oil reserves decreased from 1.3 million barrels (mmbbl) in 2021 to 0.5 mmbbl in 2022, a decline of approximately 62%[165]. - The Group holds approximately 92% average working interest in the mineral acreage on a Held By Production (HBP) basis, ensuring indefinite continuation of leases as long as there are producing wells[166]. - The reserves primarily consist of natural gas, accounting for approximately 95% of the total reserves[166]. - The Group's exploration and production activities are primarily located in British Columbia and Alberta, Canada[166]. - The Group's strategic focus includes enhancing oil and gas reserves through exploration and development in existing concessions[168].

[Annual Results Overview](index=1&type=section&id=I.%20Annual%20Results%20Overview) The company reported significant revenue growth in 2022, but profit before tax and profit for the year declined, with no final dividend recommended [Summary Financial Highlights](index=1&type=section&id=Summary%20Financial%20Highlights) The company reported significant revenue growth in 2022, but profit before tax and profit for the year decreased, leading to lower basic EPS and no final dividend Key Financial Data for 2022 | Indicator | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :------------------------- | :------------------- | :------------------- | | Revenue | 20,913,216 | 11,167,076 | | Profit Before Tax | 300,705 | 343,636 | | Profit for the Year | 285,902 | 329,403 | | Basic Earnings Per Share | 3.26 HK Cents | 3.76 HK Cents | - The Board of Directors recommended **not to pay a final dividend** for the year ended December 31, 2022 (2021: nil)[22](index=22&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=II.%20Consolidated%20Financial%20Statements) This section presents the consolidated financial statements, detailing the company's financial performance and position [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue and gross profit significantly increased in 2022, but profit before tax and profit for the year declined due to higher finance and administrative costs Key Data from Consolidated Statement of Profit or Loss | Indicator | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :-------------------------------------- | :------------------- | :------------------- | | Revenue | 20,913,216 | 11,167,076 | | Cost of Sales | (20,491,757) | (11,076,418) | | Gross Profit | 421,459 | 90,658 | | Other Income and Gains, Net | 12,965 | 10,045 | | Net Investment Income/(Loss) | 24,941 | (40,941) | | Bargain Purchase Gain | – | 407,655 | | General and Administrative Expenses | (130,865) | (109,849) | | Finance Costs | (27,791) | (13,927) | | Profit Before Tax | 300,705 | 343,636 | | Profit for the Year | 285,902 | 329,403 | | Profit Attributable to Owners of the Company | 285,905 | 329,401 | | Basic Earnings Per Share (HK Cents) | 3.26 | 3.76 | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for 2022 significantly decreased to HKD 151.6 million, primarily due to higher foreign currency translation losses Key Data from Consolidated Statement of Comprehensive Income | Indicator | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :-------------------------------------------- | :------------------- | :------------------- | | Profit for the Year | 285,902 | 329,403 | | Fair value changes of financial assets at fair value through other comprehensive income | (8) | 2 | | Exchange differences on translating overseas operations | (134,309) | (33,728) | | Other comprehensive loss for the year, net of tax | (134,317) | (33,726) | | Total comprehensive income for the year | 151,585 | 295,677 | | Total comprehensive income attributable to owners of the Company | 151,588 | 295,675 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The Group's total assets and net assets increased in 2022, with notable growth in property, plant, and equipment, cash, and inventories Key Data from Consolidated Statement of Financial Position | Indicator | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :-------------------------------------- | :------------------- | :------------------- | | **Non-current Assets** | | | | Property, Plant and Equipment | 961,674 | 845,610 | | Prepayments, Deposits and Other Receivables | 17,579 | 6,220 | | **Current Assets** | | | | Inventories | 111,473 | 44,196 | | Trade and Other Receivables | 166,684 | 196,617 | | Financial Assets at Fair Value Through Profit or Loss | 55,913 | 81,528 | | Gold Investments | – | 66,082 | | Cash and Bank Balances | 851,171 | 494,955 | | **Current Liabilities** | | | | Trade and Other Payables | 237,046 | 122,538 | | Net Current Assets | 855,408 | 684,144 | | Total Assets Less Current Liabilities | 1,835,595 | 1,536,920 | | **Non-current Liabilities** | | | | Deferred Tax Liabilities | 59,792 | 46,221 | | Provisions | 433,162 | 365,713 | | Net Assets | 1,321,637 | 1,101,481 | | Total Equity | 1,321,637 | 1,101,481 | [Notes to the Consolidated Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes to the consolidated financial statements, covering general information, accounting policies, and specific financial line items [General Information and Basis of Preparation](index=6&type=section&id=General%20Information%20and%20Basis%20of%20Preparation) The Group primarily engages in oil and gas exploration, development, production, and sales, alongside refining and trading of general commodities, with financial statements prepared under HKFRS - The principal activities of the Company and its subsidiaries are oil and gas exploration, development, production and sales, and refining and trading of general and commodity products[40](index=40&type=chunk) - The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance Cap. 622[42](index=42&type=chunk) - The adoption of amendments to standards for the annual reporting period beginning January 1, 2022, had no impact on the Group's results and financial position[43](index=43&type=chunk) [Revenue and Segment Reporting](index=7&type=section&id=Revenue%20and%20Segment%20Reporting) The Group identifies two reportable segments: upstream operations and general and commodity refining and trading, both showing significant revenue growth in 2022, primarily from the latter - The Group has two reportable segments: upstream operations (oil and gas exploration, development, production, and sales) and general and commodity refining and trading (refining and trading of non-ferrous metals and petroleum-related products)[71](index=71&type=chunk) [Segment Performance, Assets, and Liabilities](index=7&type=section&id=Segment%20Performance,%20Assets,%20and%20Liabilities) Both upstream operations and general and commodity refining and trading segments saw substantial growth in revenue and performance in 2022, driven by Canadian operations and expanded gold trading Segment Revenue and Results | Indicator | Upstream Operations 2022 (HKD Thousands) | Upstream Operations 2021 (HKD Thousands) | General & Commodity Refining & Trading 2022 (HKD Thousands) | General & Commodity Refining & Trading 2021 (HKD Thousands) | | :------------------------- | :--------------------------------------- | :--------------------------------------- | :---------------------------------------------------------- | :---------------------------------------------------------- | | Reportable Segment Revenue | 1,002,555 | 259,633 | 19,910,661 | 10,907,443 | | Reportable Segment Results | 309,173 | 44,499 | 3,935 | 2,859 | - Sales of oil and natural gas products more than **tripled**, primarily due to the full-year consolidation of Canadian operations acquired in 2021 and strong energy commodity prices in the first half of 2022[9](index=9&type=chunk) - Sales in the general and commodity refining and trading business also nearly **doubled**, driven by the Group's continued expansion of its gold trading business[9](index=9&type=chunk) [Geographical Information](index=9&type=section&id=Geographical%20Information) In 2022, the Group's revenue from external customers primarily originated from Hong Kong and Canada, with non-current assets mainly located in Canada and Argentina Revenue from External Customers and Specific Non-current Assets (by Geographical Location) | Region | Revenue from External Customers 2022 (HKD Thousands) | Revenue from External Customers 2021 (HKD Thousands) | Specific Non-current Assets 2022 (HKD Thousands) | Specific Non-current Assets 2021 (HKD Thousands) | | :----------- | :------------------------------------------------- | :------------------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | | Hong Kong | 19,910,661 | 10,824,703 | 29,602 | 13,807 | | Canada | 900,845 | 212,665 | 872,470 | 718,292 | | Mainland China | – | 82,740 | – | 233 | | Argentina | 101,710 | 46,968 | 78,113 | 120,434 | | **Total** | **20,913,216** | **11,167,076** | **980,185** | **852,766** | [Revenue Disaggregation](index=9&type=section&id=Revenue%20Disaggregation) The Group's 2022 revenue was primarily derived from the refining and sales of precious metals in general and commodity trading, and oil and gas product sales from exploration and production Revenue from Contracts with Customers (by Product or Service Line) | Product or Service Line | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :---------------------------------------------------- | :------------------- | :------------------- | | Refining and sales of precious metals in general and commodity trading | 19,910,661 | 10,824,703 | | Sales of petroleum-related products in general and commodity trading | – | 82,740 | | Sales of oil and gas products from oil and gas exploration and production | 1,002,555 | 259,633 | | **Total** | **20,913,216** | **11,167,076** | [Other Income, Gains, and Losses](index=10&type=section&id=Other%20Income,%20Gains,%20and%20Losses) In 2022, the Group's net other income, gains, and losses increased to HKD 12.965 million, mainly due to a significant rise in hyperinflation monetary adjustments and expanded net exchange losses Other Income, Gains, and Losses, Net | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :---------------------------------- | :------------------- | :------------------- | | Bank interest income | 7,630 | 3,383 | | Drilling service income | 1,507 | 1,289 | | Gains on derivative financial instruments | 963 | 10,291 | | Fair value loss on gold investments | (989) | (2,507) | | Hyperinflation monetary adjustment | 19,311 | 5,870 | | Net exchange losses | (27,410) | (8,236) | | Trading gains | 2,008 | – | | Rental income | 6,906 | 5,830 | | Loss on disposal of property, plant and equipment | – | (4,218) | | Others | 3,039 | (1,657) | | **Total** | **12,965** | **10,045** | - The Argentine Peso experienced severe depreciation, leading to cumulative inflation exceeding 100% over three years, thus requiring Argentine subsidiaries and branches to transition to hyperinflation accounting under HKAS 29 "Financial Reporting in Hyperinflationary Economies" since January 1, 2018[93](index=93&type=chunk) - The hyperinflation monetary adjustment for 2022 significantly increased to **HKD 19,311,000**, compared to HKD 5,870,000 in 2021[94](index=94&type=chunk) [Investment Income and Expenses by Nature](index=11&type=section&id=Investment%20Income%20and%20Expenses%20by%20Nature) In 2022, net investment income turned positive to HKD 24.9 million, driven by improved performance of listed equity securities, while finance costs nearly doubled due to the full-year consolidation of Canadian operations Net Investment Income/(Loss) | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :---------------------------------------- | :------------------- | :------------------- | | Net income/(loss) from listed equity securities | 23,649 | (35,675) | | Net income/(loss) from listed and unlisted debt securities | 64 | (5,904) | | Others | 1,228 | 638 | | **Total** | **24,941** | **(40,941)** | Finance Costs | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :------------------------- | :------------------- | :------------------- | | Interest on borrowings | – | 4,462 | | Interest on lease liabilities | 1,589 | 675 | | Imputed interest on provisions | 26,164 | 8,790 | | Others | 38 | – | | **Total** | **27,791** | **13,927** | Expenses by Nature | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :------------------------------------ | :------------------- | :------------------- | | Cost of inventories recognized as expense | 20,321,737 | 11,036,303 | | Depreciation of property, plant and equipment | 132,594 | 37,558 | | Employee benefit expenses | 102,578 | 30,985 | | Legal, professional and transaction related expenses | 21,417 | 48,157 | | **Total Cost of Sales and General and Administrative Expenses** | **20,622,622** | **11,186,267** | [Income Tax](index=12&type=section&id=Income%20Tax) Income tax expense for 2022 was HKD 14.8 million, primarily from adjustments to deferred tax expenses in Argentina, with varying corporate income tax rates across different regions Income Tax Expense | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :------------- | :------------------- | :------------------- | | Current tax | (1,037) | 11 | | Deferred tax | 15,840 | 14,222 | | **Total** | **14,803** | **14,233** | - Hong Kong profits tax rate is **16.5%**, but no provision was made as the Group's Hong Kong operations had no assessable profits[98](index=98&type=chunk) - Argentine subsidiaries are subject to Argentine corporate income tax and presumptive minimum income tax at a rate of **35%**[98](index=98&type=chunk) - Canadian subsidiaries are subject to Canadian corporate income tax at a rate of **38%**, with a federal net tax rate of **15%** and provincial/territorial rates ranging from **8% to 12%**[99](index=99&type=chunk) [Earnings Per Share](index=13&type=section&id=Earnings%20Per%20Share) Basic earnings per share for 2022 decreased to 3.26 HK Cents from 3.76 HK Cents in 2021, with basic and diluted EPS being identical due to no potentially dilutive ordinary shares issued - Basic earnings per share is calculated based on the Group's profit attributable to owners of the Company of **HKD 285,905,000** (2021: HKD 329,401,000) and the weighted average number of ordinary shares in issue of approximately **8,780,799,000** (2021: 8,758,881,000) for the year[104](index=104&type=chunk) - For the years ended December 31, 2022 and 2021, basic and diluted earnings per share were identical as no potentially dilutive ordinary shares were issued during the year[105](index=105&type=chunk) [Trade and Other Receivables](index=13&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables decreased to HKD 184.263 million as of December 31, 2022, with a reduction in trade receivables overdue by more than 90 days Trade and Other Receivables | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :---------------------------------- | :------------------- | :------------------- | | Trade receivables | 103,867 | 124,786 | | Other receivables | 10,102 | 8,430 | | Deposits | 38,962 | 31,625 | | Amounts due from joint ventures | 582 | 577 | | Recoverable value-added tax | 2,298 | 3,485 | | Other recoverable taxes | 19,190 | 30,427 | | Other prepayments | 9,262 | 3,507 | | **Total** | **184,263** | **202,837** | | Non-current | 17,579 | 6,220 | | Current | 166,684 | 196,617 | Ageing Analysis of Trade Receivables | Ageing | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :------------ | :------------------- | :------------------- | | 0 to 30 days | 88,107 | 88,155 | | 31 to 60 days | 422 | 184 | | 61 to 90 days | 1,423 | 543 | | Over 90 days | 13,915 | 35,904 | | **Total** | **103,867** | **124,786** | [Financial Assets at Fair Value Through Profit or Loss](index=14&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Financial assets at fair value through profit or loss decreased to HKD 55.913 million as of December 31, 2022, mainly due to listed debt securities being valued at zero and full recovery of unlisted debt securities Financial Assets at Fair Value Through Profit or Loss | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :---------------------------------- | :------------------- | :------------------- | | Listed equity securities | 54,275 | 28,650 | | Listed debt securities | – | 2,401 | | Unlisted debt securities | – | 36,789 | | Unlisted funds | 1,638 | 13,688 | | **Total** | **55,913** | **81,528** | - For 2022, net investment income of approximately **HKD 23,649,000** was recognized from listed equity securities (2021: loss of HKD 35,675,000)[110](index=110&type=chunk) - Two listed debt securities held by the Group were valued at **zero HKD** as of December 31, 2022, due to the issuer's default on repayment at maturity[111](index=111&type=chunk) - Unlisted debt securities with a fair value of HKD 36,789,000 in 2021 were **fully recovered** in 2022 without any loss[111](index=111&type=chunk) [Gold Investments](index=15&type=section&id=Gold%20Investments) As of December 31, 2022, the Group had no gold investments as all physical gold bars held for investment were sold, with a fair value loss of HKD 989,000 recognized during the year Gold Investments | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :---------------------------------- | :------------------- | :------------------- | | Gold held for investment, at fair value | – | 66,082 | - A fair value loss of **HKD 989,000** was recognized in the consolidated statement of profit or loss for the year ended December 31, 2022 (2021: HKD 2,507,000), and all physical gold bars were sold during the year[118](index=118&type=chunk) [Trade and Other Payables](index=15&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables significantly increased to HKD 237.046 million as of December 31, 2022, driven by higher other payables, accrued expenses, and overdue trade payables Trade and Other Payables | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :---------------------------------- | :------------------- | :------------------- | | Trade payables | 21,434 | 17,987 | | Other payables and accrued expenses | 188,287 | 100,072 | | Other taxes payable | 7,226 | 4,085 | | Contract liabilities | 20,099 | 394 | | **Total** | **237,046** | **122,538** | Ageing Analysis of Trade Payables | Ageing | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :------------ | :------------------- | :------------------- | | 0 to 30 days | 13,392 | 13,695 | | 31 to 60 days | 2,837 | 2,745 | | 61 to 90 days | 2,105 | 143 | | Over 90 days | 3,100 | 1,404 | | **Total** | **21,434** | **17,987** | - Other payables and accrued expenses include **HKD 44,994,000** received as deposits from two independent third parties for a potential acquisition that was cancelled, with deposits to be refunded[114](index=114&type=chunk) [Share Capital and Commitments](index=16&type=section&id=Share%20Capital%20and%20Commitments) As of December 31, 2022, the company's issued ordinary share capital slightly increased to HKD 88.089 million due to share issuance under a share option scheme, with total capital commitments at HKD 138.656 million Issued and Fully Paid Share Capital | Item | 2022 Number of Shares (Thousands) | 2022 (HKD Thousands) | 2021 Number of Shares (Thousands) | 2021 (HKD Thousands) | | :---------------------------------- | :-------------------------------- | :------------------- | :-------------------------------- | :------------------- | | Ordinary shares at January 1 | 8,758,881 | 87,589 | 8,758,881 | 87,589 | | Shares issued under share option scheme | 50,000 | 500 | – | – | | Ordinary shares at December 31 | 8,808,881 | 88,089 | 8,758,881 | 87,589 | Capital Commitments | Item | 2022 (HKD Thousands) | 2021 (HKD Thousands) | | :------------------------ | :------------------- | :------------------- | | Authorized but not contracted | 124,956 | 124,763 | | Authorized and contracted | 13,700 | – | | **Total** | **138,656** | **124,763** | [Management Discussion and Analysis](index=17&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operational and financial performance, strategic initiatives, and key risks for the year [Overall Review](index=17&type=section&id=Overall%20Review) The Group reported a post-tax profit of HKD 285.9 million in 2022, driven by strong performance from its Canadian oil and gas subsidiary and rising energy commodity prices, while maintaining a robust financial position with no external borrowings - The Group reported a post-tax profit of **HKD 285.9 million** for 2022 (2021: HKD 329.4 million)[126](index=126&type=chunk) - The net profit was primarily due to the strong performance of the Group's wholly-owned Canadian oil and gas subsidiary, NTE Energy Canada Ltd. ("NTEC"), and robust energy commodity prices in the first half of 2022[126](index=126&type=chunk) - As of December 31, 2022, the Group had **no external borrowings** (2021: nil) and highly liquid current assets of approximately **HKD 907.1 million** (2021: HKD 642.6 million)[127](index=127&type=chunk) - The Group made significant progress in redeveloping its 1,200-acre (4.9 sq km) Discovery Park campus in Campbell River, British Columbia, Canada, planning to transform it into a green technology industrial hub, including inland aquaculture facilities, a liquid hydrogen production plant, and renewable natural gas facilities[128](index=128&type=chunk) - The Group's commodity trading business, particularly in physical gold and silver, continued to perform robustly with stable trading volumes, but the start of operations for the precious metals refinery has been delayed to the second quarter of 2023[131](index=131&type=chunk) [Canada Operations](index=18&type=section&id=Canada%20Operations) The Group's Canadian oil and gas assets, comprising over 800 active wells, achieved an average daily production of 11,500 boe in 2022, while Discovery Park is being transformed into a green technology hub leveraging its low-cost hydropower - The Group's oil and gas assets in Canada include **over 800 active wells** across approximately **761,000 acres** in British Columbia's Greater Sierra region and Horn River Basin, as well as Wapiti and Willesden Green in Alberta[132](index=132&type=chunk) - In 2022, NTEC's average daily oil and gas production was approximately **11,500 barrels of oil equivalent per day** (95% natural gas), with an average realized price of CAD 35.2 per barrel of oil equivalent[133](index=133&type=chunk) - NTEC's production significantly increased in 2022 following the redesign of its gathering system and the launch of optimization programs[133](index=133&type=chunk) - Discovery Park offers over **200 MW of 100% renewable hydropower** from BC Hydro at prices as low as CAD 0.05/kWh, along with an industrial solid waste landfill, wastewater treatment facilities, freshwater supply, and a deep-water port[136](index=136&type=chunk) - The Group is fully redeveloping Discovery Park into a green technology hub to attract new tenants aligned with ESG mandates and has received three significant Letters of Intent for inland aquaculture facilities, a liquid hydrogen plant, and renewable natural gas facilities[137](index=137&type=chunk)[141](index=141&type=chunk) [Argentina Operations](index=20&type=section&id=Argentina%20Operations) The Group's Los Blancos concession in Argentina maintained stable light crude oil production, increasing to 1,350 barrels per day, generating positive cash flow despite hyperinflation and political challenges, while facing arbitration and pressure for uneconomical drilling - The Los Blancos concession is operated by the Group's wholly-owned Argentine subsidiary, High Luck Group Limited, in which the Group holds a **50% participating interest**[142](index=142&type=chunk) - Oil production at Los Blancos increased from approximately **800 barrels per day to 1,200 barrels per day**, subsequently rising to **1,350 barrels per day** from September 2022[142](index=142&type=chunk) - High Luck's adjusted EBITDA for 2022 was approximately **HKD 51.2 million** (2021: HKD 14.9 million)[143](index=143&type=chunk) - The Argentine Peso depreciated by approximately **71.7%** in 2022, with annual inflation reaching a record **94.8%**[145](index=145&type=chunk) - Pampa Energia S.A. initiated arbitration against High Luck regarding a disputed amount of approximately **USD 180,000** and demanded the return of High Luck's 50% participating interest in the Los Blancos concession[147](index=147&type=chunk) - Salta provincial authorities are pressuring High Luck to drill another development well in Los Blancos by the end of 2023, risking potential sanctions on the concession, despite independent expert opinions deeming the drilling uneconomical[148](index=148&type=chunk) [Commodity Trading](index=22&type=section&id=Commodity%20Trading) The Group's physical gold and silver trading business achieved total transactions of approximately HKD 19,910.7 million in 2022, but net profit margins were reduced by fixed costs from the delayed opening of a new precious metals refinery - In 2022, the Group's total transaction value for physical gold and silver trading business was approximately **HKD 19,910.7 million** (2021: HKD 10,824.7 million)[152](index=152&type=chunk) - Net profit margins for the year were reduced by fixed costs incurred due to the delayed opening of the Group's newly constructed precious metals refinery in Hong Kong[152](index=152&type=chunk) - The target commissioning date for the Group's gold, silver, and other precious metals refinery has been postponed to the **second quarter of 2023**[152](index=152&type=chunk) - By bringing the refining process in-house, the Group anticipates **improved long-term profit margins**[82](index=82&type=chunk) - All physical gold trading and the Group's physical gold inventory are hedged with financial hedging instruments to ensure the Group is not exposed to financial risks from daily gold price fluctuations[150](index=150&type=chunk) [Financial Review (MD&A perspective)](index=23&type=section&id=Financial%20Review%20(MD%26A%20perspective)) The Group's 2022 revenue reached HKD 20,913.2 million, driven by Canadian operations and strong energy prices, leading to higher gross profit but decreased net profit and EPS due to increased operating and finance costs - For the year ended December 31, 2022, the Group's revenue was **HKD 20,913.2 million** (2021: HKD 11,167.1 million)[9](index=9&type=chunk) - Gross profit for the year was **HKD 421.5 million** (2021: HKD 90.7 million), primarily benefiting from Canadian operations and strong energy commodity prices during the year[84](index=84&type=chunk) - General and administrative expenses for the year were **HKD 130.9 million**, an increase of HKD 21.1 million from the previous year, mainly due to the full-year consolidation of Canadian operations[10](index=10&type=chunk) - Finance costs for the year were **HKD 27.8 million**, approximately double the previous year, due to the full-year consolidation of Canadian operations[85](index=85&type=chunk) - Profit attributable to owners of the Company for the year was **HKD 285.9 million** (2021: HKD 329.4 million), with basic and diluted earnings per share of **3.26 HK Cents** (2021: 3.76 HK Cents)[12](index=12&type=chunk) - As of December 31, 2022, the Group had net working capital of **HKD 193.9 million** (2021: HKD 151.0 million), mainly due to increased precious metals inventory from the expansion of its gold trading business at year-end[13](index=13&type=chunk) - For the year ended December 31, 2022, the actual amount utilized from the 2016 subscription shares was **HKD 20.4 million** for investments in short-to-medium term financial instruments and general administrative purposes, with all funds fully utilized[14](index=14&type=chunk) - For the year ended December 31, 2022, the actual use of proceeds from the public offer for expanding metal commodity trading amounted to **HKD 106.5 million**, with an unutilized balance of **HKD 161.7 million** as of December 31, 2022[89](index=89&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=26&type=section&id=Capital%20Structure,%20Liquidity%20and%20Financial%20Resources) The Group maintains a treasury policy of investing surplus cash, with net current assets of HKD 855.4 million and cash balances of HKD 851.2 million as of December 31, 2022, with no external debt or asset charges - The Group maintains a treasury policy of investing surplus cash, primarily in time deposits with licensed banks[67](index=67&type=chunk) - As of December 31, 2022, the Group's net current assets were approximately **HKD 855.4 million** (2021: HKD 684.1 million), with cash and bank balances of **HKD 851.2 million** (2021: HKD 495.0 million)[67](index=67&type=chunk) - As of December 31, 2022, the Group had **no unsecured debt securities or unsecured short-term loans**, and its debt-to-equity ratio was **0%** (2021: 0%)[69](index=69&type=chunk) - As of December 31, 2022, the Group had **no assets pledged** (2021: nil)[70](index=70&type=chunk) - The Group enters into certain derivative financial instruments for economic hedging purposes to mitigate the financial impact of price fluctuations in its precious metals inventory and gold bars[3](index=3&type=chunk) [Major Risks and Uncertainties](index=27&type=section&id=Major%20Risks%20and%20Uncertainties) The Group faces various risks, including development and supply chain risks in commodity trading, and geological, exploration, and development risks in oil and gas, alongside financial risks such as credit, liquidity, and price volatility - The Group's commodity trading business faces development and supply chain risks, which are mitigated by developing its customer base and expanding its supplier base[154](index=154&type=chunk) - The Group's business activities in oil and gas exploration, development, production, and sales are susceptible to geological, exploration, and development risks, managed through establishing technical and operational teams, meticulous planning, and expert support[154](index=154&type=chunk) - In its ordinary course of business, the Group is exposed to credit risk, liquidity risk, interest rate risk, currency risk, price risk arising from fluctuations in crude oil, natural gas, and commodity prices, and share price risk from equity securities investments[154](index=154&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) The Group's assets and liabilities are primarily denominated in HKD, USD, CAD, Argentine Peso, and RMB, with foreign exchange risk mainly stemming from Canadian and Argentine exploration and production activities and foreign investments - The Group's assets and liabilities are primarily denominated in Hong Kong Dollars, US Dollars, Canadian Dollars, Argentine Pesos, and Renminbi[156](index=156&type=chunk) - Currency foreign exchange risk primarily arises from the Group's exploration and production activities in Canada and Argentina, as well as investments in foreign companies[156](index=156&type=chunk) - The Group currently has no foreign currency hedging policy, but management continuously monitors foreign exchange risk and will consider hedging instruments when necessary[156](index=156&type=chunk) [Employees and Stakeholder Relationships](index=28&type=section&id=Employees%20and%20Stakeholder%20Relationships) As of December 31, 2022, the Group employed 132 permanent staff with total remuneration of HKD 102.6 million, maintaining positive relationships with suppliers, customers, and government bodies without significant disputes - As of December 31, 2022, the Group employed a total of **132 permanent employees** (2021: 99 employees) in Hong Kong, Canada, Argentina, and China[158](index=158&type=chunk) - Total employee remuneration (including directors' remuneration and benefits) for the year ended December 31, 2022, was **HKD 102.6 million** (2021: HKD 31.0 million)[158](index=158&type=chunk) - The Group had no significant or material disputes with its suppliers, customers, and/or stakeholders for the year ended December 31, 2022[159](index=159&type=chunk) [Major Acquisitions, Disposals, and Investments](index=28&type=section&id=Major%20Acquisitions,%20Disposals,%20and%20Investments) The Group had no major acquisitions or disposals of subsidiaries, associates, or joint ventures in 2022, and its financial assets at fair value through profit or loss did not include any significant individual investments - The Group had **no major acquisitions or disposals** of subsidiaries, associates, or joint ventures for the year ended December 31, 2022[160](index=160&type=chunk) - As of December 31, 2022, the Group held financial assets at fair value through profit or loss (including listed equity securities and unlisted funds) totaling **HKD 55.9 million**, with no single investment constituting a major investment for the Group[161](index=161&type=chunk) - The Group adopts a prudent investment strategy for surplus funds, aiming to maximize returns on idle capital[161](index=161&type=chunk) [Corporate Governance and Other Information](index=29&type=section&id=V.%20Corporate%20Governance%20and%20Other%20Information) This section covers corporate governance compliance, post-reporting period events, auditor's scope of work, and other relevant shareholder information [Post-Reporting Period Events](index=29&type=section&id=Post-Reporting%20Period%20Events) Except for the matters disclosed, the Group had no significant post-reporting period events after December 31, 2022, up to the date of this announcement - Except as disclosed above, the Group had no significant post-reporting period events after December 31, 2022, up to the date of this announcement[163](index=163&type=chunk) [Corporate Governance Code Compliance](index=29&type=section&id=Corporate%20Governance%20Code%20Compliance) The company has adopted and complied with all code provisions of the Corporate Governance Code set out in Appendix 14 of the Listing Rules for the year ended December 31, 2022 - The Company has adopted and applied the principles of the code provisions of the Corporate Governance Code set out in Appendix 14 to the Listing Rules of the Stock Exchange[164](index=164&type=chunk) - For the year ended December 31, 2022, the Company has complied with all code provisions of the Corporate Governance Code and adopted recommended best practices where relevant and practicable[164](index=164&type=chunk) [Directors' Securities Transactions](index=29&type=section&id=Directors%27%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance with its required standards during 2022 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules[165](index=165&type=chunk) - Following specific enquiry with all Directors, each Director has confirmed compliance with the required standards set out in the Model Code throughout the year[165](index=165&type=chunk) [Auditor's Scope of Work](index=29&type=section&id=Auditor%27s%20Scope%20of%20Work) PricewaterhouseCoopers has acknowledged the figures in the preliminary announcement's consolidated financial statements for 2022, confirming their consistency with the audited statements, but their work does not constitute an assurance engagement - The figures in the preliminary announcement for the Group's consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of financial position, and related notes for the year ended December 31, 2022, have been agreed by the Group's auditor, PricewaterhouseCoopers, to the amounts set out in the Group's audited consolidated financial statements for the year[166](index=166&type=chunk) - The work performed by PricewaterhouseCoopers in this respect does not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants, and consequently, PricewaterhouseCoopers provides no assurance on the preliminary announcement[166](index=166&type=chunk) [Review of Financial Statements](index=30&type=section&id=Review%20of%20Financial%20Statements) The Group's 2022 consolidated financial statements have been reviewed and approved by the Audit Committee, which found them compliant with applicable accounting standards and legal requirements, recommending board approval - The Group's consolidated financial statements for the year have been reviewed and approved by the Audit Committee, which considers them to be in compliance with applicable accounting standards, the Listing Rules, and all other applicable legal requirements[168](index=168&type=chunk) - The Audit Committee recommends the Board of Directors to approve the Group's consolidated financial statements for the year[168](index=168&type=chunk) [Distributable Reserves and Dividends](index=30&type=section&id=Distributable%20Reserves%20and%20Dividends) As of December 31, 2022, the company had no retained profits available for cash or in-kind distribution, with contributed surplus being non-distributable, though the share premium account could be distributed as bonus shares - As of December 31, 2022, the Company had **no retained profits** available for cash and/or in-kind distribution[169](index=169&type=chunk) - The Company's contributed surplus of **HKD 740,884,000** is currently not distributable[169](index=169&type=chunk) - The Company's share premium account of **HKD 4,878,364,000** may be distributed in the form of fully paid bonus shares[169](index=169&type=chunk) - The Directors recommended **not to pay a final dividend** for the year (2021: nil)[174](index=174&type=chunk) [Share Transactions and Public Float](index=30&type=section&id=Share%20Transactions%20and%20Public%20Float) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities in 2022, and the company maintained the minimum 25% public float throughout the year - During the year, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[175](index=175&type=chunk) - Based on publicly available information and to the best of the Directors' knowledge, the Company maintained the minimum public float of **25%** throughout the year and up to the date of this announcement, in accordance with the Listing Rules[176](index=176&type=chunk) [Annual General Meeting and Litigation](index=30&type=section&id=Annual%20General%20Meeting%20and%20Litigation) The company will hold its Annual General Meeting on June 23, 2023, and was not involved in any significant litigation or arbitration during 2022, nor was aware of any pending or threatened major claims - The Company will hold its Annual General Meeting on **Friday, June 23, 2023**[177](index=177&type=chunk) - The Company was not involved in any significant litigation or arbitration for the year ended December 31, 2022[178](index=178&type=chunk) - The Directors are also unaware of any pending or threatened significant litigation or claims against the Group for the year ended December 31, 2022[178](index=178&type=chunk) [Suspension of Share Transfer Registration](index=31&type=section&id=Suspension%20of%20Share%20Transfer%20Registration) To determine eligibility for attending and voting at the Annual General Meeting, the company will suspend share transfer registration from June 19 to June 23, 2023 - The Company will suspend share transfer registration from **Monday, June 19, 2023, to Friday, June 23, 2023** (both dates inclusive)[172](index=172&type=chunk) - To be eligible to attend and vote at the Annual General Meeting, all transfer documents, along with the relevant share certificates, must be lodged with the Company's Hong Kong Share Registrar, Tricor Investor Services Limited, for registration by **4:30 p.m. on Friday, June 16, 2023**[172](index=172&type=chunk) [Publication of Annual Results Announcement and Annual Report](index=31&type=section&id=Publication%20of%20Annual%20Results%20Announcement%20and%20Annual%20Report) This annual results announcement is published on the company's and HKEX websites, with the annual report to be dispatched to shareholders and available online in due course - This annual results announcement is published on the Company's website (www.nt-energy.com) and the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk), respectively[180](index=180&type=chunk) - The Company's annual report for the year will be dispatched to shareholders and will also be available on the aforementioned websites in due course[180](index=180&type=chunk)

Corporate Governance - New Times Energy Corporation Limited held its annual general meeting on June 23, 2022, with all directors present[2] - The company provided supplementary information regarding the voting results from the annual general meeting[2] - The company secretary, Mr. Li Guanxian, was appointed on March 10, 2020[5] - The board of directors includes executive directors Zheng Jinchao (Chairman) and Deng Yong'en (CEO)[7] Financial Reporting - The annual report covers the financial year ending December 31, 2020, and December 31, 2021[4]

Financial Performance - Revenue for the six months ended June 30, 2022, was HK$10,402,767,000, representing a 111.9% increase from HK$4,928,637,000 in the same period of 2021[22]. - Gross profit for the same period was HK$294,881,000, compared to HK$5,421,000 in the prior year, indicating a significant improvement[22]. - Profit before taxation was HK$229,041,000, a turnaround from a loss of HK$19,286,000 in the previous year[22]. - Profit for the period attributable to owners of the Company was HK$214,868,000, compared to a loss of HK$21,681,000 in the same period last year[22]. - Basic and diluted earnings per share for the period were both 2.45 HK cents, a recovery from a loss of 0.25 HK cents per share in the prior year[22]. - Total comprehensive income for the period was HK$172,879,000, a recovery from a loss of HK$42,831,000 in 2021[27]. - The profit for the period increased to HK$214,868,000 compared to a loss of HK$21,681,000 in the previous year, marking a significant turnaround[27]. Financial Position - Current assets rose to HK$1,130,176,000, up from HK$883,574,000 at the end of 2021, indicating improved liquidity[30]. - Cash and cash equivalents increased significantly to HK$700,046,000 from HK$494,955,000, reflecting a strong cash position[30]. - Inventories surged to HK$103,901,000, compared to HK$44,196,000 in the previous year, suggesting increased stock levels[30]. - Net current assets improved to HK$929,413,000, up from HK$684,144,000, indicating better short-term financial health[30]. - Non-current assets decreased slightly to HK$826,292,000 from HK$852,776,000, reflecting a minor reduction in long-term investments[30]. - Total equity attributable to owners of the Company increased to HK$1,305,535,000 from HK$1,101,481,000, showing growth in shareholder value[32]. Cash Flow - For the six months ended June 30, 2022, the company generated net cash from operating activities of HK$204,591,000, compared to a net cash used of HK$61,395,000 in the same period of 2021[42]. - The net cash used in financing activities was HK$5,000,000, compared to HK$108,874,000 in the same period of 2021[44]. - Cash and cash equivalents at June 30, 2022, amounted to HK$700,046,000, an increase from HK$341,663,000 at the end of June 2021[44]. Taxation - The income tax expense for the period was HK$14,173,000, compared to HK$2,395,000 in the prior year[22]. - The effective tax rate for Hong Kong profits tax remained at 16.5% for both 2022 and 2021, with no provision made for assessable profits in 2022[180]. - The subsidiaries in Argentina are now subject to a corporate income tax rate of 35%, an increase from 30% in the previous year[181]. Segment Information - The Group's upstream segment, which includes exploration and production of oil and gas in Argentina and Canada, is a key focus area for future growth[139]. - The Group has expanded its commodities refinery and trading operations to include trading of physical silver and platinum, in addition to nonferrous metals and physical gold[138]. - The Group's management has identified two reportable segments: Upstream and General and commodities refinery and trading, to streamline operations and reporting[139]. Financial Instruments - As of June 30, 2022, the total fair value of financial instruments measured at fair value was HK$55,772,000, with HK$21,631,000 in Level 1, HK$4,000 in Level 2, and HK$34,137,000 in Level 3[90]. - The Group's financial assets at fair value through profit or loss (FVPL) included listed equity investments valued at HK$29,949,000 and unlisted debt investments valued at HK$23,437,000 as of June 30, 2022[90]. - The Group's financial risk factors include market risk, credit risk, and liquidity risk[80]. Operational Highlights - The Group's drilling service income was HK$739,000 in 2022, a new revenue stream compared to no income reported in 2021[163]. - Employee benefit expenses, including directors' remuneration, amounted to HK$34,268,000 in 2022, significantly higher than HK$8,018,000 in 2021, marking an increase of approximately 328%[174]. - The total cost of sales and general and administrative expenses for the six months ended June 30, 2022, was HK$10,161,481,000, compared to HK$4,950,068,000 in 2021, indicating an increase of approximately 105%[174]. Management and Governance - The interim report was approved by the Board on August 26, 2022[54]. - The Group's registered office is located in Bermuda, and its main business location is in Hong Kong[53].

Financial Performance - New Times Energy reported a profit of HK$329 million for the year ended 31 December 2021, a significant turnaround from a loss of HK$79.5 million in 2020[23]. - The company achieved revenue of HK$11.17 billion in 2021, compared to HK$5.03 billion in 2020, representing a year-over-year increase of approximately 121%[23]. - Total assets increased to HK$1.74 billion in 2021 from HK$1.02 billion in 2020, reflecting a growth of about 70%[23]. - The Group reported a profit after tax of HK$329.4 million for 2021, a turnaround from a loss of HK$79.5 million in 2020[45]. - The profit increase was primarily due to the acquisition of a private Canadian oil and gas company and a global recovery in commodity prices[45]. - The Group reported a gross profit of approximately HK$90.66 million for the year, compared to HK$23.50 million in 2020, with the increase mainly from contributions by NTEC in Canada and higher crude oil prices[94]. - The Group recorded a profit of approximately HK$329.40 million for the year, a turnaround from a loss of approximately HK$79.49 million in 2020, largely due to the gain on bargain purchase and subsequent operational profit[96]. - Basic earnings per share for the year was approximately HK3.76 cents, compared to a loss per share of approximately HK0.91 cents in 2020[96]. Operational Highlights - The company operates in multiple countries including Canada, the United States, Argentina, and China, indicating a diverse geographical presence[4]. - The company is engaged in the energy sector, focusing on oil and gas reserves, which is a critical aspect of its business strategy[30]. - Daily oil and gas production from the Canadian acquisition exceeds 12,000 barrels of oil equivalent, with total estimated Proved reserves of 30.2 million boe and Proved plus Probable reserves of 40.0 million boe[23]. - The Group's Los Blancos Concession in Argentina continues to produce approximately 800 barrels of oil per day, although operations in Argentina face challenges due to low domestic oil prices and hyperinflation[45]. - NTE Energy Canada Ltd. operates over 800 producing wells across approximately 761,000 acres, with current average daily production exceeding 12,000 barrels of oil equivalent, 95% of which is natural gas[45]. - The Group has 12 highly economic drilling locations at Willesden Green, with plans to drill 3 wells in Q3 2022 and another 3 in the second half of 2022, which will enhance cash flow for the next 2 to 3 years[82]. Strategic Initiatives - The company plans to drill a minimum of six development wells in Canada in 2022, which is expected to enhance profitability in the oil and gas segment[29]. - The Group aims to participate in the global Energy Transition by investing in clean energy and exploring eco-investment opportunities such as Blue & Green Hydrogen and Carbon Capture, Utilization and Sequestration (CCUS)[48]. - The Group is actively evaluating suitable merger and acquisition opportunities to enhance its portfolio[48]. - The Group is committed to exploring environmental investments, including blue-green hydrogen and carbon capture technologies, to achieve net-zero emissions[50]. - The Group is witnessing continued growth in daily trading volume of precious metals, and expects this trend to continue despite supply chain issues affecting the refinery startup[88]. Financial Position - The Group maintains a healthy financial position with HK$495.0 million in cash and cash equivalents, plus HK$147.6 million in financial assets, totaling HK$642.6 million in highly liquid current assets as of December 31, 2021[48]. - The Group's net current assets as of December 31, 2021, amounted to approximately HK$684.14 million, an increase from HK$649.84 million in 2020[123]. - Total equity of the Group as of December 31, 2021, was approximately HK$1,101.48 million, up from HK$758.96 million in 2020[124]. - The debt ratio increased to 36.56% in 2021 from 25.68% in 2020, indicating a higher level of leverage[23]. - The Group's gearing ratio was 0% as of December 31, 2021, a decrease from 19.25% as of December 31, 2020[131]. Investments and Acquisitions - The acquisition of a private oil and gas company in Canada included over 800 active wells and is expected to generate significant positive cash flow due to rising natural gas prices[23]. - The acquisition of the Canadian company was completed for a total commitment of C$20,000,001 (approximately HK$122 million)[49]. - The Group recognized a gain on bargain purchase of approximately HK$407.66 million from the acquisition of a private Canadian oil and gas company[94]. - The company entered into agreements to provide a loan and acquire all shares of NTEC in Canada for a total commitment of C$20,000,001 (approximately HK$122 million) on 21 September 2021[143]. Market and Trading - The Group's revenue for the year ended December 31, 2021, was approximately HK$11,167.08 million, a significant increase from HK$5,034.52 million in 2020, primarily driven by general and commodity trading as well as oil and gas exploration and production[92]. - Revenue from the general and commodities refinery and trading business was approximately HK$10,907.44 million for 2021, up from HK$5,008.93 million in 2020, attributed to the expansion of gold trading and the commencement of trading other precious metals[90]. - The oil and gas exploration and production business generated revenue of approximately HK$259.63 million in 2021, representing a 914.6% increase compared to HK$25.59 million in 2020, driven by new sales in Canada and rising crude oil prices in Argentina[90]. Management and Governance - Mr. Tang has over 20 years of senior management experience and has held top executive positions in various international companies[189]. - Mr. Lee has over 15 years of professional experience in corporate finance, investment, international capital markets, and asset management[195]. - The company emphasizes the importance of academic qualifications and professional certifications among its directors[194][195].

Financial Performance - Revenue for the six months ended June 30, 2021, was HK$4,928,637,000, a significant increase from HK$298,002,000 in the same period of 2020, representing a growth of approximately 1,553%[17] - Gross profit for the period was HK$5,421,000, compared to HK$9,872,000 in 2020, indicating a decrease of about 45%[17] - Loss for the period was HK$21,681,000, an improvement from a loss of HK$51,990,000 in the previous year, reflecting a reduction of approximately 58%[17] - Basic loss per share attributable to owners of the Company was HK$0.25, compared to HK$0.59 in 2020, showing a decrease of about 58%[17] - Other income, gains, and losses, net, amounted to HK$11,517,000, compared to a loss of HK$3,443,000 in 2020, indicating a positive turnaround[17] - Total comprehensive loss for the period was HK$42,831,000, down from HK$82,796,000 year-over-year, indicating a decrease of about 48%[21] - The company reported a loss for the period of HK$21,681,000, a significant improvement from a loss of HK$51,990,000 in the same period last year, representing a reduction of approximately 58%[21] - The Group reported a basic loss attributable to owners of approximately HK$21,685,000 for the six months ended June 30, 2021, a decrease from HK$51,975,000 in 2020[166] Assets and Liabilities - Non-current assets increased to HK$265,698,000 from HK$130,543,000, reflecting a growth of approximately 103%[23] - Current assets, particularly inventories, rose significantly to HK$194,850,000 from HK$28,800,000, marking an increase of about 577%[23] - The company's net current assets were reported at HK$502,815,000, down from HK$649,836,000, indicating a decrease of about 23%[23] - Total equity attributable to owners of the company was HK$737,020,000, slightly down from HK$758,956,000, a reduction of approximately 3%[25] - The company’s borrowings decreased significantly from HK$143,067,000 to HK$38,000,000, a reduction of about 73%[23] - The reportable segment liabilities were HK$111,304,000 as of June 30, 2021, compared to HK$50,172,000 at the end of 2020, indicating an increase in liabilities[127] - Total consolidated assets as of June 30, 2021, were HK$958,543, down from HK$1,021,168 as of December 31, 2020, a decrease of about 6%[133] Cash Flow - For the six months ended June 30, 2021, the net cash used in operating activities was HK$61,395,000, a decrease from HK$124,714,000 in the same period of 2020[35] - The company incurred a net cash outflow from investing activities of HK$128,210,000, compared to a cash inflow of HK$10,346,000 in the same period of 2020[35] - The company reported a net decrease in cash and cash equivalents of HK$298,479,000 for the period[37] - Cash and cash equivalents decreased to HK$341,663,000 from HK$640,915,000, a decline of approximately 47%[25] Segment Performance - The revenue from the upstream segment, which includes crude oil exploration and production in Argentina, was HK$16,963,000, up from HK$11,594,000 in 2020, marking an increase of about 46%[127] - The general and commodities trading segment generated revenue of HK$4,911,674,000, compared to HK$286,408,000 in the previous year, reflecting a growth of approximately 1,613%[127] - The Group's reportable segment profit for the upstream segment was HK$543,000, recovering from a loss of HK$5,115,000 in 2020[127] - The general and commodities trading segment reported a profit of HK$2,635,000, compared to a loss of HK$1,710,000 in the prior year[127] Financial Risks and Management - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk[75] - There have been no changes in the Group's financial risk management policies and practices since the year-end[81] - The fair value of financial instruments is categorized into three levels based on the lowest level of input that is significant to the fair value measurement[83] Accounting Policies and Changes - The Group's accounting policies remain consistent with those applied in the preparation of the annual financial statements for the year ended 31 December 2020[49] - The Group adopted amendments to standards including COVID-19 Related Rent Concessions and Interest Rate Benchmark Reform, which did not impact the financial results[50] - The Group is preparing for the adoption of new standards and amendments that will take effect in 2022 and 2023, which may impact future financial reporting[58] Exploration and Evaluation Assets - The Group holds a 69.25% interest in the Tartagal and Morillo concessions in Salta, Argentina, with exploration permits initially granted for four years starting from December 29, 2006, and extensions possible up to nine years[177] - The Group's total costs of exploration rights and exploratory drilling amounted to approximately HK$3,225,575,000, a slight decrease from HK$3,226,181,000 as of December 31, 2020[177] - The Group's total exploration and evaluation assets as of June 30, 2021, were HK$3,406,791,000, unchanged from the previous period[181] Employee and Operational Costs - Employee benefit expenses, including directors' remuneration, amounted to HK$8,018, a slight decrease from HK$8,892 in 2020[149] - Legal and professional fees increased to HK$8,228 from HK$2,119 in the previous year, indicating higher costs in these areas[149] - Cost of inventories recognized as an expense increased significantly to HK$4,908,028, compared to HK$287,637 in 2020, reflecting a substantial rise in operational costs[149]

Financial Performance - For the year ended December 31, 2020, New Times Energy reported revenue of HK$236.65 million, a significant decrease of 95.3% compared to HK$5.03 billion in 2019[20]. - The loss before taxation for 2020 was HK$2.31 billion, compared to a loss of HK$64.56 million in 2019, indicating a substantial increase in losses[20]. - The Group reported a consolidated net loss after tax of approximately HK$79.49 million for the year ended December 31, 2020, an improvement from a net loss of HK$2,290.13 million in 2019[38]. - The Group recorded a loss for the year of approximately HK$79.49 million, a significant reduction from HK$2.29 billion in 2019[103]. - Basic loss per share for the year was approximately HK0.91 cent, down from HK26.15 cents in 2019[103]. - The Group recognized a net investment loss of approximately HK$29.62 million for the year, compared to HK$4.21 million in 2019[103]. Assets and Equity - Total assets as of December 31, 2020, were HK$1.10 billion, up from HK$1.02 billion in 2019, reflecting a 7.9% increase[23]. - Total equity increased to HK$846.46 million in 2020, compared to HK$758.96 million in 2019, representing an 11.5% growth[23]. - As of December 31, 2020, the Group's total equity was approximately HK$758.96 million, down from HK$846.46 million in 2019, with a net asset value per share of approximately HK$0.09 compared to HK$0.10 in 2019[116]. - The Group's net current assets as of December 31, 2020, amounted to approximately HK$649.84 million, a decrease from HK$842.50 million in 2019, with cash and cash equivalents of approximately HK$640.92 million, down from HK$771.66 million[116]. Debt and Financial Ratios - The debt ratio improved to 22.72% in 2020 from 25.68% in 2019, indicating a stronger balance sheet[23]. - The gearing ratio also improved to 17.90% in 2020 from 19.25% in 2019, showing reduced reliance on debt financing[23]. - The Group's debt ratio was approximately 25.68% as of December 31, 2020, compared to 22.72% in 2019, indicating an increase in financial leverage[116]. - The Group's gearing ratio, calculated as interest-bearing borrowings divided by total equity, was approximately 19.25% as of December 31, 2020, up from 17.90% in 2019[118]. Business Operations and Strategy - New Times Energy is actively pursuing potential merger and acquisition opportunities in both the oil and gas sector and the renewable energy business[30]. - The Group plans to implement Carbon-Capture, Utilization, and Storage (CCUS) technologies to achieve Net Zero Emissions, prioritizing this in future acquisitions[42]. - The Group is committed to diversifying its business model towards clean and sustainable energy, aligning with global trends in renewable energy[44]. - The Group is actively seeking mergers and acquisitions opportunities in the oil and gas sector, as well as in power generation, although no new opportunities have been secured yet[41]. - The Group's financial position remains strong, allowing it to actively seek value-adding investment opportunities in the energy sector[43]. Production and Resources - Average daily production from the Los Blancos well was approximately 240 barrels of oil per day, with the well performing to expectations and producing high-quality light crude[38]. - The Group's estimated net interest of 2P Reserves in the Los Blancos Concession is 1.82 MMBOE, with a participating interest of 50%[62]. - The Los Blancos Concession covers a surface area of approximately 897 km² in the Province of Salta, Argentina[63]. - The average daily production for the Group's 50% participating interest in the Los Blancos Concession was approximately 240 bopd, with a total gross oil production of about 175 MBBL for the year ended 31 December 2020[70]. - The Group's light crude oil has an API index of approximately 37º at zero water content, free of sulfur and other contaminants[70]. Market Conditions and Outlook - The recovery of international oil prices in early 2021 is viewed as a signal of cautious optimism for the company moving forward[29]. - International oil prices fell significantly during 2020, with Brent Oil trading as low as USD20 per barrel, but have since recovered to pre-pandemic levels[75]. - The Argentine government's Decree No. 488/20 aimed to restore oil activities to pre-pandemic levels and set a minimum price of USD45 per barrel, but compliance was nearly zero among oil refineries before the decree was repealed[76]. - The Group intends to seek legal action against parties involved in the illegal seizure of assets from the Palmar Largo Concessions[74]. Commodities Trading - The Group expanded its commodities trading business in precious metals and entered physical gold trading in Hong Kong, anticipating further expansion in 2021[38]. - Revenue from commodities trading for the year was approximately HK$4,975.37 million, up from HK$216.33 million in 2019, primarily driven by sales of physical gold[97]. - The Group's aggregated trading volume for physical gold in the last 7 months of 2020 totaled HKD 4,975.37 million[83]. - The Group plans to expand its physical gold trading business by adding factory facilities and refining capacities to improve trading volumes and profit margins in 2021[84]. Financial Management and Risk - The Group's financial risk management details are outlined in the consolidated financial statements, addressing credit risk, liquidity risk, interest rate risk, currency risk, and price risk[134]. - The Group does not currently have a foreign currency hedging policy but monitors foreign exchange exposures related to its operations in Argentina[133]. - The Group's management is continuously monitoring foreign exchange risks, particularly related to its operations in Argentina[135]. - The Group emphasizes maintaining good relationships with suppliers, customers, and stakeholders, with no significant disputes reported during the year[138]. Corporate Governance and Compliance - The Company presented its audited consolidated financial statements for the year ended December 31, 2020[193]. - The Company complied materially with relevant laws and regulations impacting its business operations during the year[198]. - There were no material breaches or non-compliance issues reported by the Group during the year[199]. - The Company was not involved in any material litigation or arbitration during the year[199].

Financial Performance - Revenue for the six months ended June 30, 2020, was HK$298,002,000, an increase of 41.3% from HK$203,776,000 in 2019[16] - Gross profit decreased to HK$9,872,000, down 23.3% from HK$12,878,000 in the previous year[16] - Loss for the period was HK$51,990,000, compared to a loss of HK$10,303,000 in 2019, representing a significant increase in losses[21] - Total comprehensive income for the period was HK$(57,414,000), compared to HK$(8,600,000) in the same period last year[21] - Basic and diluted loss per share for the period was HK$0.59, compared to HK$0.12 in the previous year[16] - The company reported an investment loss of HK$32,968,000, a significant decline from an income of HK$4,723,000 in 2019[16] - For the six months ended June 30, 2020, the company reported a loss before taxation of HK$53,342,000, compared to a loss of HK$639,000 in the same period of 2019[37] - The total comprehensive income for the six months ended June 30, 2020, was a loss of HK$57,414,000, compared to a loss of HK$8,600,000 in the same period of 2019[36] Assets and Liabilities - Non-current assets decreased to HK$157,383,000 from HK$167,202,000 at the end of 2019, reflecting a decline of 5.0%[25] - Current assets totaled HK$891,611,000, down from HK$928,092,000, indicating a decrease of 3.9%[25] - Total liabilities increased significantly, with current liabilities rising to HK$197,983,000 from HK$85,592,000, an increase of 131.9%[25] - Net assets decreased to HK$782,833,000 from HK$846,455,000, a decline of 7.5%[27] - Cash and cash equivalents decreased to HK$655,984,000 as of June 30, 2020, down from HK$849,791,000 at the end of June 2019[37] - The balance of total equity as of June 30, 2020, was HK$782,833,000, a decrease from HK$846,455,000 at the end of 2019[36] Operational Highlights - The company is focused on energy sector developments and is exploring new strategies for market expansion[14] - The Group's upstream segment operates in Argentina, focusing on crude oil exploration and production[46] - The Group's activities in commodities trading include non-ferrous metals and gold, with significant revenue contributions from these areas[46] - The Group expanded its commodities trading to include physical gold trading in June 2020, responding to increased demand due to COVID-19 and global political risks[171] Market Conditions - The domestic oil demand and prices in Argentina have plummeted due to the COVID-19 pandemic, leading to a suspension of oil-related activities[176] - The Argentine government's Decree No. 488/20 aimed to sustain oil activities at pre-COVID-19 levels and establish a minimum oil price of USD 45 per barrel, but compliance has been negligible[176] - The international oil price has significantly weakened due to the COVID-19 pandemic, with a sluggish recovery expected despite recent signs of improvement[192] - The Argentine Peso depreciated from ARS 59.8 per USD at the beginning of 2020 to ARS 70.3 per USD by June 30, 2020, representing a 17.5% decline[196] Investment and Financing - The company has a term loan due for repayment within one year amounting to HK$113,540,000, significantly increased from HK$10,544,000 at the end of 2019[121] - The Group recognized full impairment of approximately HK$2,243,254,000 related to exploration and evaluation assets for the T&M Concessions as of December 31, 2019[86][88] - The company recognized an investment loss of approximately HK$34,222,000 on listed equity securities for the six months ended June 30, 2020, compared to a net investment income of HK$4,292,000 for the same period in 2019[112] Corporate Governance - The board of directors includes Mr. Cheng, Kam Chiu Stewart as Chairman and Mr. Tang, John Wing Yan as Chief Executive Officer[7] - The company has appointed KPMG as its auditor, ensuring compliance with public interest entity regulations[10] - The company has a dedicated investor relations email for inquiries: info@nt-energy.com[13] Regulatory and Compliance - The Group has not yet adopted any new and amended standards that have been issued but are not yet effective, and is assessing their potential impact[44] - The Group's financial report is prepared in accordance with HKAS 34, requiring management to make estimates and assumptions that may affect reported amounts[44] - The company did not provide for Hong Kong profits tax as there were no assessable profits arising in Hong Kong during both the current and prior periods[70]

Financial Performance - Revenue for the year ended December 31, 2019, was HK$236,646,000, a decrease of 20.54% from HK$297,989,000 in 2018[21] - Loss before taxation for 2019 was HK$2,310,385,000 compared to a loss of HK$246,447,000 in 2018[21] - For the year ended December 31, 2019, the Group reported a consolidated net loss after tax of HK$2,290 million, primarily due to a full impairment loss on exploration and evaluation assets of HK$2,243 million[30] - The Group recognized a loss for the year of approximately HK$2.29 billion for the year ended December 31, 2019, compared to a loss of HK$257.22 million in 2018[145] - Basic loss per share for the year was HK$26.15, compared to HK$2.91 in 2018, indicating a significant increase in losses per share[21] Assets and Equity - Total assets decreased to HK$1,095,294,000 in 2019 from HK$3,480,089,000 in 2018, representing a decline of 68.4%[21] - Total equity fell to HK$846,455,000 in 2019 from HK$3,129,976,000 in 2018, a decrease of 72.9%[21] - Net asset value per share decreased to HK$0.10 in 2019 from HK$0.36 in 2018, a decline of 72.2%[21] - As of December 31, 2019, the Group's net current assets amounted to approximately HK$842.50 million, a decrease from HK$907.82 million as of December 31, 2018[161] - The Group had cash and cash equivalents of approximately HK$771.66 million as of December 31, 2019, down from HK$928.48 million as of December 31, 2018[161] Debt and Financial Ratios - Debt ratio increased to 22.72% in 2019 from 10.06% in 2018, indicating a rise in financial leverage[21] - Gearing ratio rose to 17.90% in 2019 from 6.73% in 2018, reflecting higher reliance on debt financing[21] - The Group's debt-to-equity ratio was approximately 17.90%, a significant increase from 6.73% as of December 31, 2018[170] Production and Operations - The Group resumed uninterrupted oil production at the Chirete Concession starting from November 5, 2019, at an initial rate of 600 barrels per day[25] - The Group resumed oil production at the Chirete Concession in November 2019, initially producing at a rate of 550 barrels of oil per day, with plans to increase to approximately 1,500 barrels per day depending on reservoir response and domestic oil prices[46][48] - Approximately 82,000 barrels of crude oil were produced during a three-month extended test program, confirming the well contains light crude oil with an API index of around 37º and virtually zero water content[65] Impairment and Exploration - The Group recognized a provision for full impairment loss of HK$2,243 million for exploration and evaluation assets in the T&M Concessions for the year ended 31 December 2019[88] - The impairment loss provision was due to the expiry of the exploration permit on 13 September 2019 and the subsequent rejection of the extension request by the previous Authorities[90] - The Group's exploratory drill at Morillo Deep, located approximately 17km from a recent oil discovery, has been delayed due to negotiations for access rights with landowners and indigenous communities[82] Market Conditions and Economic Environment - Argentina experienced a 54% inflation rate in 2019, the highest since 1991, and the Argentine Peso devalued by 70.3% against the US Dollar, from ARS35.1 to ARS59.8 per US$[34] - The average domestic oil price in Argentina during 2019 was less than 70% of the Brent Oil Price, amid hyperinflation rising to nearly 54%[52][56] - The Argentine government implemented a 90-day freeze on crude oil prices in mid-August 2019, significantly impacting revenues for oil producers[107] Strategic Direction and Future Plans - The Group aims to maximize shareholder value by exploring and developing oil and gas prospects in a safe and responsible manner[34] - The Group is currently awaiting the granting of an exploitation permit for the Chirete Concession, which is delayed due to the coronavirus pandemic[29] - The Group is actively seeking complementary investment opportunities in the energy sector globally, with an interest in diversifying into renewable energy[53][56] - The Board has updated its vision to include diversification into renewable energy, stating "We develop energy for the new times. Diversify for climate change and the environment"[115] Employee and Operational Costs - Total employee remuneration for the year ended December 31, 2019, amounted to approximately HK$19.58 million, down from HK$20.64 million in 2018[184] - General and administrative expenses for the year ended December 31, 2019, were approximately HK$52.25 million, a decrease of approximately 1.82% from HK$53.22 million in 2018[139] Investments and Financial Management - The Group holds a cash reserve of HK$759.36 million, with HK$259.36 million allocated for Argentina operational purposes and HK$500 million for investment in oil and gas assets[130] - Approximately HK$100 million will be allocated for investments in short to medium-term financial instruments and general administrative purposes[140] - The Group is exploring acquisition opportunities in solar farms, vanadium storage, and power generation projects[134]