Financial Performance - The Group recorded a revenue of approximately HK$158,060,000 for the year ended 31 December 2019, a decrease of 66.9% compared to HK$477,789,000 in 2018[9]. - The loss attributable to the owners of the Company was approximately HK$72,352,000, compared to a profit of approximately HK$27,544,000 in the previous year, marking a significant decline in performance[10]. - Loss per share attributable to the owners of the Company was 0.76 HK cents, a decrease from earnings per share of 0.29 HK cents in 2018[10]. - The revenue from the natural gas exploration, production, and distribution segment was approximately HK$158,060,000, consistent with the previous year's figure of HK$477,784,000[9]. - The money lending business segment did not contribute any revenue in 2019, down from HK$5,000 in 2018[9]. - The revenue from the natural gas distribution operation in Karamay, Xinjiang for the year was approximately HK$158,060,000, a decrease from HK$477,784,000 in 2018[18]. - The segment loss before income tax was approximately HK$137,024,000, compared to a profit of HK$163,523,000 in 2018[19]. - Impairment losses on intangible assets amounted to HK$76,458,000, while exploration and evaluation assets impairment was HK$1,000,000, and property, plant, and equipment impairment was HK$33,000,000[21]. - Exploration costs incurred for the year were HK$19,282,000, significantly lower than HK$162,326,000 in 2018[24]. - The Group reported a loss of HK$73,491,000 for the year ended 31 December 2019, with current liabilities exceeding current assets by HK$302,925,000[65]. Assets and Liabilities - As of December 31, 2019, the Group's net entitlement interests of gas reserves were estimated at 6.83 billion cubic meters (1P) and 9.19 billion cubic meters (2P)[27]. - Current liabilities as of 31 December 2019 include exploration and evaluation cost payables amounting to HK$419,069,000, up from HK$353,956,000 as of 31 December 2018[66]. - The impairment loss on Kashi Project Assets was primarily due to changes in production volume forecasts reflecting current market conditions[59]. - The post-tax discount rate decreased from 16% in 2018 to 14% in 2019, attributed to a reduction in equity risk premium in China from 10.8% to 8.76%[60]. - The valuation of Kashi Project Assets utilized the income approach, specifically the discounted cash flow method, with a 30% discount for lack of marketability applied[61]. - The Group had capital commitments of approximately HK$522,640,000 as of December 31, 2019, with HK$199,564,000 to be borne by CNPC, compared to HK$104,834,000 in 2018[41][44]. - As of December 31, 2019, the Group had no outstanding secured bank borrowings, a decrease from HK$65,931,000 in 2018, with cash and cash equivalents amounting to approximately HK$226,798,000, up from HK$68,084,000 in 2018[36]. Corporate Governance - The company emphasizes the importance of good corporate governance to attract international institutional investors and enhance shareholder value[98]. - The board recognizes that improved corporate governance assists in effective supervision and control of business operations[98]. - The Company has complied with all Corporate Governance Code provisions except for the separation of the roles of chairman and CEO, which is currently held by Mr. Zhao Guoqiang[102]. - The Board consists of five members, including one executive director, one non-executive director, and three independent non-executive directors, with independent directors representing not less than one-third of the Board[114]. - The Company has established risk management and internal control systems to safeguard shareholder investments and assets, providing reasonable assurance against material misstatements[107]. - The Company aims to ensure that its corporate governance practices regarding directors' appointments are as rigorous as those in the Corporate Governance Code[105]. - The Company has a nomination policy to ensure a board of directors with a diversity of skills and experience, with independent non-executive directors comprising at least one-third of the Board[158]. Audit and Compliance - The Group's auditors issued a qualified opinion for the year ended December 31, 2019, due to insufficient audit evidence regarding revenue recognition and asset valuations[52][54]. - The audit committee consists of one non-executive director and three independent non-executive directors, ensuring sufficient financial management expertise[168]. - The audit committee is responsible for reviewing the external auditor's independence and the effectiveness of the audit process according to applicable standards[168]. - The audit committee discusses the nature and scope of the audit with external auditors before the audit commences[168]. - The committee must consider any findings of major investigations on risk management and internal control matters as delegated by the Board[173]. Management and Strategy - The Group aims to enhance shareholder returns through sustainable growth strategies[84]. - The management is focused on finding high-quality borrowers in the money lending business to minimize default risks[83]. - The Group's cash flow forecast indicates sufficient working capital to meet financial obligations within twelve months, based on certain underlying assumptions[67]. - The Group engaged an independent third-party consulting firm to review gas reserves in accordance with internationally recognized standards[73]. - The Company will continue to monitor the impact of the COVID-19 epidemic on its operations, noting that the impact is expected to be minimal due to the nature of its gas supply operations[75]. Shareholder Relations - The Company continues to enhance communications and relationships with its investors, maintaining regular dialogue with investors and analysts to keep them informed of developments[192]. - The Company adopts a dividend policy considering factors such as current and projected financial performance, growth opportunities, and macroeconomic conditions before declaring dividends[193]. - Shareholders holding not less than one-tenth of the paid-up capital can requisition an extraordinary general meeting, which must be held within two months of the requisition[182]. - The Company ensures that all shareholder votes at general meetings are taken by poll, with results published on the Company and Stock Exchange websites[12].

Financial Performance - Revenue for the six months ended June 30, 2019, was HK$82,834,000, a decrease of 75.8% compared to HK$342,939,000 in 2018[10]. - Loss before income tax for the period was HK$29,068,000, compared to a profit of HK$206,693,000 in the same period of 2018[10]. - Loss for the period amounted to HK$29,412,000, a significant decline from a profit of HK$122,808,000 in 2018[10]. - Total comprehensive loss for the period was HK$42,985,000, compared to a comprehensive income of HK$102,475,000 in 2018[12]. - Basic and diluted loss per share was HK$0.30, compared to earnings per share of HK$1.31 in the previous year[12]. - The Group reported a loss of HK$29,412,000 for the six months ended June 30, 2019, with current liabilities exceeding current assets by HK$42,694,000, indicating significant financial uncertainty[36]. - For the six months ended June 30, 2019, the company reported a loss attributable to owners of HK$28,782,000 compared to a profit of HK$124,175,000 for the same period in 2018, representing a significant decline[150]. Income and Expenses - Other income increased to HK$1,372,000 from HK$689,000, reflecting a growth of 99.3% year-on-year[10]. - The company incurred finance costs of HK$16,515,000, up from HK$3,813,000 in 2018, indicating a significant increase in financing expenses[10]. - Selling and distribution expenses increased by HK$37,770,000, finance costs rose by HK$12,702,000, and fair value losses on financial assets held for trading increased by HK$10,308,000[187]. - Interest income for the period was HK$263,000, while interest expense amounted to HK$11,694,000[79][80]. Assets and Liabilities - As of June 30, 2019, total assets increased to HK$2,426,696,000 from HK$2,411,573,000 at the end of 2018, representing a growth of approximately 0.63%[14]. - Non-current assets totaled HK$1,876,123,000, up from HK$1,808,681,000, indicating an increase of about 3.74%[14]. - Current liabilities rose to HK$593,267,000 from HK$550,062,000, reflecting an increase of approximately 7.85%[16]. - Net assets decreased to HK$1,591,674,000 from HK$1,634,659,000, a decline of about 2.62%[16]. - Total liabilities as of June 30, 2019, were HK$835,022, an increase of 7.4% from HK$776,914 as of December 31, 2018[119]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2019, was HK$84,902,000, a significant increase from HK$5,673,000 in 2018, representing a growth of approximately 1397%[23]. - Net cash used in investing activities was HK$76,402,000, a decrease from HK$83,458,000 in the previous year, indicating a reduction of about 8%[23]. - Net cash generated from financing activities amounted to HK$30,501,000, compared to HK$1,832,000 in 2018, reflecting an increase of approximately 1567%[23]. - The total cash and cash equivalents at the end of the period reached HK$110,160,000, up from HK$84,688,000 in 2018, marking an increase of about 30%[23]. Shareholder and Equity Information - The company’s equity attributable to owners decreased to HK$1,580,112,000 from HK$1,622,353,000, a decrease of approximately 2.59%[20]. - The total number of issued and fully paid ordinary shares as of June 30, 2019, was 9,505,344,000, amounting to HK$475,267,000[174]. - The company’s authorized share capital was 25,000,000,000 ordinary shares, amounting to HK$1,250,000,000[174]. Taxation - The current tax charge for the period was HK$29,000, while the deferred tax charge amounted to HK$315,000, compared to HK$83,885,000 in the previous year[145]. - The total tax expense for the period was HK$344,000, significantly lower than HK$83,885,000 in the previous year[145]. Strategic Initiatives - The company continues to explore opportunities for market expansion and new product development as part of its strategic initiatives[151]. - The Group is expected to have sufficient working capital to meet its financial obligations within the next twelve months[41]. Exploration and Development - The Group's wholly-owned subsidiary entered into a petroleum contract with CNPC for the Kashi Project, which has a term of 30 years starting from June 1, 2009[188]. - The actual volume of gas production from the Kashi Project increased to 153,558,000 cubic meters for the six months ended June 30, 2019, compared to 122,500,000 cubic meters in the same period of 2018[155]. - No development and production activity was carried out under the Petroleum Contract, as the contract remains in the exploration phase[199].

Financial Performance - The Group recorded a revenue of approximately HK$477,789,000 for the year ended 31 December 2018, a significant increase from HK$13,039,000 in 2017[14]. - Revenue from the exploration, production, and distribution of natural gas was approximately HK$477,784,000, up from HK$12,630,000 in the previous year[14]. - The profit attributable to the owners of the Company was approximately HK$27,544,000, compared to a loss of approximately HK$235,510,000 in 2017[15]. - Earnings per share attributable to the owners of the Company was 0.29 HK cents, a recovery from a loss per share of 2.48 HK cents in the prior year[15]. - China Era recorded revenue of approximately HK$466,880,000 for the year ended December 31, 2018, with settlements from CNPC amounting to approximately HK$83,449,000 received by the date of the annual report[30]. - The operation, including natural gas distribution in Karamany, Xinjiang, contributed revenue of approximately HK$477,784,000, a significant increase from HK$12,630,000 in 2017[32]. - Segment profit before income tax was approximately HK$163,523,000, compared to a loss of HK$216,136,000 in 2017[32]. - The Group recorded a total revenue of HK$477,784,000 for the year ended 31 December 2018, which included approximately HK$466,880,000 from the Kashi Project and approximately HK$10,904,000 from the Karamay pipelined gas project[51]. Project Development - The Company entered into a petroleum contract with China National Petroleum Corporation for oil and natural gas exploration in the North Kashi Block, Tarim Basin, Xinjiang, PRC[16]. - Under the petroleum contract, development costs for any discovered oil or gas fields will be shared 51% by CNPC and 49% by China Era Energy Power Investment[22]. - The Overall Development Program (ODP) for the Kashi Project was approved internally by CNPC in December 2018, and the approval requirement by the National Development and Reform Commission (NDRC) was relaxed[30]. - The directors expect the progress of the Kashi Project to be expedited by the new procedures, with the development period starting immediately after the ODP finalization and filing[30]. - As of December 31, 2018, negotiations for the Gas Sales Agreements (GSA) with CNPC were ongoing, with expectations to finalize and sign the GSA in 2019[30]. - The Kashi Project made significant progress in the first half of 2018, including obtaining a new RMB100 million banking facility secured by accounts receivable under the Petroleum Contract[84][86]. - The development period for the Kashi Project will commence upon ODP filing/approval and will last until the completion of required development operations[89]. - The management is actively pursuing the finalization of the Overall Development Plan (ODP) and Gas Sale Agreement (GSA) for the Kashi Project to expedite the commencement of commercial production[90][93]. Financial Position - As of December 31, 2018, the Group's cash and cash equivalents were approximately HK$68,084,000, down from HK$171,926,000 in 2017[45]. - The Group had outstanding secured bank borrowings of approximately HK$65,931,000 as of December 31, 2018, compared to none in 2017[45]. - The current ratio improved to approximately 109.6% in 2018 from 55.7% in 2017[45]. - The ratio of total liabilities to total assets was approximately 32.2% in 2018, up from 27.6% in 2017[45]. - The Group's convertible notes outstanding amounted to HK$679,670,000, due in 2041, with a conversion price of HK$0.168 per share[45]. - The Company's net current asset position improved from net current liabilities of HK$258,872,000 as of December 31, 2017, to net current assets of HK$52,830,000 as of December 31, 2018[71][72]. Impairment and Exploration Costs - Impairment losses on intangible assets and exploration and evaluation assets were recognized at HK$95,000,000 and HK$36,000,000, respectively, during the current year[32]. - Exploration costs incurred during the year amounted to HK$162,326,000, with no costs reported in 2017[38]. - Impairment losses for intangible assets and exploration and evaluation assets were HK$212,727,000 and HK$36,000,000 respectively, compared to HK$162,000,000 and HK$39,000,000 in 2017[35]. - The impairment of Kashi Project Assets was primarily due to the adjustment of gas sales price from RMB1.094 to RMB0.9856 per cubic meter, and the adjustment of capital expenditure budget from USD 74.0 million to USD 92.6 million[63]. Corporate Governance - The board consists of five members, including three independent non-executive directors, ensuring diverse expertise and governance[131]. - The Company has established three Board committees: audit, remuneration, and nomination, to oversee specific aspects of the Group's affairs[141]. - The Company emphasizes risk management related to directors' liabilities and has arranged appropriate liability insurance for directors and senior management, reviewed annually[144]. - The Company has complied with all Corporate Governance Code provisions except for the separation of the roles of chairman and CEO, which is currently under review[124]. - The Company considers all independent non-executive directors to be independent, confirming no material relationships among them[137]. Shareholder Engagement - The Company provides a forum for communication between shareholders and the Board during general meetings[185]. - Shareholders holding not less than one-tenth of the paid-up capital can requisition an extraordinary general meeting[188]. - The extraordinary general meeting must be held within two months after the requisition is deposited[188]. - The Company continues to enhance communications and relationships with its investors through regular dialogue with designated senior management[196]. Future Outlook - The company has set a target revenue growth of 10% for the upcoming fiscal year, aiming to reach HKD 1.32 billion[115]. - New product launches are expected to contribute an additional HKD 200 million in revenue in 2019[115]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[115]. - The Group aims to secure additional debt and/or equity funding to support the further development of the Kashi Project[90][93].