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]

Financial Performance - Revenue for the six months ended June 30, 2019, was HK$203.776 million, a slight increase from HK$202.227 million in the same period of 2018[18]. - Gross profit increased to HK$12.878 million, compared to HK$7.999 million in the previous year, reflecting a growth of 60.5%[18]. - Other income for the period was HK$22.263 million, a significant increase from a loss of HK$21.949 million in 2018[18]. - Profit from operations was HK$10.399 million, a turnaround from an operating loss of HK$85.044 million in the same period last year[18]. - Loss for the period narrowed to HK$10.303 million, compared to a loss of HK$97.325 million in 2018, indicating improved financial performance[18]. - The company reported net investment income of HK$4.723 million, compared to a loss of HK$3.450 million in the previous year[18]. - Total comprehensive income for the period was a loss of HK$8,600,000, compared to a loss of HK$142,002,000 in 2018, reflecting an improvement of approximately 93.9%[25]. - The consolidated loss before taxation narrowed to HK$639,000 in 2019 from HK$94,947,000 in 2018, indicating a substantial improvement of approximately 99%[96]. Assets and Liabilities - The company's non-current assets increased to HK$2,437,265,000 as of June 30, 2019, up from HK$2,417,291,000 at the end of 2018, showing a growth of about 0.8%[33]. - Current assets decreased to HK$1,039,114,000 from HK$1,062,798,000, a decline of approximately 2.2%[33]. - Cash and cash equivalents stood at HK$849,791,000, down from HK$928,476,000, representing a decrease of about 8.5%[33]. - Total current liabilities decreased to HK$143,436,000 from HK$154,980,000, a reduction of approximately 7.5%[36]. - Net current assets stood at HK$895,678,000, slightly down from HK$907,818,000, reflecting a decrease of about 1.6%[36]. - Non-current liabilities totaled HK$204,640,000, up from HK$195,133,000, indicating an increase of approximately 4.3%[36]. - Net assets amounted to HK$3,128,303,000, a slight decrease from HK$3,129,976,000, representing a decline of about 0.1%[36]. Shareholder Information - As of June 30, 2019, the company had 8,758,880,988 issued shares with a market capitalization of HK$700.71 million[13]. - The basic and diluted loss per share for the period was HK$0.12, compared to HK$1.10 for the same period in 2018, indicating a substantial decrease in loss per share[20]. - The weighted average number of ordinary shares in issue during the interim period was 8,758,881,000, down from 8,865,483,000 in the previous year[124]. - The company did not recommend the payment of any interim dividend for the six months ended June 30, 2019, consistent with the previous year[124]. Accounting Standards and Policies - The company has adopted HKFRS 16 from January 1, 2019, using the modified retrospective approach, which does not restate comparative information[22]. - The Group has adopted HKFRS 16, Leases, effective from January 1, 2019, which introduces a single accounting model for lessees[70]. - Under HKFRS 16, all leases must be capitalized, eliminating the distinction between operating and finance leases, except for short-term leases and low-value assets[76]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[70]. - The changes in accounting policies have not had a material effect on the Group's results and financial position for the current or prior periods[70]. Exploration and Evaluation - The total exploration and evaluation assets as of June 30, 2019, amounted to HK$3,610,498,000, an increase from HK$3,577,966,000 at the end of 2018[129]. - The accumulated impairment for exploration and evaluation assets was HK$1,253,602,000 as of June 30, 2019, compared to HK$1,240,469,000 at the end of 2018[129]. - The Group's management remains optimistic about converting exploration permits to exploitation permits, contingent on successful hydrocarbon discoveries[135]. - The Group has initiated the application process for further extension of the current exploration permits, with expectations of approval despite potential delays due to the Argentinian general elections[135]. Foreign Exchange and Investment - The company reported a net foreign exchange loss of HK$9,555,000 for the six months ended June 30, 2019, compared to a loss of HK$34,553,000 in 2018[50]. - The effect of foreign exchange rate changes resulted in a loss of HK$2,824,000 for the first half of 2019[53]. - The net investment income from listed equity securities for the six months ended June 30, 2019, was approximately HK$4,292,000, a significant recovery from a net investment loss of HK$3,560,000 in the same period of 2018[152]. - The unlisted equity-linked securities generated a net investment income of approximately HK$181,000 for the six months ended June 30, 2019, down from HK$2,126,000 in the same period of 2018[152]. Management and Governance - Key management personnel remuneration for the six months ended June 30, 2019, amounted to HK$4,646,000 for short-term employee benefits and HK$18,000 for post-employment benefits, compared to HK$5,230,000 and HK$29,000 in 2018, respectively[181]. - Related party transactions included rent and management fees of HK$1,151,000 from New World Tower Company Limited and HK$62,000 for IT management and support from CiF Solutions Limited for the six months ended June 30, 2019[183]. - The Group's capital commitments outstanding at June 30, 2019, amounted to HK$138,563,000, slightly down from HK$138,905,000 at December 31, 2018[187].

Financial Performance - The Group reported a consolidated net loss after tax of HK$257.22 million for the year ended 31 December 2018, primarily due to mark-to-market write downs of investments and provisions for receivables [24]. - The Group incurred a consolidated net loss after tax of HK$257.22 million for the year ended 31 December 2018 [41]. - The net loss was primarily due to net fair value loss on investments, impairment losses on a promissory note and receivables, and net foreign exchange loss [42]. - The Group's revenue for the year ended 31 December 2018 was approximately HK$297.99 million, representing an increase of approximately 3.63% compared to HK$287.56 million for the corresponding period in 2017 [113]. - Revenue from commodities trading for the year ended 31 December 2018 was approximately HK$265.03 million, an increase of approximately 8.58% compared to HK$244.09 million in 2017 [113]. - Revenue from the sale of oil products for the year ended 31 December 2018 was approximately HK$32.96 million, a decrease of approximately 24.18% compared to HK$43.47 million in 2017 [113]. - The Group reported a gross profit of approximately HK$11.13 million for 2018, up from HK$6.91 million in 2017, mainly due to the oil exploration and production business [113]. - The Group recorded a loss of approximately HK$257.22 million for the year ended 31 December 2018, compared to a profit of approximately HK$101.70 million in 2017 [121]. - Basic loss per share for the year ended 31 December 2018, was approximately HK2.91 cents, while it was basic earnings per share of approximately HK1.26 cents for the corresponding period in 2017 [121]. Financial Position - Total assets decreased to HK$3,480.09 million in 2018 from HK$3,783.65 million in 2017, reflecting a decline of approximately 8% [24]. - The Group's total equity also fell to HK$3,129.98 million in 2018, down from HK$3,467.32 million in 2017, indicating a decrease of about 9.7% [24]. - The Group's net current assets amounted to approximately HK$907.82 million, a decrease from HK$1,217.66 million as of December 31, 2017 [138]. - The Group had cash and cash equivalents of approximately HK$928.48 million as of December 31, 2018, compared to HK$843.95 million as of December 31, 2017 [138]. - The Group's total borrowings were approximately HK$210.79 million as of December 31, 2018, slightly down from HK$213.78 million as of December 31, 2017 [138]. - The debt ratio was approximately 10.06% as of December 31, 2018, compared to 8.36% as of December 31, 2017 [138]. - The Group's gearing ratio was approximately 6.73%, an increase from 6.17% as of December 31, 2017 [149]. - The net asset value per share was approximately HK$0.36 as of December 31, 2018, compared to HK$0.39 as of December 31, 2017 [138]. Exploration and Production Activities - The Group has a diverse exploration business across regions including Bolivia, Argentina, Paraguay, and the United States [3]. - The Group drilled the exploratory well HLG.St.LB.x-2001 in the Chirete Concession, reaching a target depth of 2,705 meters and encountering significant oil and gas shows [48]. - The HLG.St.LB.x-2001 exploratory well achieved a production rate of approximately 2,295 barrels per day with virtually zero water content, indicating a successful drilling campaign [22]. - The Group is conducting extended well tests to evaluate the commercial viability of the HLG.St.LB.x-2001 exploratory well [51]. - The Chirete Concession is expected to provide potential positive financial value pending the final results from the extended well test [41]. - The Group plans to conduct exploratory drilling at Morillo Deep in the T&M Concessions in Q2 2020, pending necessary permits [110]. - The Morillo Deep Prospect has been identified approximately 17 km from the recent oil discovery site, with drilling targeted to commence in Q2 2020 [65]. - The Group holds a 69.25% participating interest in the Tartagal Oriental and Morillo Concessions, covering a total surface area of 10,583 km² with estimated Net Prospective Resources of 130.0 MMBOE [65]. Market and Economic Conditions - Argentina experienced an annual inflation rate of 47.6% in 2018, the highest since 1991, which contributed to increased operating costs [47]. - The Argentine Peso devalued by approximately 100% against the US Dollar in 2018, with inflation reaching 47.6%, the highest since 1991 [110]. - The Group is closely monitoring political developments in Argentina to assess potential economic impacts on commerce [110]. Governance and Compliance - The Board does not recommend the payment of any final dividend for the year ended 31 December 2018, consistent with the previous year [200]. - There were no material breaches or non-compliance with applicable laws and regulations during the year, indicating strong governance [199]. - The Group's financial risk management objectives and policies are detailed in the consolidated financial statements [198]. Strategic Initiatives - The Group is committed to maximizing shareholder value by exploring and developing oil and gas prospects in a responsible manner [32]. - The Group is well-funded to seek and capture suitable investment opportunities in the energy sector globally [33]. - The Group successfully engaged in commodities trading involving non-ferrous metals during the year, aligning with its strategic objective to diversify revenue sources [31]. - The Group plans to apply for a 3-year extension of its exploration permit until 13 September 2022 to complete the remaining exploratory wells commitment [70]. - The Group is considering strategic acquisitions to enhance its product offerings and market presence, with a budget of $100 million allocated for this purpose [176].