6月18日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 03690 | 美团-W | 港股通(沪) | 272501.24 | -36576.11 | -3.48 | | 09988 | 阿里巴巴-W | 港股通(沪) | 267839.15 | 41948.79 | -2.26 | | 00568 | 山东墨龙 | 港股通(沪) | 256511.11 | 3372.07 | 8.03 | | 09992 | 泡泡玛特 | 港股通(沪) | 231834.67 | -24251.77 | 1.63 | | 00467 | 联合能源集团 | 港股通(沪) | 228385.63 | 9316.31 | 37.50 | | 00939 | 建设银行 | 港股通(沪) | 224473.66 | 20950.83 | 0.00 | | 01810 | 小米集团-W | 港股通(沪) | 142968.00 | -29838.14 | -0.37 | | 007 ...

Core Viewpoint - The oil and gas exploration sector has experienced a significant surge in stock prices, attracting investor attention despite a generally subdued performance in the A-share and Hong Kong markets [2][7]. Market Performance - On June 18, the A-share market showed slight declines with major indices fluctuating within a narrow range, while the Hong Kong market also exhibited low volatility [3][10]. - The A-share market's major indices closed as follows: Shanghai Composite Index at 3380.47 (-0.20%), Shenzhen Component Index at 10136.51 (-0.15%), and others showing similar minor fluctuations [4]. Oil and Gas Sector Highlights - Multiple oil and gas exploration stocks in the A-share market saw substantial gains, with some stocks experiencing price increases of over 370% during trading [2][9]. - Notable performers included Junyou Co., which hit the daily limit, and other companies like Beiken Energy and Tongyuan Petroleum also saw significant price increases [7]. - In the Hong Kong market, United Energy Group's stock surged, with a peak increase of over 40% following the announcement of a production enhancement contract in Uzbekistan [7][8]. Investment and Strategic Developments - United Energy Group's contract involves enhancing production at 21 existing oil and gas fields and conducting exploration activities in 10 blocks, with an estimated total production of approximately 57.8 billion cubic meters over the initial 15-year contract period [8]. - The project is expected to require a minimum direct foreign investment of $100 million in the first four years, indicating a strategic expansion in the Central Asian energy sector [8].

Market Overview - The Hong Kong stock market experienced a collective pullback on May 28, with the Hang Seng Index down by 0.53%, the Hang Seng Tech Index down by 0.15%, and the Hang Seng China Enterprises Index down by 0.31% [1] - Despite the overall decline, the energy sector showed resilience, with companies like Yanzhou Coal Mining and China Shenhua Energy seeing gains of 2.31% and 1.2% respectively [1] Sector Performance - The consumer sector showed a clear "high cut low" trend, with brands like Pop Mart and Mixue experiencing significant pullbacks after reaching new highs, dropping 7.12% and 5.53% respectively [2] - The technology sector also faced mixed results, with Kuaishou's net profit exceeding expectations, leading to a 5.95% increase in its stock price, while other tech giants like Meituan and Tencent saw declines [2] Capital Flows - Southbound capital saw a net inflow of 291.12 billion yuan in May, with a significant portion directed towards defensive sectors, particularly the financial sector, which attracted 223.9 billion yuan [4] - The trend indicates a structural change in capital flows, with individual investors dominating the southbound capital, making the market more sensitive to changes in sentiment [4] Valuation and Market Sentiment - Analysts suggest that the current valuation of the Hong Kong stock market is at a historical average level, with potential for recovery in both valuation and earnings, particularly in sectors benefiting from domestic demand policies [6] - The market is expected to experience a rebound in the third quarter, supported by improved liquidity and the return of quality companies to the Hong Kong market [6] Future Outlook - The ongoing listing of quality companies and the influx of capital are expected to enhance the asset quality and liquidity of the Hong Kong market [6] - Analysts predict that the combination of domestic growth policies and the resurgence of the AI industry will reshape the valuation of the technology sector, leading to a dual recovery in valuation and earnings for the Hong Kong market [6]

Financial Performance - Revenue for the year 2024 reached HKD 17,522,924 thousand, representing a 28.9% increase compared to HKD 13,591,075 thousand in 2023[6] - The company reported a net profit of HKD 1,558,118 thousand for 2024, a significant recovery from a loss of HKD 1,707,401 thousand in 2023[6] - The group recorded a profit attributable to equity holders of approximately HKD 1,558,132,000, a significant turnaround from a loss of approximately HKD 1,707,385,000 in the previous year[43] - The gross profit for the reporting period was approximately HKD 3,301,651,000, with a gross profit margin of 18.8%, down 25.6% from last year's gross profit of HKD 4,439,240,000[59] - The adjusted EBITDA for the reporting period is approximately HKD 7,991,874,000, a decrease of 10.1% from HKD 8,885,063,000 in the previous year, mainly due to a decline in average net realized sales prices[72] - Oil and gas sales amounted to approximately USD 2,477,102,000, a 10.7% increase from USD 2,238,415,000 in the previous year[47] - The average realized price for oil and gas was approximately USD 62.58 per barrel of oil equivalent, a slight increase of 2.1% from USD 61.31 per barrel of oil equivalent last year[47] Production and Exploration - Average daily production for the year was 180,554 barrels of oil equivalent, with an average equity daily production of 108,079 barrels of oil equivalent[12] - The company achieved 11 commercial discoveries, contributing to a 2P reserve of approximately 665.6 million barrels of oil equivalent[12] - Daily total production target is set between 178,900 to 204,200 barrels of oil equivalent, with equity production between 104,200 to 120,600 barrels of oil equivalent[19] - The average daily production for the group reached approximately 180,554 barrels of oil equivalent, a 7.6% increase from last year's average of 167,826 barrels[28] - The average daily production in Pakistan was 36,627 barrels of oil equivalent, while in the Middle East and North Africa, it was 71,452 barrels of oil equivalent[99] - The group achieved 11 commercial discoveries in 2024, further solidifying its resource base and supporting long-term production growth[33] Capital Expenditure and Financial Position - Capital expenditure is projected at USD 750 million for exploration, development, and operational optimization[19] - Total assets increased by 1.1% to HKD 26,120,400 thousand, while net assets rose by 3.6% to HKD 13,295,380 thousand[6] - The group maintained a strong financial position with low leverage, providing a solid foundation for future growth and capital expansion[35] - The financing costs for the reporting period were approximately HKD 351,143,000, an increase of 19.6% from HKD 293,634,000 in the previous year[62] - The net cash outflow for financing activities in 2024 is approximately HKD 1,591,065,000, primarily due to special dividend distribution of HKD 1,033,984,000 and bank loan repayment of HKD 2,578,772,000[66] Strategic Initiatives and Future Outlook - The company plans to complete a strategic acquisition in Egypt, which is expected to double its asset portfolio[12] - The outlook for 2025 anticipates continued growth opportunities amid geopolitical and economic uncertainties, with rising oil demand expected[15] - The company is actively investing in renewable energy as part of its strategy to transition into a diversified energy leader[13] - The company aims to establish a global digital center and procurement center to achieve full digital integration by 2026[18] - The group anticipates global oil demand to increase by 1.45 million barrels per day in 2025, reaching an average of 105.2 million barrels per day[76] Health, Safety, and Environmental Standards - The company maintained a zero fatality and zero major incident record, demonstrating its commitment to health, safety, security, and environment (HSSE) standards[12] - The group emphasizes health, safety, security, and environmental (HSSE) execution as a key focus area, achieving all HSSE key performance indicators during the reporting period[139] Corporate Governance - The company has maintained compliance with corporate governance standards, although the CEO position is currently vacant[102] - The board confirmed that the consolidated financial statements comply with legal requirements and applicable accounting standards[114] - The company has confirmed compliance with the corporate governance code as per the listing rules, except for a specific provision[181] - The company has established several board committees, including audit, remuneration, and nomination committees, to oversee specific areas and assist in board responsibilities[115] Shareholder Information - The proposed final dividend for the year ending December 31, 2024, is HKD 0.05 per share, amounting to approximately HKD 1,292,480,000[67] - The company reported a total reserve available for distribution to shareholders of approximately HKD 6,402,448,000 as of December 31, 2024, down from HKD 7,436,432,000 as of December 31, 2023[183] - The last annual general meeting held on June 6, 2024, reappointed the auditor, which will be presented for resolution at the upcoming annual general meeting[193]

Group 1 - The core viewpoint of the news highlights the recent performance of the Hong Kong stock market, specifically the decline of the Hang Seng Index and the notable increase in the share price of United Energy Group [1] - United Energy Group's stock price increased by 9.21% to HKD 0.415 per share, with a trading volume of 244 million shares and a turnover of HKD 97.95 million, indicating significant market activity [1] - Over the past month, United Energy Group has seen a cumulative increase of 4.11%, and a year-to-date increase of 7.04%, which is underperforming compared to the Hang Seng Index's increase of 17.54% [2] Group 2 - Financial data shows that as of December 31, 2024, United Energy Group achieved total revenue of CNY 16.227 billion, representing a year-on-year growth of 28.93%, and a net profit attributable to shareholders of CNY 1.443 billion, reflecting a substantial year-on-year increase of 191.26% [2] - The company's gross profit margin stands at 18.84%, with a debt-to-asset ratio of 49.1%, indicating a moderate level of financial leverage [2] - Currently, there are no institutional investment ratings for United Energy Group, and its price-to-earnings ratio is reported at -4.16 times, ranking 35th in the industry, which has an average price-to-earnings ratio of 34.9 times [3]

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 17,522,924 thousand, an increase of 28.9% compared to HKD 13,591,075 thousand in 2023[2] - Gross profit decreased by 25.6% to HKD 3,301,651 thousand from HKD 4,439,240 thousand in the previous year[2] - The company reported a profit of HKD 1,558,118 thousand for the year, recovering from a loss of HKD 1,707,401 thousand in 2023[2] - Basic earnings per share for the year were HKD 6.04, compared to a loss of HKD 6.53 per share in the previous year[4] - Adjusted EBITDA decreased by 10.1% to HKD 7,991,874 thousand from HKD 8,885,063 thousand in 2023[2] - Total revenue for the group in 2024 reached HKD 17,522,924,000, an increase of 29.1% from HKD 13,591,075,000 in 2023[22] - The group reported a total investment and other income of HKD 222,411,000 in 2024, compared to HKD 213,279,000 in 2023, reflecting a slight increase of 4.3%[25] - The group recognized a loss of HKD 438,337,000 in 2024 from other gains and losses, a significant improvement from a loss of HKD 5,127,278,000 in 2023[26] - The total classified profit for 2024 was HKD 1,717,421, down from HKD 3,202,264 in 2023, indicating a decrease of about 46.3%[29][31] - Interest income increased to HKD 69,919 in 2024 from HKD 48,997 in 2023, reflecting a growth of approximately 42.6%[29][30] - The company reported a significant impairment loss on intangible assets of HKD 2,263,951 in 2023, which was not present in 2024[30][31] - The effective tax rate for the reporting period was approximately -6.8%, down from 15.5% last year, primarily due to favorable tax authority rulings[88] Production and Reserves - Average daily production in Pakistan decreased by 14.9% to 36,627 barrels of oil equivalent per day from 43,017 in 2023[2] - Average daily production in the Middle East and North Africa increased by 24.5% to 71,452 barrels of oil equivalent per day from 57,390 in 2023[2] - Year-end net proven reserves in Pakistan increased by 1.7% to 49.2 million barrels of oil equivalent from 48.4 million in 2023[2] - Year-end net proven reserves in the Middle East and North Africa decreased by 7.7% to 110.6 million barrels of oil equivalent from 119.8 million in 2023[2] - The average daily production reached approximately 180,554 barrels of oil equivalent, an increase of 7.6% from last year's average of 167,826 barrels of oil equivalent[63] - The cumulative production for the year was approximately 66.08 million barrels of oil equivalent, up 7.9% from approximately 61.26 million barrels of oil equivalent in the previous year[63] - In Pakistan, the average daily production was approximately 51,896 barrels of oil equivalent, a decrease of 17.3% compared to the previous year[64] - In Iraq, the average daily production in the B9 block was approximately 86,832 barrels of oil equivalent, an increase of 37.1% compared to the previous year[65] - The average daily production in Egypt for 2024 is approximately 15,872 barrels of oil equivalent, a decrease of 6.4% compared to the previous year[67] - The cumulative production in Egypt for the year is about 5.8 million barrels of oil equivalent, with a gas-to-oil ratio of approximately 99%[67] Assets and Liabilities - Total assets increased by 1.1% to HKD 26,120,400 thousand from HKD 25,829,150 thousand in the previous year[2] - Total equity attributable to owners increased to HKD 13,289,971 thousand in 2024 from HKD 12,830,726 thousand in 2023, representing a growth of approximately 3.57%[7] - Total classified assets rose to HKD 22,033,729 in 2024 from HKD 21,763,246 in 2023, marking an increase of about 1.2%[31] - Total classified liabilities increased significantly to HKD 10,562,107 in 2024 from HKD 7,946,273 in 2023, representing a rise of approximately 33.5%[31] - Non-current assets totaled HKD 14,251,436 in 2024, an increase from HKD 13,698,361 in 2023, reflecting a growth of about 4%[33] - The company reported a potential tax liability of approximately HKD 898,741,000 as of December 31, 2024, compared to HKD 807,579,000 in 2023[54] - The company has provided guarantees for United Energy Pakistan Limited to fulfill its obligations under the concession agreement[54] Dividends and Shareholder Returns - The company has declared a special dividend of HKD 0.04 per ordinary share for 2024, totaling HKD 1,033,984,000, compared to HKD 1,051,597,000 for 2023[43] - A final dividend of HKD 0.05 per share was proposed, amounting to approximately HKD 1,292,498,000, compared to no dividend last year[92] - The company's available reserves for distribution to shareholders amounted to approximately HKD 6,402,448,000 as of December 31, 2024, down from HKD 7,436,432,000 a year earlier[118] Strategic Initiatives and Acquisitions - The company has entered into an agreement to acquire Apex International Energy Holdings I for a total consideration of approximately HKD 1,170,000,000 (around USD 150,000,000) and deferred consideration of HKD 54,600,000 (around USD 7,000,000)[53] - The acquisition of 52% of the issued shares of Oriental Group Beijing Investment Holding Limited is set at a purchase price of approximately HKD 148,200,000 (around USD 19,000,000)[53] - The company completed the acquisition of 100% equity in Green Profit EOOD for a base price of €37,500,000, aimed at constructing a total of 250 MW solar power facilities in Bulgaria[105] Governance and Compliance - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact the classification of liabilities[11] - The company has not early adopted several new standards and interpretations that are expected to be effective in future periods, indicating a cautious approach to regulatory changes[14] - The company is subject to the corporate governance code as per the listing rules[129] - The independent non-executive directors are required to rotate every three years according to the company's articles of association[125] Operational Efficiency and Future Outlook - The group aims to enhance operational efficiency and focus on high-potential asset investments to drive sustainable growth and value creation[101] - The average daily production target for 2025 is set between 178,900 and 204,200 barrels of oil equivalent, with capital expenditures expected to reach USD 750 million to support exploration and development plans[97] - The group plans to explore opportunities to optimize its capital structure, including potential issuance of corporate bonds in the international debt capital market within the next 12 months[104]

中国能源 威廉·冯，CFA (852) 3900 0826 wayne fung@cmbi.com.hk 2025年3月3日 中国民生银行国际 | 全球市场 | 股权研究 | 覆盖终止 联合能源（467 HK） 终止覆盖 鉴于资源分配更加合理，我们终止了对联合能源的覆盖。所有之前的推荐自覆 盖终止之日起不再有效。 请阅读最后一页的分析师认证和重要披露，更多来自彭博社的报告：响应CMBR或http://www.cm bi.com.hk 1 2025年3月3日 披露与免责声明 分析师认证 该研究报告内容（全部或部分）的主要研究员声明，关于本报告中所涵盖的证券或发行人：（1）所表达的所有观点准确反映了其个人对该证券或发行人的看法 ；并且（2）其薪酬的任何部分均未、现在或将来直接或间接与其在本报告中表达的特定观点相关。 此外，分析师确认，分析师及其关联人（根据香港证券及期货事务监察委员会发布的《行为守则》定义）在以下方面没有参与或交易本研究报告涵盖的股票： （1）在报告发布前30个日历日内未曾买卖本报告涵盖的股票；（2）在报告发布后3个营业日内不会买卖本报告涵盖的股票；（3）未担任本报告涵盖的任何香 港上市公司的董事 ...

Wayne FUNG, CFA (852) 3900 0826 waynefung@cmbi.com.hk PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG: RESP CMBR OR http://www.cmbi.com.hk 1 3 Mar 2025 3 Mar 2025 CMB International Global Markets | Equity Research | Coverage Termination United Energy (467 HK) Termination of Coverage In view of better allocation of resources, we terminate coverage of United Energy. All previous recommendations are no longer valid, as of the date of termination of cove ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 8,439,807, an increase of 35.5% compared to HKD 6,226,137 for the same period in 2023[4] - Gross profit decreased to HKD 1,888,578, down 26% from HKD 2,549,269 year-over-year[4] - Operating profit was HKD 1,501,328, a decline of 38.5% from HKD 2,440,998 in the previous year[4] - Profit before tax was HKD 1,375,268, down 38.6% from HKD 2,239,495 in the same period last year[4] - Net profit for the period was HKD 1,010,270, a decrease of 39.2% compared to HKD 1,663,117 in 2023[4] - Basic earnings per share were HKD 3.90, down from HKD 6.36 in the previous year[4] - Total comprehensive income for the period was HKD 1,011,446, compared to HKD 1,666,891 in the same period last year[5] - The total segment profit for the six months ended June 30, 2024, was HKD 921,006, down from HKD 1,484,834 in the same period of 2023, indicating a decrease of about 38%[20] - The group reported a total comprehensive profit of HKD 1,010,270 for the six months ended June 30, 2024, compared to HKD 1,663,117 for the same period in 2023, indicating a decrease of about 39.3%[20] - The group confirmed an expense of approximately HKD 7,775,000 for the PSU plan for the six months ending June 30, 2024, compared to HKD 6,357,000 in 2023[52] Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 4,343,781, compared to HKD 2,851,219 for the same period in 2023, representing a significant increase[10] - The total cash and cash equivalents at the end of the period increased to HKD 4,395,540 from HKD 2,702,159 in the previous year, showing a strong liquidity position[10] - The company paid dividends of HKD 242 during the current period, up from HKD 109 in the previous year, indicating a commitment to returning value to shareholders[10] - The company’s cash flow from financing activities showed a net outflow of HKD (353,267), compared to HKD (169,719) in the previous year, indicating increased financial obligations[10] - The group’s total liabilities were approximately HKD 3,647,748,000, with a debt ratio of 13.4% compared to 16.5% on December 31, 2023[98] Assets and Liabilities - Non-current assets increased to HKD 14,749,908 from HKD 14,170,196 at the end of 2023[6] - Current liabilities rose to HKD 10,563,911, up from HKD 8,987,411 at the end of 2023[7] - Total equity increased to HKD 13,812,317 from HKD 12,836,149 at the end of 2023[7] - The group's total assets as of June 30, 2024, amounted to HKD 21,986,313, compared to HKD 21,763,246 as of December 31, 2023, reflecting a slight increase of approximately 1%[19] - The total liabilities for the group as of June 30, 2024, were HKD 10,930,641, up from HKD 7,946,273 as of June 30, 2023, showing an increase of about 37.5%[19] Capital Expenditures and Investments - The company incurred a deposit of HKD (31,581) for the acquisition of a subsidiary, reflecting ongoing expansion efforts[10] - The group purchased property, plant, and equipment totaling approximately HKD 2,934,258,000 for the six months ended June 30, 2024, compared to HKD 3,422,255,000 in 2023, reflecting a decrease of about 14.3%[32] - Capital expenditures for the first half of 2024 were approximately HKD 2,845,238,000, a decrease of 13.0% compared to the previous year[90] Production and Exploration - The average daily production of the company was approximately 171,195 barrels of oil equivalent, an increase of 0.5% from 170,271 barrels of oil equivalent in the same period last year[66] - The company achieved 6 commercial discoveries during the reporting period, with 4 in Pakistan, 1 in Egypt, and 1 in Iraq[66] - The average daily production in Iraq's B9 block was approximately 74,824 barrels of oil equivalent, an increase of 19.1% compared to the same period last year[68] - The company incurred exploration costs of approximately HKD 244,292,000 and development costs of approximately HKD 2,567,422,000 during the reporting period[64] Shareholder Information - The company repurchased a total of 91,054,000 shares as treasury stock for approximately HKD 31,233,000 in June 2024[49] - The group has a significant short position of 2,696,809,090 shares, representing 10.39%[109] - The total shares held by major shareholders include 6,572,483,000 shares (25.33%) by Dongfang Group[113] - The ownership structure indicates that Zhang Hongwei is deemed to have control over 66.23% of the shares through various entities[110] Governance and Compliance - The company has complied with the corporate governance code as per the listing rules, except for the CEO position which remains vacant[117] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024, and found them satisfactory[119] - The company has established a nomination committee responsible for the nomination of directors and reviewing the board's composition[117] - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the six months ending June 30, 2024[118]

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was HKD 8,439,807, representing a 35.6% increase compared to HKD 6,226,137 in the same period of 2023[2] - Profit for the period was HKD 1,010,270, down 39.3% from HKD 1,663,117 in the previous year[2] - Basic earnings per share fell by 38.7% to HKD 3.90 from HKD 6.36[2] - The company reported a total comprehensive profit of HKD 1,010,270 for the six months ended June 30, 2024, down from HKD 1,663,117 for the same period in 2023, a decline of approximately 39.2%[23] - The company recorded a profit attributable to shareholders of approximately HKD 1,010,276,000, a decrease of 39.3% compared to HKD 1,663,123,000 in the same period last year[70] Production and Exploration - Average daily production in Pakistan decreased by 13.9% to 38,349 barrels of oil equivalent, while production in the Middle East and North Africa increased by 12.1% to 63,949 barrels[2] - The average daily production during the reporting period was approximately 171,195 barrels of oil equivalent, a 0.5% increase from 170,271 barrels of oil equivalent in the previous year[72] - The company achieved six commercial discoveries during the reporting period, with four in Pakistan, one in Egypt, and one in Iraq[72] - The company drilled a total of 23 wells during the reporting period, with 10 in Pakistan and 13 in the Middle East and North Africa[71] - The cumulative production in Pakistan was approximately 9.91 million barrels of oil equivalent, with a cumulative equity production of approximately 6.98 million barrels of oil equivalent[75] Financial Position - Total assets increased by 5.8% to HKD 27,315,492 from HKD 25,829,150[2] - Net assets rose by 7.6% to HKD 13,812,317 compared to HKD 12,836,149 at the end of 2023[2] - The company’s cash and cash equivalents increased to HKD 4,395,540 from HKD 3,327,279[9] - Total trade and other receivables as of June 30, 2024, amounted to HKD 7,811,790,000, a decrease from HKD 8,048,362,000 as of December 31, 2023[38] - The total debt as of June 30, 2024, was approximately HKD 313,611,000, significantly reduced from HKD 2,794,035,000 as of December 31, 2023[116] Expenses and Costs - Gross profit decreased by 25.9% to HKD 1,888,578 from HKD 2,549,269 year-on-year[2] - The financing cost for the six months ended June 30, 2024, totaled HKD 166,094,000, compared to HKD 150,006,000 in 2023, with a weighted average capitalized interest rate of 8.1% in 2024, down from 11.4%-12.0% in 2023[27] - The income tax expense for the six months ended June 30, 2024, was HKD 364,998,000, a decrease from HKD 576,378,000 in 2023[28] - Exploration expenses rose significantly to approximately HKD 92,684,000, compared to HKD 13,157,000 in the same period last year[97] Shareholder Returns and Dividends - The company has approved a special dividend of HKD 0.04 per share for 2024, to be paid on October 21, 2024, with no interim dividend declared for the six months ended June 30, 2024[33] - The company repurchased 91,054,000 shares as treasury stock in June 2024, at a total cost of approximately HKD 31,233,000[53] Governance and Compliance - The company has complied with the corporate governance code, except for the CEO position, which remains vacant[137] - The audit committee reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024, and found them satisfactory[140] - The company has established a nomination committee responsible for board member nominations and diversity policies[138] Future Outlook and Strategy - The average daily production target for 2024 is set between 176,300 and 197,600 barrels of oil equivalent[108] - The company is actively pursuing partnerships with local firms in the Middle East to enhance operational capabilities and reduce costs by 15%[146] - The company plans to publish a detailed interim report in accordance with listing rules, which will be sent to shareholders[143]