[Management Discussion and Analysis](index=3&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an overview of the company's operational and financial performance, market outlook, and strategic initiatives for the reporting period [Business Review](index=3&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) United Energy Group Limited faced challenges in H1 2025 with declining oil prices and a 26.7% decrease in profit attributable to owners, yet achieved stable production growth through active management and new discoveries - In H1 2025, the average Brent crude oil price was **US$72.03 per barrel**, a decrease of approximately **14.04%** from US$83.79 per barrel in H1 2024[7](index=7&type=chunk) Profit Attributable to Owners | Metric | H1 2025 (HK$) | H1 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners | 740,147,000 | 1,010,276,000 | -26.7% | - During the reporting period, the Group drilled a total of **24 wells**, with **8 wells** in Pakistan assets and **16 wells** in Middle East and North Africa assets[7](index=7&type=chunk) - The Group achieved **3 commercial discoveries** in oil and gas exploration, with **1** in Pakistan and **2** in Egypt[8](index=8&type=chunk) Average Daily Production Comparison | Metric | H1 2025 (boe) | H1 2024 (boe) | Growth (%) | | :--- | :--- | :--- | :--- | | Average Operated Daily Production | 187,258 | 171,195 | 9.4% | | Average Working Interest Daily Production | 111,762 | 102,298 | 9.3% | - Cumulative operated production and cumulative working interest production both showed stable growth, primarily due to active management of existing wells and commercial discoveries from new wells[9](index=9&type=chunk) - The Group's reserve life remained at approximately **16 years**[13](index=13&type=chunk) - The central processing facility in Iraq's B9 block, with a daily crude oil processing capacity of **100,000 barrels** and a daily natural gas processing capacity of **130 million cubic feet**, is fully operational, and a **72-kilometer LPG export pipeline** has been successfully constructed[14](index=14&type=chunk) - The Group actively responds to global carbon reduction initiatives, adopting a "dual-driven" strategy to develop traditional fossil energy businesses while promoting clean energy projects, including solar and wind[17](index=17&type=chunk) [Exploration, Development, and Production](index=3&type=section&id=%E5%8B%98%E6%8E%A2%E3%80%81%E9%96%8B%E7%99%BC%E5%8F%8A%E7%94%A2%E5%93%81) The Group made three commercial discoveries and achieved overall production growth in H1 2025, with notable increases in Iraq assets offsetting declines in Pakistan and slight decreases in Egypt - The Group continued its oil and gas exploration efforts, adhering to a "value-driven, small and rich field exploration and discovery" strategy, resulting in **3 commercial discoveries** (1 in Pakistan, 2 in Egypt)[8](index=8&type=chunk) Average Daily Production by Asset | Asset | H1 2025 (boe) | H1 2024 (boe) | Change (%) | | :--- | :--- | :--- | :--- | | Pakistan (Operated) | 44,686 | 54,500 (Est.) | -18.0% | | Pakistan (Working Interest) | 31,571 | 38,349 | -17.7% | | Iraq B9 (Operated) | 101,390 | 74,826 (Est.) | +35.5% | | Iraq B9 (Working Interest) | 60,834 | 44,896 (Est.) | +35.5% | | Iraq Siba (Operated) | 26,604 | 26,315 (Est.) | +1.1% | | Iraq Siba (Working Interest) | 7,981 | 7,894 (Est.) | +1.1% | | Egypt (Operated) | 14,577 | 15,574 (Est.) | -6.4% | | Egypt (Working Interest) | 11,376 | 11,596 (Est.) | -1.9% | - The oil-to-gas ratio in Pakistan assets was approximately **21%**, 5 percentage points lower than the previous year[10](index=10&type=chunk) - The oil-to-gas ratio for Iraq B9 block was **100%**, and for Siba gas field, it was approximately **67%**[11](index=11&type=chunk) - The oil-to-gas ratio for Egypt assets was approximately **99%**[12](index=12&type=chunk) [Core Competencies Analysis](index=5&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%B6%E7%88%AD%E5%8A%9B%E5%88%86%E6%9E%90) The Group's core strengths include successful exploration, rapid development of large oil fields, industry-leading low-cost operations, excellent HSE performance, and commitment to low-carbon transition and social responsibility - Achieved **3 commercial discoveries** in H1, maintaining a reserve life of nearly **16 years**[13](index=13&type=chunk) - The central processing facility in Iraq's B9 block is fully operational, and a **72-kilometer LPG export pipeline** has been successfully constructed[14](index=14&type=chunk) - The Group is committed to efficient operational management, maintaining an industry-leading low-cost advantage, and possessing a robust financial position with low leverage[15](index=15&type=chunk) - Operational safety is a top priority, with HSE indicators at industry-leading levels and a comprehensive risk prevention and control system established[16](index=16&type=chunk) - Adopting a "dual-driven" strategy, developing traditional fossil energy businesses while promoting clean energy projects (solar and wind)[17](index=17&type=chunk) - High priority on employees, building a diverse international team, and actively investing in local community education, healthcare, and vocational training programs[18](index=18&type=chunk) [Sales and Marketing](index=6&type=section&id=%E9%8A%B7%E5%94%AE%E8%88%87%E5%B8%82%E5%A0%B4) In H1 2025, the Group's cumulative working interest sales of crude oil and condensate increased by 18.9%, but average realized prices fell by 13.6% due to lower Brent crude prices; natural gas sales decreased by 12.3% with a 3.0% price drop, while energy trading sold 896,723 metric tons of petrochemical products - Crude oil sales prices are primarily determined by international benchmark crude oil prices of similar quality, using Brent crude oil prices as a benchmark[19](index=19&type=chunk) - Crude oil from Egyptian assets is sold to the Egyptian National Oil and Gas Company, with prices typically slightly lower than Brent crude oil prices[19](index=19&type=chunk) Crude Oil and Condensate Sales Data | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cumulative Working Interest Sales Volume | 15.1 million barrels | 12.7 million barrels | +18.9% | | Average Realized Price | US$68.19/barrel | US$78.93/barrel | -13.6% | - Natural gas sales prices are based on long-term sales agreements negotiated with customers, including a price review mechanism linked to international oil prices[20](index=20&type=chunk) Natural Gas Sales Data | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cumulative Working Interest Sales Volume | 5.0 million boe | 5.7 million boe | -12.3% | | Average Realized Price | US$29.75/boe | US$30.67/boe | -3.0% | - The energy trading segment sold **896,723 metric tons** of petrochemical products, with an average realized price of approximately **US$532.15 per metric ton**[21](index=21&type=chunk) [Financial Performance](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) In H1 2025, profit attributable to owners decreased by 26.7% to HK$740 million, primarily due to lower average realized prices for crude oil and condensate, with revenue down 4.2% and gross profit down 30.8%, despite growth in trading and clean energy businesses Key Financial Indicators Comparison | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners | 740,147 | 1,010,276 | -26.7% | | Revenue | 8,087,956 | 8,439,807 | -4.2% | | Gross Profit | 1,306,118 | 1,888,578 | -30.8% | | Operating Profit | 1,162,820 | 1,501,328 | -22.5% | | Profit Before Tax | 1,029,078 | 1,375,268 | -25.2% | | Net Cash Inflow from Operating Activities | 2,739,813 | 4,343,781 | -36.9% | | Adjusted EBITDA | 3,427,420 | 4,156,371 | -17.5% | - The average realized price for oil and gas from exploration and production activities was approximately **US$58.58 per boe**, a year-on-year decrease of **8.4%**[22](index=22&type=chunk) Revenue by Business Segment | Business | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Exploration and Production | 4,318,738 | 5,049,188 | -14.46% | | Trading | 3,722,090 | 3,390,619 | +9.77% | | Clean Energy Business | 47,128 | – | N/A | - The decrease in revenue was primarily due to lower average realized prices for crude oil and condensate, partially offset by increased revenue from trading and new clean energy businesses[23](index=23&type=chunk) - Lifting costs for exploration and production activities increased by **14.8%** to approximately **HK$697 million**, with overall lifting costs per boe slightly up by **4.8%** to approximately **US$4.4**[25](index=25&type=chunk) - Depreciation and amortization decreased by **7.7%** to approximately **HK$2.355 billion**[26](index=26&type=chunk) - Exploration expenses decreased to approximately **HK$65.17 million**, primarily for geological and geophysical data studies and the write-off of dry and abandoned wells in Egyptian assets[28](index=28&type=chunk) - Administrative expenses increased to approximately **HK$374 million**, accounting for **4.6%** of revenue[29](index=29&type=chunk) - Finance costs decreased by **13.3%** to approximately **HK$142 million**, mainly due to the one-off amortization of upfront fees from loan repayments in the prior period, partially offset by increased trade finance loans; the weighted average borrowing interest rate was **9.69%** (2024: 13.47%)[30](index=30&type=chunk) - Income tax expense was approximately **HK$289 million**, with an effective tax rate of approximately **28.1%**, up 1.6 percentage points year-on-year[31](index=31&type=chunk) - Net cash outflow from investing activities decreased by **27.3%** to approximately **HK$2.123 billion**, primarily due to a **22.3%** reduction in capital expenditure[33](index=33&type=chunk) - Net cash outflow from financing activities was approximately **HK$1.566 billion**, mainly comprising dividends paid of approximately **HK$1.292 billion** and loan repayments of approximately **HK$186 million**[34](index=34&type=chunk) - The Board does not recommend the payment of an interim dividend for the reporting period[35](index=35&type=chunk) [Business and Market Outlook](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E5%8F%8A%E5%B8%82%E5%A0%B4%E5%B1%95%E6%9C%9B) The Group anticipates 3.0% global economic growth in 2025 and a 1.3 million b/d increase in crude oil demand, but expects lower market prices in H2 due to potentially higher supply growth, while setting production targets and planning US$750 million in capital expenditure - IMF forecasts **3.0% global economic growth** in 2025, with inflation declining to **4.2%**, but high risks remain from trade tensions, geopolitical uncertainties, and fiscal vulnerabilities[40](index=40&type=chunk) - OPEC projects global crude oil demand to grow by **1.3 million barrels per day** year-on-year in 2025, averaging **105.13 million barrels per day**, but supply growth may outpace demand, leading to a lower market price environment in H2[40](index=40&type=chunk) 2025 Production Targets | Metric | Target Range (boe) | | :--- | :--- | | Average Operated Daily Production | 178,900 – 204,200 | | Average Working Interest Daily Production | 104,200 – 120,600 | - Capital expenditure is projected to reach **US$750 million**, primarily for exploration, development, and engineering construction plans, with efficient capital expenditure management[40](index=40&type=chunk) - Pakistan's natural gas demand is expected to continue growing while domestic production declines, leading to LNG imports; the Group's natural gas sales in Pakistan are almost guaranteed to be received by state-owned customers[41](index=41&type=chunk) - Pakistan assets are planned to achieve an average working interest daily production of **29,500 to 35,500 boe** in 2025[41](index=41&type=chunk) - Middle East and North Africa assets possess **576.7 million boe** of working interest proved and probable reserves, with **97.0%** located in Iraq[42](index=42&type=chunk) - Average operated daily production in Iraq's B9 block is expected to reach **130,000 boe**, while Siba gas field is projected to maintain sustainable peak production[42](index=42&type=chunk) - For Egyptian assets, if the acquisition plan is successfully implemented, the local asset portfolio will **double**[42](index=42&type=chunk) - Iraq assets are planned to achieve an average working interest daily production of **65,100 to 73,000 boe** in 2025, and Egyptian assets **9,500 to 12,100 boe**[43](index=43&type=chunk) [Liquidity and Financial Resources](index=13&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group maintained a strong financial position with bank and cash balances of approximately HK$1.994 billion, a gearing ratio of 9.7%, and a current ratio of 0.87x, while exploring capital structure optimization including corporate bond issuance Liquidity and Financial Resources Overview | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank and Cash Balances | 1,993,774 | 2,935,796 | | Gearing Ratio | 9.7% | 11.6% | | Current Ratio | 0.87x | 1.01x | | Total Borrowings | 332,495 | 233,775 | | Average Interest Rate on Total Borrowings | 8.80% | 8.61% | - The Group is exploring various opportunities to optimize its capital structure, including its debt portfolio, and plans to explore international debt capital market opportunities, including corporate bond issuance, within the next 12 months[48](index=48&type=chunk) [Significant Acquisitions and Disposals](index=14&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) On February 7, 2025, the Group agreed to acquire Apex International Energy Holdings I for approximately HK$1.17 billion, and on February 14, 2025, completed the acquisition of a 52% stake in Oriental Group Beijing Investment Holdings Co., Ltd. for approximately HK$148 million - The Group signed an agreement to conditionally acquire Apex International Energy Holdings I, an oil and gas exploration and production company in Egypt, for approximately **HK$1.17 billion** (approximately US$150 million) plus deferred consideration of approximately **HK$54.6 million** (approximately US$7 million)[49](index=49&type=chunk) - The Group acquired a **52%** equity stake in Oriental Group Beijing Investment Holdings Co., Ltd. (OGBIH) from an associated company for approximately **HK$148 million** (approximately US$19 million), with the transaction completed on May 12, 2025[49](index=49&type=chunk) [Capital Structure and Employees](index=14&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B%E8%88%87%E5%83%B1%E5%93%A1) As of June 30, 2025, the company's issued share capital (including treasury shares) totaled 26,040,504,786 shares, with 190,910,000 treasury shares, and the Group employed 2,345 full-time employees globally with compensation reviewed regularly - As of June 30, 2025, the number of issued shares (including treasury shares) of the company was **26,040,504,786**[51](index=51&type=chunk) - Treasury shares amounted to **190,910,000 shares**, intended for future employee share options, share award schemes, scrip dividends, acquisitions, fundraising, or resale[51](index=51&type=chunk) - As of June 30, 2025, the Group employed a total of **2,345 full-time employees** globally[52](index=52&type=chunk) - Employee compensation and benefits are regularly reviewed based on individual performance and market practices, including basic salary, year-end bonuses, medical, and provident fund contributions[52](index=52&type=chunk) [Risk Management and Corporate Governance](index=15&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) The Group maintained sufficient public float and utilized share option and performance share unit schemes for employee incentives, with changes in the Board of Directors including new appointments and re-designations, while adhering to corporate governance codes - The Group maintained a sufficient public float throughout the reporting period[55](index=55&type=chunk) - The share option scheme has a validity period of **ten years**, from May 27, 2016, to May 26, 2026; as of the reporting date, approximately **9 months** of validity remain[56](index=56&type=chunk) - The Performance Share Unit Scheme (PSU Scheme) was adopted on April 1, 2019, to drive shareholder value growth, achieve medium-to-long-term performance targets, and attract and retain key talent[59](index=59&type=chunk) - During the reporting period, there were no new grants under the PSU Scheme, **36,366,895 granted shares** vested, and **700,000 granted shares** were cancelled[60](index=60&type=chunk) - Mr. Song Yu was appointed as an Executive Director on June 4, 2025, and re-designated as Chairman on June 27, 2025[67](index=67&type=chunk) - Mr. Zhao Pingshun was appointed as an Executive Director, Authorized Representative, and a member of the Remuneration Committee and Nomination Committee[67](index=67&type=chunk) - Mr. Yao Zhisheng was re-designated from an Executive Director to a Non-executive Director[67](index=67&type=chunk) - The Group complied with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except that the position of Chief Executive Officer remained vacant, with duties performed by Executive Directors and management personnel[70](index=70&type=chunk) - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and found them satisfactory[72](index=72&type=chunk) [Independent Review Report](index=23&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) RSM Hong Kong reviewed United Energy Group Limited's interim financial information for H1 2025, finding no material non-compliance with HKAS 34, but noted a significant going concern uncertainty due to net current liabilities - The scope of review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, and therefore no audit opinion is expressed[78](index=78&type=chunk) - Based on the review, nothing has come to the reviewer's attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[79](index=79&type=chunk) - As of June 30, 2025, the Group had net current liabilities of **HK$1,434,582,000**, which constitutes a material uncertainty related to going concern[80](index=80&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=25&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue was HK$8.088 billion, a 4.2% decrease year-on-year, with gross profit down 30.8% to HK$1.306 billion, and profit for the period decreasing 26.7% to HK$740 million Condensed Consolidated Statement of Profit or Loss Summary | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 8,087,956 | 8,439,807 | | Cost of Sales | (6,781,838) | (6,551,229) | | Gross Profit | 1,306,118 | 1,888,578 | | Operating Profit | 1,162,820 | 1,501,328 | | Profit Before Tax | 1,029,078 | 1,375,268 | | Income Tax Expense | (288,936) | (364,998) | | Profit for the Period | 740,142 | 1,010,270 | | Basic Earnings Per Share (HK cents) | 2.88 | 3.90 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=26&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's profit for the period was HK$740 million, with other comprehensive income totaling HK$59.5 million, primarily from foreign currency translation differences and reclassification of foreign currency translation reserve on disposal of an associate, resulting in a total comprehensive income of HK$799 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit for the Period | 740,142 | 1,010,270 | | Exchange differences on translation of overseas operations | 28,669 | 1,176 | | Release of foreign currency translation reserve on deemed disposal of investment in an associate and reclassified to profit or loss | 30,834 | – | | Other comprehensive income for the period, net of tax | 59,503 | 1,176 | | Total comprehensive income for the period | 799,645 | 1,011,446 | [Condensed Consolidated Statement of Financial Position](index=27&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets were HK$25.035 billion, with total current assets of HK$9.374 billion and total current liabilities of HK$10.809 billion, resulting in net current liabilities of HK$1.435 billion, a decrease from net current assets of HK$64.35 million at year-end 2024 Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 15,660,805 | 15,287,406 | | Total Current Assets | 9,374,037 | 10,832,994 | | Total Current Liabilities | 10,808,619 | 10,768,648 | | Net Current (Liabilities) / Assets | (1,434,582) | 64,346 | | Total Assets Less Current Liabilities | 14,226,223 | 15,351,752 | | Non-current Liabilities | 1,418,103 | 2,056,372 | | Net Assets | 12,808,120 | 13,295,380 | | Total Equity | 12,808,120 | 13,295,380 | [Condensed Consolidated Statement of Changes in Equity](index=29&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, the Group's total equity decreased from HK$13.295 billion on January 1, 2025, to HK$12.808 billion, primarily due to HK$1.292 billion in dividends paid, despite HK$799 million in total comprehensive income Condensed Consolidated Statement of Changes in Equity Summary | Metric | January 1, 2025 (HK$ thousand) | June 30, 2025 (HK$ thousand) | | :--- | :--- | :--- | | Total Equity | 13,295,380 | 12,808,120 | | Total comprehensive income for the period | – | 799,645 | | Dividends paid | – | (1,292,480) | | Equity-settled share-based payments under Performance Share Unit Scheme | – | 5,575 | | Shares vested under Performance Share Unit Scheme | – | – | | Equity attributable to owners of the Company | 13,289,971 | 12,802,716 | [Condensed Consolidated Statement of Cash Flows](index=30&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash generated from operating activities was HK$2.74 billion, a 36.9% decrease year-on-year, with net cash outflows from investing and financing activities of HK$2.123 billion and HK$1.566 billion respectively, resulting in a HK$949 million decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Summary | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 2,739,813 | 4,343,781 | | Net cash used in investing activities | (2,122,961) | (2,920,852) | | Net cash used in financing activities | (1,565,619) | (353,267) | | Net (decrease) / increase in cash and cash equivalents | (948,767) | 1,069,662 | | Cash and cash equivalents at end of period | 1,993,774 | 4,395,540 | - Dividends paid amounted to **HK$1,292,480,000**, and loan repayments were **HK$186,420,000**[87](index=87&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=31&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes to the condensed consolidated financial statements, covering accounting policies, significant judgments, and disaggregated financial information [Going Concern Basis](index=31&type=section&id=%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E5%9F%BA%E6%BA%96) As of June 30, 2025, the Group's net current liabilities of approximately HK$1.435 billion indicate a material uncertainty regarding its ability to continue as a going concern, though the Board anticipates sufficient working capital through financing, positive cash flow, and cost control - As of June 30, 2025, the Group had net current liabilities of approximately **HK$1,434,582,000**, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[89](index=89&type=chunk) - The Board believes the Group will have sufficient working capital for the foreseeable future, planning to negotiate additional bank financing, expecting positive cash flow from future operations, and strengthening cost control[89](index=89&type=chunk)[90](index=90&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=32&type=section&id=%E6%8E%A1%E7%B4%8D%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E4%B9%8B%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87) The Group first applied amendments to HKAS 21 "Lack of Exchangeability" from January 1, 2025, without changing accounting policies or making retrospective adjustments, and has not early adopted any other new or revised standards - The Group first applied amendments to Hong Kong Accounting Standard 21 "Lack of Exchangeability" from January 1, 2025, but did not change accounting policies or make retrospective adjustments as a result[93](index=93&type=chunk) - The Group has not early adopted any new or revised standards that are effective for future periods in preparing the condensed interim financial statements[94](index=94&type=chunk) [Segment Information](index=33&type=section&id=%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group identified three reportable segments: Exploration and Production, Trading, and Clean Energy Business, with H1 2025 revenues of HK$4.319 billion, HK$3.722 billion, and HK$47.13 million respectively, and corresponding segment profits/losses - The Group identified three reportable segments: Exploration and Production (oil and gas exploration and production), Trading (energy product trading), and Clean Energy Business (wind power generation)[100](index=100&type=chunk)[101](index=101&type=chunk) H1 2025 Segment Revenue and Profit | Segment | Revenue from External Customers (HK$ thousand) | Segment Profit / (Loss) (HK$ thousand) | | :--- | :--- | :--- | | Exploration and Production | 4,318,738 | 403,550 | | Trading | 3,722,090 | (8,769) | | Clean Energy Business | 47,128 | 10,619 | | **Total** | **8,087,956** | **405,400** | H1 2025 Revenue by Geographical Market | Major Geographical Market | Sales and Production from Crude Oil, Condensate, Natural Gas and LPG (HK$ thousand) | Trading of Energy Products (HK$ thousand) | Sales of Electricity Generated from Wind Power (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Pakistan | 991,879 | 542,675 | 47,128 | 1,581,682 | | Singapore | 293,988 | 2,566,668 | – | 2,860,656 | | Egypt | 472,278 | – | – | 472,278 | | Iraq | 2,560,593 | – | – | 2,560,593 | | UAE | – | 612,747 | – | 612,747 | | **Revenue from External Customers** | **4,318,738** | **3,722,090** | **47,128** | **8,087,956** | [Finance Costs](index=37&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, the Group's total finance costs were HK$145 million, with HK$3.14 million capitalized, resulting in net finance costs of HK$142 million, a 13.3% decrease year-on-year, primarily driven by customer deposit interest and bank loan interest Finance Costs Components | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on bank loans | 12,355 | 78,526 | | Interest expense on lease liabilities | 7,960 | 9,769 | | Interest on customer deposits | 102,823 | 64,568 | | Provision – unwinding of discount | 20,914 | 13,231 | | Others | 745 | – | | **Total borrowing costs** | **144,797** | **166,094** | | Amount capitalized | (3,142) | (2,629) | | **Net finance costs** | **141,655** | **163,465** | - In 2025, the weighted average capitalization rate for borrowing costs was generally **7.5%** (2024: 8.1%)[108](index=108&type=chunk) [Income Tax Expense](index=37&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, the Group's income tax expense was HK$289 million, comprising HK$354 million in current tax and a HK$64.94 million deferred tax credit, resulting in an effective tax rate of approximately 28.1%, up 1.6 percentage points from the prior year Income Tax Expense Components | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current tax – overseas | 353,872 | 573,721 | | Deferred tax | (64,936) | (208,723) | | **Total income tax expense** | **288,936** | **364,998** | - During the reporting period, the Group's effective tax rate was approximately **28.1%**, an increase of **1.6 percentage points** compared to approximately 26.5% in the prior period[31](index=31&type=chunk) - Income tax rates in Egypt, Iraq, Pakistan, Singapore, and China were **22.5%**, **35%**, **40% to 50%**, **17%**, and **25%** respectively[109](index=109&type=chunk) [Profit for the Period](index=38&type=section&id=%E6%9C%AC%E6%9C%9F%E9%96%93%E6%BA%A2%E5%88%A9) For the six months ended June 30, 2025, the Group's profit for the period was HK$740 million, after accounting for significant expenses such as depreciation of HK$2.286 billion and amortization of intangible assets of HK$99.38 million, and gains from bargain purchase of a subsidiary and deemed disposal of an associate Profit for the Period Adjustments | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Acquisition-related costs | 1,798 | – | | Impairment loss on property, plant and equipment | 24,020 | – | | Write-off of property, plant and equipment | 11,799 | – | | Gain on deemed disposal of investment in an associate | (78,912) | – | | Bargain purchase gain on acquisition of a subsidiary | (114,381) | – | | Amortization of intangible assets | 99,380 | 166,926 | | Depreciation | 2,285,989 | 2,409,060 | | Depreciation of right-of-use assets | 44,228 | 40,316 | | Directors' emoluments | 9,765 | 9,919 | | Fair value gain on financial assets at fair value through profit or loss | (814) | (226) | | Fair value gain on derivative financial instruments | (216) | – | | Realized gain on derivative financial instruments | (16) | – | [Earnings Per Share](index=38&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company decreased to 2.88 HK cents from 3.90 HK cents in the prior year, with diluted earnings per share being the same due to no potential dilutive ordinary shares Earnings Per Share Comparison | Metric | H1 2025 (HK cents) | H1 2024 (HK cents) | | :--- | :--- | :--- | | Basic Earnings Per Share | 2.88 | 3.90 | | Diluted Earnings Per Share | N/A | N/A | - Basic earnings per share attributable to owners of the Company is calculated based on the profit attributable to owners of the Company of approximately **HK$740,147,000** for the period and the weighted average number of ordinary shares outstanding of **25,682,474,305 shares** during the period[112](index=112&type=chunk) - For the six months ended June 30, 2025, and 2024, there were no potential dilutive ordinary shares, thus diluted earnings per share were the same as basic earnings per share[113](index=113&type=chunk) [Dividends](index=38&type=section&id=%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the Group paid a final dividend of 5 HK cents per ordinary share for 2024, totaling HK$1.292 billion, and the Board does not recommend any interim dividend for the current reporting period Dividends Paid | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Final dividend for 2024 of 5 HK cents per ordinary share | 1,292,480 | – | - The Directors of the Company do not recommend the payment of any interim dividend for the six months ended June 30, 2025[114](index=114&type=chunk) [Property, Plant and Equipment](index=39&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) For the six months ended June 30, 2025, the Group acquired approximately HK$2.244 billion in property, plant and equipment, excluding HK$419.3 million acquired through business combinations, indicating continued investment in fixed assets - For the six months ended June 30, 2025, the Group acquired approximately **HK$2,244,137,000** (2024: HK$2,934,258,000) of property, plant and equipment[115](index=115&type=chunk) - This excludes property, plant and equipment of approximately **HK$419,307,000** acquired through business combinations[115](index=115&type=chunk) [Trade and Other Receivables](index=39&type=section&id=%E8%B2%A1%E5%8B%99%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE) As of June 30, 2025, the Group's total trade and other receivables decreased to HK$7.092 billion from HK$7.604 billion at year-end 2024, with trade receivables at HK$5.729 billion, including HK$1.329 billion over 90 days, and a HK$196 million provision for natural gas price adjustments Trade and Other Receivables Comparison | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 5,729,194 | 6,320,638 | | Provision for trade receivables | (102,348) | (102,348) | | Provision for price adjustment | (195,837) | (196,100) | | Other receivables (net of provision) | 1,660,948 | 1,581,743 | | **Total** | **7,091,957** | **7,603,933** | Trade Receivables Ageing Analysis (June 30, 2025) | Ageing | Amount (HK$ thousand) | | :--- | :--- | | 0 to 30 days | 2,829,963 | | 31 to 60 days | 265,690 | | 61 to 90 days | 1,304,342 | | Over 90 days | 1,329,199 | - The Group has made a provision of approximately **HK$195,837,000** for potential price adjustments under Pakistan's natural gas sales agreements[120](index=120&type=chunk) - Other receivables primarily include amounts due from joint operators of **HK$759 million**, deposits and prepayments of **HK$459 million**, and sales tax receivables of **HK$213 million**[121](index=121&type=chunk) [Trade and Other Payables](index=41&type=section&id=%E8%B2%A1%E5%8B%99%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE) As of June 30, 2025, the Group's total trade and other payables decreased to HK$8.973 billion from HK$9.774 billion at year-end 2024, with current liabilities at HK$8.611 billion and non-current liabilities at HK$362 million, including accrued operating and capital expenditures, customer deposits, and infrastructure fund provisions Trade and Other Payables Comparison | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 1,569,633 | 2,139,032 | | Other payables | 7,402,924 | 7,634,687 | | **Total** | **8,972,557** | **9,773,719** | | Current liabilities | 8,610,968 | 8,794,443 | | Non-current liabilities | 361,589 | 979,276 | Trade Payables Ageing Analysis (June 30, 2025) | Ageing | Amount (HK$ thousand) | | :--- | :--- | | 0 to 30 days | 534,410 | | 31 to 60 days | 72,217 | | 61 to 90 days | 24,993 | | Over 90 days | 938,013 | - Other payables primarily include accrued operating and capital expenditures of **HK$2,716,949 thousand**, customer deposits of **HK$1,872,000 thousand**, and infrastructure fund provisions of **HK$1,076,620 thousand**[124](index=124&type=chunk) - The Group entered into an agreement with a customer for secured crude oil prepayment financing of up to approximately **HK$3.12 billion** (approximately US$400 million), with an annual interest rate of 3-month SOFR plus **5.25%**[127](index=127&type=chunk) [Borrowings](index=42&type=section&id=%E5%80%9F%E6%AC%BE) As of June 30, 2025, the Group's total secured bank loans increased to HK$332 million from HK$234 million at year-end 2024, with current liabilities at HK$202 million and non-current liabilities at HK$131 million Borrowings Comparison | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank loans, secured | 332,495 | 233,775 | | Current liabilities | 201,649 | 155,825 | | Non-current liabilities | 130,846 | 77,950 | [Provisions](index=42&type=section&id=%E6%92%A5%E5%82%99) As of June 30, 2025, the Group's total provisions amounted to HK$706 million, primarily comprising HK$500 thousand for dismantling costs of leased property renovations and HK$706 million for decommissioning costs, which are reviewed annually based on environmental obligations from oil and gas activities Provisions Components | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Dismantling costs for leased property renovations | 500 | 500 | | Decommissioning costs | 705,859 | 733,211 | | **Total** | **706,359** | **733,711** | | Current liabilities | 33,959 | 33,959 | | Non-current liabilities | 672,400 | 699,752 | - Decommissioning cost liabilities are determined by management by discounting expected future expenditures to their present net value using a pre-tax rate that reflects the specific risks associated with the obligation[128](index=128&type=chunk) [Share Capital](index=43&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's authorized share capital was HK$600 million, with issued and fully paid share capital of HK$260.4 million, consisting of 26,040,504,786 ordinary shares of HK$0.01 each, including 190,910,000 treasury shares Share Capital Structure | Item | June 30, 2025 (HK$ thousand) | | :--- | :--- | | Authorized share capital (60,000,000,000 ordinary shares of HK$0.01 each) | 600,000 | | Issued and fully paid share capital (26,040,504,786 ordinary shares of HK$0.01 each) | 260,405 | Number of Shares | Item | June 30, 2025 (thousand shares) | | :--- | :--- | | Issued shares (net of treasury shares) | 25,849,594 | | Treasury shares | 190,910 | | Issued shares | 26,040,504 | [Performance Share Unit Scheme](index=44&type=section&id=%E7%B8%BE%E6%95%88%E8%82%A1%E6%AC%8A%E5%96%AE%E4%BD%8D%E8%A8%88%E5%8A%83) The Performance Share Unit Scheme (PSU Scheme), adopted on April 1, 2019, aims to incentivize employees; in H1 2025, no new shares were granted, 36,366,895 granted shares vested, 700,000 were cancelled, and the Group recognized an expense of approximately HK$5.58 million - The PSU Scheme aims to incentivize the Group's employees to drive shareholder value growth, achieve medium-to-long-term performance targets, and attract and retain key talent[131](index=131&type=chunk) - For the six months ended June 30, 2025, the trustee did not purchase any shares from the market, and no new shares were granted[132](index=132&type=chunk) Performance Share Unit Scheme Award Share Movements (H1 2025) | Grant Date | Outstanding at Jan 1 (shares) | Vested during period (shares) | Forfeited during period (shares) | Outstanding at June 30 (shares) | | :--- | :--- | :--- | :--- | :--- | | May 17, 2022 (Tranche 1) | 21,292,097 | (21,106,108) | (185,989) | – | | May 17, 2022 (Tranche 2) | 14,224,798 | (13,960,787) | (264,011) | – | | June 27, 2023 | 20,150,000 | (1,300,000) | (250,000) | 18,600,000 | | **Total** | **55,666,895** | **(36,366,895)** | **(700,000)** | **18,600,000** | - For the six months ended June 30, 2025, the Group recognized an expense of approximately **HK$5,575,000** for the PSU Scheme[133](index=133&type=chunk) [Capital Commitments](index=46&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's total contracted but unprovided capital commitments significantly increased to HK$3.605 billion from HK$1.572 billion at year-end 2024, primarily for the acquisition of property, plant and equipment and a subsidiary Capital Commitments Comparison | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Acquisition of property, plant and equipment | 1,782,076 | 977,177 | | Acquisition of a subsidiary | 1,224,600 | – | | Contributions to subsidiaries | 575,912 | 573,084 | | Contributions to associates | 21,931 | 21,597 | | **Total** | **3,604,519** | **1,571,858** | [Contingent Liabilities](index=46&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The Group has several contingent liabilities, including unlimited corporate guarantees for UEPL, potential retrospective windfall profit levies from the Pakistan government (approx. HK$192 million), tax directives from Pakistan tax authorities (approx. HK$1.135 billion), and bank guarantees for the Director General Petroleum Concessions (approx. HK$53.59 million) - The Company provides several unlimited corporate guarantees for United Energy Pakistan Limited (UEPL) to fulfill its concession agreement obligations[136](index=136&type=chunk) - Further provision of approximately **HK$191,969,000** would be required if the Pakistan government retrospectively imposes a windfall profit levy[136](index=136&type=chunk) - The Pakistan tax authorities issued various tax directives, with cumulative potential tax amounts of approximately **HK$1,135,414,000**[136](index=136&type=chunk) - Certain subsidiaries of the Group issued bank guarantees in favor of the Director General Petroleum Concessions, amounting to approximately **HK$53,593,000**[136](index=136&type=chunk) [Acquisition of a Subsidiary](index=47&type=section&id=%E6%94%B6%E8%B3%BC%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) On May 12, 2025, the Group completed the acquisition of a 52% equity stake in Oriental Group Beijing Investment Holdings Co., Ltd. (OGBIH), making it a wholly-owned subsidiary, aiming to expand its clean energy business and recognizing gains from deemed disposal of an associate and a bargain purchase - The Group completed the acquisition of a **52%** equity stake in Oriental Group Beijing Investment Holdings Co., Ltd. (OGBIH) and its subsidiaries on May 12, 2025, making the OGBIH Group a wholly-owned subsidiary of the Group[137](index=137&type=chunk) - This acquisition aims to expand the clean energy business segment[137](index=137&type=chunk) - The Group remeasured its existing interest in the OGBIH Group at fair value on the acquisition date and recognized a gain of approximately **HK$78,912,000**[137](index=137&type=chunk) - The Group recognized a bargain purchase gain of **HK$114,381,000** in the business combination, attributable to an increase in the fair value of net assets acquired[139](index=139&type=chunk) - From the acquisition date to the end of the reporting period, the OGBIH Group contributed revenue of approximately **HK$47,128,000** and profit of approximately **HK$28,036,000**[140](index=140&type=chunk) [Related Party Transactions](index=49&type=section&id=%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) The Group engaged in various related party transactions, including the acquisition of OGBIH from Oriental Group Industrial Development Co., Ltd., bank financing guarantees provided by Oriental Group for OGBIH, and lease and property management services with Beijing Dacheng Hotel and Oriental An Yi (Beijing) Property Management Co., Ltd - The acquisition of a **52%** equity stake in Oriental Group Beijing Investment Holdings Co., Ltd. (OGBIH) was a related party transaction[141](index=141&type=chunk) - Oriental Group and Oriental Group Industrial Development provided corporate guarantees for bank financing of approximately **HK$715 million** granted to OGBIH, a former associate of the Group[144](index=144&type=chunk) - Oriental Group waived service fees of approximately **HK$999,000** payable by OGBIH[144](index=144&type=chunk) - For the six months ended June 30, 2025, the Group paid lease payments of approximately **HK$12,701,000** to Beijing Dacheng Hotel for office premises[144](index=144&type=chunk) - Oriental An Yi charged fees of approximately **HK$1,723,000** for property management services, electricity supply, and leasing of the Group's office premises[144](index=144&type=chunk) [Supplementary Information on Oil and Gas Exploration, Development and Production Activities](index=51&type=section&id=%E6%9C%89%E9%97%9C%E6%B2%B9%E6%B0%A3%E5%8B%98%E6%8E%A2%E3%80%81%E9%96%8B%E7%99%BC%E5%8F%8A%E7%94%A2%E7%94%A2%E6%B4%BB%E5%8B%95%E7%9A%84%E8%A3%9C%E5%85%85%E8%B3%87%E6%96%99) This section provides supplementary details on the Group's oil and gas exploration, development, and production activities, including drilling of 8 wells in Pakistan and 16 wells in MENA assets, and total costs of approximately HK$2.954 billion incurred in H1 2025 Key Exploration, Development and Production Activities | Activity Type | Pakistan Assets | Middle East and North Africa Assets | | :--- | :--- | :--- | | Exploration and appraisal wells | 5 wells | 3 wells | | Development wells | 3 wells | 13 wells | | Workover operations | 7 operations | 7 operations | | Average working interest daily production | 31,571 boe | 80,191 boe | Exploration, Development and Production Activity Costs | Cost Type | Pakistan Assets (HK$ thousand) | Middle East and North Africa Assets (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | | Exploration costs | 173,211 | 119,766 | 292,977 | | Development costs | 209,034 | 1,744,674 | 1,953,708 | | Production costs | 266,969 | 440,628 | 707,597 | | **Total** | **649,214** | **2,305,068** | **2,954,282** | [Glossary and Definitions](index=52&type=section&id=%E8%A9%9E%E5%BD%99%E5%8F%8A%E9%87%8B%E7%BE%A9) This section provides definitions for general and technical terms used throughout the report to ensure clear understanding for readers

联合能源集团(00467)发布公告，2025年9月15日，惠誉评级(惠誉)发布评级新闻稿，授予公司作为发行 人的长期信用评级BB-，评级展望稳定。 公司相信，惠誉该信用评级将提升集团的知名度，为未来交易与投资提供强有力的支撑，并为集团在全 球能源产业的长期永续发展奠定坚实的基础。 该评级结果是标普全球评级B+(评级展望稳定)评级结果后，集团获得的第二个国际评级机构评级结果。 该评级彰显了集团在全球上游油气领域强劲的经营业绩，在伊拉克、巴基斯坦、埃及和乌兹别克斯坦等 关键地区高度多元化的资产组合，以及审慎的财务管理体系。稳定的评级展望进一步凸显了惠誉对集团 将维持稳定产能、提升资本支出效率和维持良好偿付能力的市场预期。 ...

Core Viewpoint - The announcement by United Energy Group (00467) highlights the granting of a long-term credit rating of BB- with a stable outlook by Fitch Ratings, marking the second international rating received after S&P Global Ratings assigned a B+ rating with a stable outlook [1] Group 1: Rating and Financial Performance - The BB- rating reflects the company's strong operational performance in the global upstream oil and gas sector [1] - The diversified asset portfolio in key regions such as Iraq, Pakistan, Egypt, and Uzbekistan contributes to the company's robust financial management [1] - The stable outlook indicates Fitch's expectation for the company to maintain stable production capacity, improve capital expenditure efficiency, and uphold good solvency [1] Group 2: Future Implications - The company believes that the Fitch credit rating will enhance its visibility and provide strong support for future transactions and investments [1] - This rating is seen as a solid foundation for the company's long-term sustainable development in the global energy industry [1]

Core Viewpoint - The company, United Energy Group (00467.HK), received a long-term credit rating of BB- from Fitch, with a stable outlook, following a B+ rating from S&P Global, indicating strong operational performance in the global upstream oil and gas sector [1][1][1] Group 1 - The credit rating reflects the company's diversified asset portfolio in key regions such as Iraq, Pakistan, Egypt, and Uzbekistan [1] - The stable outlook signifies Fitch's expectation for the company to maintain stable production capacity, improve capital expenditure efficiency, and uphold good solvency [1][1] - The company believes that the Fitch credit rating will enhance its visibility and provide strong support for future transactions and investments [1]

UNITED ENERGY GROUP LIMITED 聯合能源集團有限公司* 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或 因倚賴該等內容引致之任何損失承擔任何責任。 （於開曼群島註冊成立及於百慕達存續之有限公司） (股份代號：467) 自願公告 信用評級結果 該評級結果是繼二零二五年九月二日自願公告的標普全球評級 B+（評級展望穩定） 評級結果後，本集團獲得的第二個國際評級機構評級結果。該評級彰顯了本集團在 全球上游油氣領域強勁的經營業績，在伊拉克、巴基斯坦、埃及和烏茲別克斯坦等 關鍵地區高度多元化的資產組合，以及審慎的財務管理體系。穩定的評級展望進一 步凸顯了惠譽對本集團將維持穩定產能、提升資本支出效率和維持良好償付能力的 市場預期。 本公司相信，惠譽該信用評級將提升本集團的知名度，為未來交易與投資提供強有 力的支撐，並為本集團在全球能源產業的長期永續發展奠定堅實的基礎。 上述關於惠譽信用評級的自願性公告僅供參考，不得用於其他目的。投資者及本公 司股東買賣本公司證券時務請謹慎行事，切勿依賴本 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份 內容而產生或因倚賴該等內容引致之任何損失承擔任何責任。 承董事會命 聯合能源集團有限公司 UNITED ENERGY GROUP LIMITED 聯合能源集團有限公司* (於開曼群島註冊成立及於百慕達存續之有限公司) (股份代號：467) 有關二零二四年年報之補充公告 茲提述聯合能源集團有限公司(「本公司」)日期為二零二五年三月二十八日並 於二零二五年四月三十日刊發的二零二四年年報「( 該年報」)。除另有說明外， 本公告所用詞彙與該公告所界定者具有相同涵義。 關於該年報第36頁「購股權計劃」段落，該計劃有效期限為期十年，自二零 一六年五月二十七日（採納日）起至二零二六年五月二十六日。本公司將在 授予購股權時決定獲授人可根據該計劃行使購股權的期限。該期限必須在授 予相關日期起10年內到期。根據該計劃授予的購股權的歸屬期也將由本公司 在授予購股權時決定。截至該年報日期，該計劃的尚餘有效期約為1年零2個 月。截至二零二四年一月一日及二零二四年十二月三十一日，根據該計劃授 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 聯合能源集團有限公司(於開曼群島註冊成立及於百慕達存續之有限公司) 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00467 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 60,000,000,000 | HKD | | 0.01 HKD | | 600,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 60,000,000,000 | HKD | | 0.01 HKD | | 600,000,0 ...

Core Viewpoint - The announcement by United Energy Group (00467) highlights the company's long-term credit rating of B+ with a stable outlook from S&P Global Ratings, reflecting strong operational performance in the global upstream oil and gas sector [1] Group 1: Credit Rating and Outlook - S&P's rating acknowledges the company's strong operational performance in key regions such as Iraq, Pakistan, Egypt, and Uzbekistan, along with a diversified asset portfolio [1] - The stable outlook indicates S&P's expectation that the company will maintain stable production capacity, improve capital expenditure efficiency, and uphold good solvency [1] Group 2: Strategic Implications - The company believes that this credit rating will enhance its visibility and provide strong support for future transactions [1] - The rating is seen as a solid foundation for the company's long-term sustainable development in the global energy industry [1]

Core Viewpoint - S&P has assigned a long-term credit rating of B+ with a stable outlook to United Energy Group, reflecting strong operational performance in the global upstream oil and gas sector [1] Group 1: Credit Rating and Outlook - The B+ rating indicates S&P's recognition of the company's diversified asset portfolio in key regions such as Iraq, Pakistan, Egypt, and Uzbekistan [1] - The stable outlook suggests expectations for the company to maintain stable production capacity, improve capital expenditure efficiency, and uphold good solvency [1] Group 2: Strategic Implications - The company believes that this credit rating will enhance its visibility and provide strong support for future transactions [1] - The rating is seen as a solid foundation for the company's long-term sustainable development in the global energy industry [1]

Core Viewpoint - S&P Global Ratings has assigned a long-term credit rating of B+ with a stable outlook to the company, reflecting its strong operational performance in the global upstream oil and gas sector [1] Group 1: Company Performance - The rating acknowledges the company's robust operational performance in key regions such as Iraq, Pakistan, Egypt, and Uzbekistan, highlighting a highly diversified asset portfolio [1] - The stable outlook indicates S&P's expectation that the company will maintain stable production capacity and improve capital expenditure efficiency while sustaining good solvency [1] Group 2: Financial Management - The credit rating reflects the company's prudent financial management system, which is recognized as a key factor in its operational success [1] - The company believes that this credit rating will enhance its visibility and provide strong support for future transactions [1] Group 3: Industry Position - The rating is expected to lay a solid foundation for the company's long-term sustainable development in the global energy industry [1]