Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 6,226,137, an increase of 3.4% compared to HKD 6,020,796 for the same period in 2022[4] - Gross profit decreased to HKD 2,549,269, down 20.7% from HKD 3,212,342 in the previous year[4] - Operating profit increased to HKD 2,440,998, representing a growth of 27% from HKD 1,923,875 in the prior period[4] - Profit before tax rose to HKD 2,239,495, up 40.1% from HKD 1,598,853 year-on-year[4] - Net profit for the period was HKD 1,663,117, an increase of 10.1% compared to HKD 1,510,239 in the same period last year[4] - Basic earnings per share increased to HKD 6.36, up from HKD 5.77, reflecting a growth of 10.2%[4] - The company reported a total comprehensive income of HKD 1,666,891 for the period, compared to HKD 1,530,136 in the previous year, marking an increase of 8.9%[5] - The group’s total comprehensive income for the period was HKD 1,663,117, compared to HKD 1,510,239 for the same period in 2022, showing an increase of approximately 10.1%[24] - The group’s profit for the six months ended June 30, 2023, was approximately HKD 1,663,123,000, compared to HKD 1,510,248,000 for the same period in 2022, representing an increase of about 10.1%[34] Assets and Liabilities - Total assets as of June 30, 2023, were HKD 20,967,249, an increase from HKD 19,445,535 at the end of 2022[8] - Non-current assets increased to HKD 18,771,901 from HKD 17,414,747, indicating a growth of 7.8%[7] - Current liabilities rose to HKD 9,217,574, compared to HKD 7,974,309 at the end of 2022, reflecting a 15.6% increase[8] - The total assets for the group as of June 30, 2023, amounted to HKD 27,127,058, compared to HKD 23,710,613 as of December 31, 2022, indicating an increase of approximately 14.3%[24] - The total liabilities for the group as of June 30, 2023, were HKD 7,749,508, up from HKD 5,425,145 as of December 31, 2022, reflecting an increase of approximately 42.9%[24] Cash Flow and Investments - Cash generated from operating activities for the six months ended June 30, 2023, was HKD 2,851,219, down from HKD 3,182,024 in 2022, reflecting a decrease of approximately 10.4%[12] - The net cash used in investing activities was HKD (3,163,299) for the six months ended June 30, 2023, compared to HKD (2,593,123) in the previous year, indicating an increase in investment outflows[12] - The company’s capital expenditures for property, plant, and equipment amounted to HKD (3,270,013), up from HKD (2,040,518) in the previous year, reflecting a 60.5% increase[12] - The total capital expenditure for oil exploration, development, and production activities was approximately HKD 3,415,635,000[76] Dividends and Shareholder Information - The company paid dividends of HKD 1,051,597 during the period, consistent with the previous year[12] - The group declared a special dividend of HKD 0.04 per ordinary share for 2023, amounting to HKD 1,051,597,000, while no interim dividend was declared for the same period in 2022[37] - The total issued and paid-up capital remained stable at HKD 262,899,000 as of June 30, 2023, unchanged from December 31, 2022[56] Production and Exploration - The average daily production of oil equivalent from the group's assets in Pakistan is 44,558 barrels as of the reporting period[72] - The average daily production of oil equivalent from the group's assets in the Middle East and North Africa is 57,069 barrels as of the reporting period[72] - The average daily production reached approximately 170,271 barrels of oil equivalent, a 3.0% increase from 165,338 barrels of oil equivalent in the same period last year[79] - The company achieved 6 commercial discoveries during the reporting period, with 3 in Pakistan, 2 in Egypt, and 1 in Iraq[78] - The average operating daily production in Iraq's B9 block increased by 16.2% to approximately 62,839 barrels of oil equivalent[82] Financial Ratios and Costs - The effective tax rate for the reporting period was approximately 25.7%, an increase of 20.2 percentage points from 5.5% in the previous year[106] - The financing costs for the six months ended June 30, 2023, totaled HKD 143,659, a decrease from HKD 167,950 in the same period of 2022, representing a reduction of about 14.5%[29] - The average daily production target for 2023 is set between 165,000 and 179,000 barrels of oil equivalent, with capital expenditures expected to reach USD 990 million to USD 1.05 billion[114] Corporate Governance and Compliance - The company has complied with the corporate governance code as of June 30, 2023, except for the CEO position being vacant[147] - The audit committee, composed of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2023, and found them satisfactory[151] Employee and Shareholder Information - The group employed a total of 2,256 full-time employees across various regions including Hong Kong, China, Pakistan, Dubai, and other parts of the Middle East and North Africa as of June 30, 2023[128] - The company granted a total of 20,600,000 shares under the Performance Share Unit (PSU) plan to 55 eligible employees for the 2023 plan year[137]

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。 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) 截至二零二三年六月三十日止六個月之中期業績公佈 財務摘要 截至六月三十日止六個月止 二零二三年 二零二二年 變動 千港元 千港元 % 業績 營業額 6,226,137 6,020,796 +3.4 毛利 2,549,269 3,212,342 -20.6 未計利息、稅項、折舊及攤銷前之利潤 (附註1) 4,410,292 4,829,722 -8.7 本期間溢利 1,663,117 1,510,239 +10.1 本公司擁有人應佔溢利 1,663,123 1,510,248 +10.1 每股基本盈利(港仙) 6.36 5.77 +10.2 二零二三年 二零二二年 六月三十日 十二月三十一日 變動 千港元 千港元 % 綜合財務狀況表主要數據 本公司擁有人應佔權益 ...

Financial Performance - Revenue increased by 44.6% to HKD 10,753,743 thousand in 2022 compared to HKD 7,436,936 thousand in 2021[6] - Gross profit rose by 64.2% to HKD 5,512,983 thousand in 2022 from HKD 3,357,435 thousand in 2021[6] - EBITDA grew by 58.6% to HKD 9,266,023 thousand in 2022 compared to HKD 5,843,458 thousand in 2021[6] - Net profit attributable to the company's owners increased by 30.0% to HKD 2,601,162 thousand in 2022 from HKD 2,000,597 thousand in 2021[6] - Revenue increased by 44.6% year-on-year to HKD 10,753,743,000 in 2022, primarily due to higher realized crude oil prices[28] - Gross profit surged 64.2% year-on-year to HKD 5,512,983,000 in 2022, with a gross margin of 51.3%, up from 45.1% in 2021[34] - Net profit attributable to equity holders rose 30.0% year-on-year to HKD 2,601,162,000 in 2022, driven by high international oil prices and production from Iraqi assets[27] - Revenue for 2022 increased to 10,753,743 thousand HKD, up from 7,436,936 thousand HKD in 2021, representing a significant growth[147] - Gross profit for 2022 rose to 5,512,983 thousand HKD compared to 3,357,435 thousand HKD in 2021[147] - Net profit for 2022 reached 2,601,146 thousand HKD, up from 2,000,577 thousand HKD in 2021[147] - Basic earnings per share increased to 9.94 HK cents in 2022 from 7.63 HK cents in 2021[147] - Total comprehensive income for 2022 was 2,611,238 thousand HKD, compared to 1,986,002 thousand HKD in 2021[148] - Total comprehensive income for the year 2022 was 2,611,254 thousand HKD, compared to 1,986,022 thousand HKD in 2021, a 31.5% increase[153] Production and Reserves - Average daily production in the Middle East and North Africa assets increased by 18.8% to 53,216 barrels of oil equivalent per day in 2022[8] - Proved reserves at the end of 2022 decreased by 2.2% to 57.6 million barrels of oil equivalent in Pakistan assets[7] - Proved and probable reserves in the Middle East and North Africa assets slightly increased by 0.2% to 767.6 million barrels of oil equivalent at the end of 2022[8] - The company completed 29 development wells in the Middle East and North Africa assets in 2022, up from 12 in 2021[8] - Average daily production in 2022 was 165,883 barrels of oil equivalent (BOE), with average equity daily production at 100,245 BOE[11] - The company achieved 12 commercial discoveries, with 9 in Pakistan and 3 in Egypt, and its 2P reserves reached approximately 867.1 million BOE with a reserve-to-production ratio of 23.7[11] - In Iraq's B9 block, daily production exceeded 60,000 barrels in 2022, with a target to reach 100,000 barrels per day in the coming year[11] - The company achieved an average daily production of 165,883 barrels of oil equivalent (BOE) in 2022, a 7.0% increase from 154,984 BOE in 2021[21] - Total cumulative production reached 60.55 million BOE in 2022, up 7.0% from 56.57 million BOE in 2021[21] - The company made 12 commercial discoveries in 2022, with 9 in Pakistan and 3 in Egypt[19] - In Iraq, the B9 block's production increased to 60,000 BOE per day, aiming for 100,000 BOE per day in the coming year[20] - Pakistan's average equity daily production was 47,029 BOE in 2022, a 2.6% decrease from the previous year[22] - Iraq's B9 block achieved an average daily production of 57,845 BOE and an average equity daily production of 34,707 BOE in 2022[23] - Egypt's average daily production was 18,386 BOE, with an average equity daily production of 12,435 BOE in 2022[24] - The company's average daily production in 2022 was 47,029 barrels of oil equivalent (BOE) in Pakistan and 53,216 BOE in the Middle East and North Africa[55] Capital Expenditure and Investments - The company invested approximately HK$5,313,965,000 in capital expenditures for oil exploration, development, and production activities in 2022, completing 61 wells, including 28 in Pakistan and 33 in the Middle East and North Africa[14] - The company plans to achieve an average daily production range of 165,000 to 179,000 BOE and equity daily production of 94,700 to 102,400 BOE in 2023, with a capital expenditure of $990 million to $1.05 billion[12] - The company targets an average working interest production of 94,700 to 102,400 barrels of oil equivalent per day in 2023, with capital expenditures expected to be between USD 990 million and USD 1.05 billion[43] - In Pakistan, the company's exploration area increased by approximately 51% to 22,433 square kilometers in 2022, and it plans to achieve an average working interest production of 40,500 to 44,500 barrels of oil equivalent per day in 2023[44] - The Middle East and North Africa assets have proven and probable reserves of 767.6 million barrels of oil equivalent, with 97.5% located in Iraq, and the company aims for average working interest production of 42,700 to 44,900 barrels of oil equivalent per day in Iraq and 11,500 to 13,000 barrels of oil equivalent per day in Egypt in 2023[45] - Total exploration costs for 2022 were HKD 562,497,000, with HKD 509,303,000 spent in Pakistan and HKD 53,194,000 in the Middle East and North Africa[56] - Total development costs for 2022 were HKD 4,309,041,000, with HKD 402,180,000 spent in Pakistan and HKD 3,906,861,000 in the Middle East and North Africa[56] Financial Position and Cash Flow - The company's total assets grew by 9.5% to HKD 27,419,844 thousand in 2022 from HKD 25,032,350 thousand in 2021[6] - The company's net assets increased by 11.0% to HKD 15,807,820 thousand in 2022 compared to HKD 14,240,280 thousand in 2021[6] - The company's cash and bank balances stood at HKD 3,255,124,000 as of December 31, 2022, reflecting a strong financial position[47] - Total outstanding loans as of December 31, 2022, amounted to approximately HKD 4,022,756,000, with a weighted average interest rate of 7.43%[48][49] - The company's debt-to-asset ratio decreased to 15.3% in 2022 from 19.7% in 2021, with total assets valued at HKD 27,419,844,000[48] - Net cash inflow from operating activities rose by 82.8% to HKD 7,824,906,000 in 2022, primarily due to increased cash flow from oil and gas sales[40] - Net cash outflow for investing activities surged by 128.8% to HKD 5,706,750,000 in 2022, with capital expenditures increasing by 97.6% to HKD 5,392,499,000[41] - Net cash outflow for financing activities was HKD 2,069,864,000 in 2022, mainly due to special dividends of HKD 1,051,597,000 and bank loan repayments of HKD 1,980,101,000[42] - Operating cash flow increased to 7,824,906 thousand HKD in 2022 from 4,280,826 thousand HKD in 2021, reflecting strong cash generation from operations[154] - Net cash used in investing activities was 5,706,750 thousand HKD in 2022, primarily due to the acquisition of property, plant, and equipment amounting to 5,392,499 thousand HKD[155] - Net cash used in financing activities was 2,069,864 thousand HKD in 2022, driven by loan repayments of 1,980,101 thousand HKD and dividend payments of 1,051,597 thousand HKD[155] - Cash and cash equivalents increased by 48,292 thousand HKD in 2022, reaching 3,169,455 thousand HKD at the end of the year[155] Corporate Governance and Compliance - The company has maintained good corporate governance standards and procedures to ensure integrity, transparency, openness, and accountability to shareholders[57] - The company has complied with the corporate governance code provisions in Appendix 14 of the Listing Rules, except for the CEO position being vacant and the absence of specific terms for independent non-executive directors[58] - The Board of Directors consists of five members, including two executive directors and three independent non-executive directors, with one having appropriate professional accounting experience[61] - The Board of Directors held 11 meetings in 2022, with all members attending all meetings[65] - All directors attended the 2022 Annual General Meeting[66] - The company provides induction training for newly appointed directors and encourages continuous professional development for all directors[67] - The company has adopted the standard code regarding directors' securities transactions as per Appendix 10 of the Listing Rules, and all directors confirmed compliance with the code in 2022[59] - The company has appropriate insurance coverage for directors and senior officers to protect against risks arising from the company's business[60] - The Board of Directors is responsible for approving the group's development and business strategies, financial control procedures, major acquisitions and disposals, and other significant transactions[64] - The company ensures that at least one-third of the Board consists of independent non-executive directors, with at least one having relevant professional qualifications and accounting expertise[62] - The company's audit committee held two meetings in 2022, with all members attending both sessions[72] - The company paid HKD 3,640,000 for audit services and HKD 380,000 for interim financial review to its external auditor, RSM Hong Kong[77] - The company's nomination committee held two meetings in 2022, focusing on board member re-election and diversity policy review[75] - The company's remuneration committee held two meetings in 2022 to review and approve the remuneration packages for directors and senior management[73] - The company's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, which are consistent with International Financial Reporting Standards[69] - The company's board has delegated specific responsibilities to various committees, including audit, remuneration, and nomination committees[70] - The company's audit committee reviewed the external auditor's annual audit plan, audit report, and related matters in 2022[72] - The company's nomination committee assessed the board's diversity in terms of skills, experience, and perspectives to enhance governance standards[75] - The company's remuneration committee considered comparable salary levels and the time commitment of directors and senior management when determining compensation[73] - The company's audit committee evaluated the performance and independence of the external auditor in 2022[72] - The company has established a Risk Management and Internal Control Department to conduct annual reviews of its risk management and internal control systems, ensuring their effectiveness and protecting shareholder interests[78] - The company's Board of Directors is responsible for maintaining an effective risk management and internal control system, which is reviewed annually to ensure operational efficiency and compliance[78] - The company's corporate governance framework includes provisions for shareholders to request extraordinary general meetings and submit written inquiries to the Board of Directors[80] - The company confirmed compliance with the standard code of conduct under the listing rules, with no reported breaches[115] - No reportable connected transactions or continuing connected transactions were conducted during the year[117] - The company's corporate governance practices were in line with the Listing Rules, except for a minor deviation under Code Provision A.4.1[118] Risk Management - The company's financial performance is significantly impacted by oil and gas price fluctuations, which are influenced by supply-demand dynamics, macroeconomic conditions, and geopolitical instability[83] - Operations in Pakistan, Egypt, and Iraq expose the company to risks related to changes in tax and fiscal policies, as well as economic, political, and environmental conditions in these regions[84] - Exploration and development activities carry inherent risks of failing to discover commercially viable oil and gas reserves, which could lead to write-offs or impairment charges[85] - The company faces operational risks in health, safety, security, and environmental compliance, which could result in economic losses, operational disruptions, and legal disputes[86] - Mergers and acquisitions are part of the company's expansion strategy, but they carry risks related to external financing, key assumptions, and parameter discrepancies[87] - The company's operations could be adversely affected by natural disasters, pandemics, or other public health crises, potentially disrupting supply chains, delaying deliveries, and reducing demand[89] Shareholder and Stakeholder Engagement - The company maintains robust communication with shareholders through annual general meetings, reports, notices, and electronic channels to ensure transparency and protect shareholder rights[80] - The company's largest customer accounted for 46.8% of total sales, while the top five customers accounted for 93.8% of total sales[94] - The largest supplier accounted for 23.7% of total procurement, while the top five suppliers accounted for 45.1% of total procurement[94] - The company's social investment projects during the reporting period focused on healthcare, education, and capacity building, benefiting local communities[92] - The company's main operations are located in Pakistan, Egypt, and Iraq, with compliance ensured across multiple jurisdictions including China, Dubai, and Hong Kong[91] Shareholding and Ownership - The company's shareholding structure includes significant stakes held by subsidiaries and affiliated entities, with detailed ownership percentages disclosed[109][110] - Director Zhang Hongwei holds approximately 66.44% of the company's shares through controlled entities, with 30.54% held by He Fu International Limited[105] - Director Zhang Meiying holds approximately 4.90% of the company's shares through controlled entities[105] - He Fu International Limited, controlled by Zhang Hongwei, holds 8,029,971,845 shares, representing 30.54% of the company's total shares[105] - Wan Fu Enterprises Limited, controlled by Zhang Hongwei, holds 9,436,628,385 shares, representing 35.89% of the company's total shares[108] - United Oil & Gas Holdings Limited holds 5,787,539,821 shares, representing 22.01% of the company's total shares[108] - United Energy Holdings Limited holds 3,649,088,564 shares, representing 13.88% of the company's total shares[108] - Haitong Securities Co., Ltd. holds 3,496,809,090 shares, representing 13.30% of the company's total shares[108] - Haitong International Securities Group (Singapore) Pte. Ltd holds 2,087,700,000 shares, representing 7.94% of the company's total shares[108] - The company's Chairman, Mr. Zhang Hongwei, holds a beneficial interest in 17,466,600,230 shares, representing approximately 66.44% of the issued share capital[125] - Ms. Zhang Meiying, an Executive Director, holds a beneficial interest in 1,287,700,000 shares, representing approximately 4.9% of the issued share capital[125] Dividends and Reserves - The company's distributable reserves as of December 31, 2022, amounted to approximately HKD 8,488,029,000, compared to HKD 9,539,626,000 in the previous year[119] - The Board of Directors did not recommend the payment of a final dividend for the year 2022, consistent with the previous year's decision[120] - The company's dividend policy considers factors such as financial performance, shareholder interests, retained earnings, debt-equity ratio, and future expansion plans[120] - Dividends paid in 2022 amounted to 1,051,597 thousand HKD, up from 620,299 thousand HKD in 2021, a 69.5% rise[153] Audit and Financial Reporting - The company's independent auditor, RSM, was reappointed at the AGM held on June 6, 2022, and will be proposed for reappointment at the upcoming AGM[124] - The auditor's report confirmed that the consolidated financial statements for 2022 were prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS)[128] - Key audit matters identified include impairment of property, plant, and equipment, and intangible assets, as well as estimation of oil and gas reserves[130] - The company's operations in Pakistan, the Middle East, and North Africa were subject to specific audit procedures related to asset impairment[131] - The company's property, plant, and equipment (PP&E) and intangible assets related to exploration and production were valued at approximately HKD 11,576,820,000 and HKD 4,306,573,000 respectively as of December 31, 2022[134] - Impairment provisions and write-offs for exploration and production assets amounted to approximately HKD 928,746,000 and HKD 609,132,000 respectively during the year[138] - The impairment assessment was influenced by factors such as increased discount rates, declining oil and gas prices, and reduced production and reserves[136] - Management identified certain oil and gas fields as having no commercial value, leading to impairment provisions or full write-offs[137] - The company's oil and gas reserves estimation involves significant technical uncertainty and subjective assumptions, making it a critical audit matter[141] - The audit process included evaluating the accuracy of write-off calculations and reviewing supporting evidence such as reserve estimates and

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。 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) 截至二零二二年十二月三十一日止年度之全年業績公佈 財務摘要 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 變動 千港元 千港元 % 業績 營業額 10,753,743 7,436,936 +44.6 毛利 5,512,983 3,357,435 +64.2 未計利息、稅項、折舊及攤銷前之利潤 (附註1) 9,266,023 5,843,458 +58.6 本年溢利 2,601,146 2,000,577 +30.0 本公司擁有人應佔溢利 2,601,162 2,000,597 +30.0 每股基本盈利(港仙) 9.94 7.63 +30.3 綜合財務狀況表主要數據 本公司擁有人應佔權益 15,802,040 14,234,374 +11.0 總資 ...

| --- | --- | |-------------|------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | 中期報告 Interim Report 2022 | | ( (股份代號 | 於開曼群島註冊成立及於百慕達存續之有限公司 ) (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) Stock Code : 0467) | 聯合能源集團有限公司 中期報告 截至二零二二年六月三十日止六個月 頁次 簡明綜合損益表 2 簡明綜合損益及其他全面收益表 3 簡明綜合財務狀況表 4 簡明綜合權益變動表 6 簡明綜合現金流量表 7 簡明財務報表附註 8 有關油氣勘探、開發及生產活動的補充資料 24 管 ...

聯 合 能 源 年 2021 聯合能源集團有限公司 UNITED ENERGY GROUP LIMITED (於朋曼群島註冊成立及於百慕達存續之有限公司) (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (股份代號 Stock Code : 0467) | --- | --- | --- | |-------|-------|----------------------------------------| | | 2 | 公司資料 | | | 4 | 主要財務及營運摘要 | | | 7 | 主席報告 | | | 11 | 管理層論述及分析 | | | 28 | 有關油氣勘探、開發及生產活動的補充資料 | | | 30 | 企業管治報告 | | | 38 | 董事會報告 | | 目錄 | 49 | 董事及高級管理人員之個人資料 | | | 51 | 獨立核數師報告 | | | 57 | 綜合損益表 | | | 58 | 綜合損益及其他全面收益表 | | | 59 | 綜合財務狀況表 | | ...

| --- | --- | |-------------|------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | 中期報告 Interim Report 2021 | | ( (股份代號 | 於開曼群島註冊成立及於百慕達存續之有限公司 ) (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) Stock Code : 0467) | 聯合能源集團有限公司 中期報告 截至二零二一年六月三十日止六個月 頁次 簡明綜合損益表 2 簡明綜合損益及其他全面收益表 3 簡明綜合財務狀況表 4 簡明綜合權益變動表 6 簡明綜合現金流量表 7 簡明財務報表附註 8 有關油氣勘探、開發及生產活動的補充資料 24 管 ...

聯 合 能 源 年 報 Annual Report 2020 聯合能源集團有限公司 UNITED ENERGY GROUP LIMITED (於開曼群島註冊成立及於百慕達存續之有限公司) (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (股份代號 Stock Code : 0467) | --- | --- | --- | --- | --- | --- | --- | |-------|-------|------------------------------|----------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2 | 公司資料 | | | | | | | 4 | 主要財務及營運摘要 | | | | | | | ...