Financial Performance - Production revenue for Q2 2024 was CAD 715,000, a decrease of 70% compared to CAD 2,391,000 in Q2 2023[10]. - Total revenue for the six months ended June 30, 2024, decreased by 45% to CAD 3,555,000 compared to CAD 6,423,000 in the same period of 2023[28]. - The company reported a net loss of CAD 7,277,834 for the six months ended June 30, 2024, compared to a loss of CAD 4,062,151 for the same period in 2023, reflecting an increase in losses of approximately 79.5%[122]. - The company reported a significant increase in accounting, legal, and consulting fees due to expenses related to equity financing[38]. - The company experienced a significant drop in trading revenue, with natural gas trading income falling by 97% to CAD 3,000 for the three months ended June 30, 2024[28]. - The company reported an operating net loss of CAD 2,533,000 for the three months ended June 30, 2024, compared to a loss of CAD 447,000 for the same period in 2023, representing a 467% increase in losses[90]. - Adjusted EBITDA loss increased by 287% to CAD 2,755,000 for the three months ended June 30, 2024, compared to a loss of CAD 712,000 for the same period in 2023[91]. Production and Sales - Average daily sales volume decreased by 78% to 283 barrels per day in Q2 2024 from 1,305 barrels per day in Q2 2023[10]. - Total production (in oil equivalent) dropped to 280 barrels/day in Q2 2024, down from 1,461 barrels/day in Q1 2024, a decrease of about 81%[18]. - The average daily production of natural gas decreased to 1,361 cubic feet/day in Q2 2024 from 8,030 cubic feet/day in Q1 2024, representing a decline of approximately 83%[18]. - Production revenue fell by 70% to CAD 715,000 for the three months ended June 30, 2024, compared to CAD 2,391,000 for the same period in 2023[90]. - Oil production decreased by 43% to 36 barrels per day for the three months ended June 30, 2024, due to reduced production days from maintenance and repairs[27]. Assets and Liabilities - Total assets as of June 30, 2024, were CAD 31,340,000, down from CAD 35,446,000 in 2023[11]. - Total liabilities decreased to CAD (40,557,000) in June 2024 from CAD (45,056,000) in 2023[11]. - The company's total equity was CAD (9,217,000) as of June 30, 2024, compared to CAD (9,610,000) in 2023[11]. - Long-term debt as of June 30, 2024, was 8,173 thousand CAD, down from 11,553 thousand CAD as of December 31, 2023[50]. - The company's net debt stood at 37,874 thousand CAD as of June 30, 2024, compared to 37,387 thousand CAD at the end of 2023[50]. Cash Flow and Financing - The company has a working capital deficit of C$13.3 million as of June 30, 2024, with total long-term debt of C$1.15 million drawn from new loans[56]. - The company reported a total of C$1,900,000 in cash generated from the sale of exploration and evaluation assets during the six months ended June 30, 2024[124]. - Operating cash flow for the six months ended June 30, 2024, was negative at C$4,804,180, compared to a positive cash flow of C$3,047,699 for the same period in 2023[124]. - The company secured PSG financing of C$1.55 million from EDC, allowing it to provide guarantees for letters of credit without holding cash[53]. - The company has secured new long-term debt of US$8 million, with a monthly payment obligation of US$200,031 and US$87,514 for the respective loans[56]. Market Conditions and Risks - Management has indicated that future results may differ significantly from current projections due to various risks and uncertainties[13]. - The company faces significant uncertainty due to global market volatility, which may impact its operational and financing capabilities[57]. - The average natural gas price in Western Canada is expected to remain around the 2023 average, with fluctuations due to market conditions[17]. - The company recorded a significant impact on its operational performance due to fluctuations in natural gas prices, influenced by geopolitical factors and supply chain disruptions[128]. Shareholder Information - The company issued 33,000,000 common shares in May 2024, raising total proceeds of CAD 1.26 million[17]. - The company has not declared any dividends for the three and six months ended June 30, 2024, and 2023[68]. - As of June 30, 2024, the total number of shares issued by the company is 522,886,520[105]. - The company has a stock option plan that allows for the issuance of options up to 10% of the total issued common shares[157]. Compliance and Governance - The company adopted all applicable new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2023, for the financial statements for the three and six months ended June 30, 2024[83]. - The internal controls over financial reporting (ICFR) were designed to ensure the protection of assets and the reliability of financial information, with no significant changes affecting the ICFR during the reporting period[84]. - The audit and risk committee, composed of three independent non-executive directors, reviewed the interim results for the three and six months ended June 30, 2024[99].

Financial Performance - JX Energy Ltd. reported a net revenue of CAD 2,799,435 for the three months ended March 31, 2024, a decrease of 18.5% compared to CAD 3,436,338 in the same period of 2023[8]. - The company's operating loss for the same period was CAD 2,485,297, compared to a loss of CAD 1,703,263 in the previous year, reflecting an increase in operational challenges[8]. - For the three months ended March 31, 2024, the net loss was CAD 3,429,736, compared to a net loss of CAD 2,096,417 for the same period in 2023, indicating an increase in losses of approximately 63.5%[12]. - Total revenue for the three months ended March 31, 2024, was CAD 2,827,452, a decrease of 30% compared to CAD 4,041,170 for the same period in 2023[56]. - The company reported a total loss and comprehensive loss of CAD 3,430,000 for the three months ended March 31, 2024, a 64% increase compared to CAD 2,096,000 in the same period of 2023[130]. Assets and Liabilities - Total assets as of March 31, 2024, were CAD 34,722,102, a decrease from CAD 35,507,629 as of December 31, 2023[7]. - Current liabilities decreased to CAD 14,421,007 from CAD 15,190,661, indicating improved short-term financial management[7]. - The company’s total liabilities increased to CAD 41,806,001 from CAD 41,007,614, suggesting a rise in long-term obligations[7]. - Shareholders' equity as of March 31, 2024, was CAD (7,083,899), a decline from CAD (5,499,985) as of December 31, 2023, reflecting ongoing financial pressures[7]. - Long-term debt totaled CAD 15,049,634 as of March 31, 2024, slightly down from CAD 15,082,539 as of December 31, 2023[38]. Cash Flow and Financing - Cash and cash equivalents increased to CAD 459,253 from CAD 363,305, indicating a positive cash flow trend[7]. - Total cash generated from operations was CAD 40,634, a significant decrease from CAD 1,636,288 in the previous year, reflecting a decline of approximately 97.5%[12]. - The company issued shares for cash totaling CAD 1,278,093 during the reporting period, contributing to its capital structure[10]. - The company raised CAD 1,280,000 by issuing 30,000,000 common shares in February 2024[100]. - The company raised a total of CAD 1.25 million from the March 2024 subscription plan, with 100% allocated for general working capital, and no funds utilized as of March 31, 2024[143]. Operational Efficiency - JX Energy Ltd. continues to focus on operational efficiency and cost management strategies to navigate the challenging market environment[8]. - The operating working capital deficit as of March 31, 2024, was CAD 12 million, with an operating loss of CAD 1.7 million for the three months[17]. - The company incurred CAD 2.3 million in expenses related to Jixing Energy GHCA as of March 31, 2024, with a current period adjustment of $570,000[44]. - The company reported an operating net value of CAD (857,000), a decline of 415% from CAD 272,000 in the previous year[179]. - The company has a liquidity gap of 12,177 thousand CAD as of March 31, 2024, compared to 10,460 thousand CAD in the previous year, indicating increased operational funding needs[134]. Market Conditions and Production - Natural gas and LNG sales amounted to CAD 2,521,518, down 28% from CAD 3,503,494 in the previous year[56]. - The average market price for natural gas (AECO) dropped by 36% to CAD 2.03 per cubic foot in Q1 2024 compared to CAD 3.18 in Q1 2023[115]. - The average sales price for natural gas decreased by 24% to CAD 2.52 per cubic foot in Q1 2024, reflecting the impact of warmer temperatures on pricing[115]. - The company's total production was impacted by seasonal fluctuations in Western Canada, with natural gas demand peaking in winter months, leading to historically stronger revenues in Q1 and Q4, while Q2 and Q3 are typically weaker[105]. - Natural gas production decreased by 20% to 8,030 cubic feet per day in Q1 2024, while oil production fell by 31% to 41 barrels per day[109]. Financial Management and Governance - The company is actively seeking additional financing opportunities, including alternative debt arrangements and capital restructuring, to manage its expenditures and leverage[173]. - The company has adopted all applicable new and revised International Financial Reporting Standards effective from January 1, 2023, for the preparation of financial statements[167]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[182]. - The company has established a framework for identifying and managing key risks, with ongoing monitoring of its internal control systems[172]. - The company has implemented disclosure controls and procedures to ensure that important information is recorded and reported within the regulatory deadlines[169]. Regulatory and Environmental Compliance - The company faces potential adverse impacts from changes in government regulations, policies, and tax systems that could affect its operations[174]. - Compliance with environmental legislation may require significant expenditures, and violations could lead to penalties and loss of necessary permits[175]. - The company is committed to conducting transparent and responsible business practices in the communities where its employees live and work[177].

Financial Performance - Total production revenue for 2023 was CAD 13.561 million, a decrease of 49% from CAD 26.802 million in 2022[17]. - The company reported a net loss of CAD 21.146 million for 2023, compared to a loss of CAD 3.579 million in 2022[10]. - Operating netback for 2023 was CAD (1.496) million, a significant decline from CAD 9.461 million in 2022[10]. - The company reported a total revenue of CAD 3,160 thousand for the three months and CAD 13,541 thousand for the year, reflecting a decrease of 52% and 50% respectively compared to 2022[74]. - The annual loss for the year ended December 31, 2023, was CAD 21.1 million, highlighting financial challenges faced by the company[166]. Production and Sales - Average daily sales volume decreased by 55% to 1,676 barrels of oil equivalent per day in 2023 from 3,725 barrels in 2022[7]. - Total production in 2023 was 1,646 barrels of oil equivalent per day, a decrease of 9.1% compared to 1,810 in 2022[55]. - The company experienced a 30% production decline during Q2 2023 due to forest fires, impacting overall annual sales[65]. - Production revenue for 2023 was CAD 13,561,000, a significant drop of 49.5% from CAD 26,802,000 in 2022[55]. - The total sales volume for the year ended December 31, 2023, decreased by 10% compared to the previous year, primarily due to natural declines and production interruptions[69]. Assets and Liabilities - Total assets decreased to CAD 35.508 million in 2023 from CAD 52.399 million in 2022[8]. - Total liabilities amounted to CAD (41.008) million in 2023, down from CAD (43.721) million in 2022[8]. - The company’s net working capital as of December 31, 2023, was CAD (13,120,000), a decrease from CAD (36,968,000) in 2022[55]. - The company's total capital as of December 31, 2023, was CAD 31,887,000, down from CAD 47,164,000 in 2022[106]. - As of December 31, 2023, the company's current liabilities exceeded its current assets by CAD 13.1 million, indicating significant uncertainty regarding its ability to continue as a going concern[166]. Capital Expenditures and Financing - Capital expenditures for 2023 were CAD 538,000, significantly lower than CAD 6.175 million in 2022[10]. - The company raised CAD 1.9 million through private placements in 2023 to reduce outstanding debt related to the 2022 drilling program[53]. - The company plans to issue 33 million shares at a price of HKD 0.22 per share, raising a total of HKD 72.6 million (CAD 1.2 million) in 2024[18]. - The company secured new long-term debt through a $8 million shareholder loan and a $3.5 million loan from CIMC Leasing USA, with both loans having a term of 48 months and an annual interest rate of 9.25%[116]. - The company is actively seeking additional financing opportunities to manage its capital expenditures and leverage, including alternative debt arrangements and joint ventures[156]. Operational Challenges - The company faced significant uncertainty due to global factors such as the Ukraine conflict, climate change, and supply chain disruptions, which have notably impacted natural gas prices and operational performance[117]. - The company aims to maintain its production reserve strategy to balance any short-term revenue losses due to commodity price fluctuations, maximizing future returns[18]. - The company faces potential increased costs and operational challenges due to evolving environmental regulations in the oil and gas industry[159]. - The company has significant uncertainty regarding its ability to continue as a going concern, dependent on generating positive cash flow from operations and securing financing[117]. Management and Governance - The management team includes experienced professionals with extensive backgrounds in finance, engineering, and operations, enhancing the company's strategic capabilities[37][39][43]. - The company has appointed independent directors and has a structured board with various committees to oversee financial and operational risks[33]. - The roles of the chairman and CEO are separated, with Mr. Liu serving as chairman and Mr. Wang as CEO, although Mr. Liu will temporarily assume both roles starting February 14, 2024[197]. - The board consists of two executive directors and three independent non-executive directors, ensuring a reasonable structure and power balance[199]. - The company has not yet established measurable diversity targets for the board as of December 31, 2023, but will consider stakeholder expectations and best practices[188]. Forward-Looking Statements and Risks - The company emphasizes that certain statements in the MD&A are forward-looking and involve significant risks and uncertainties, which could lead to actual results differing materially from those projected[46]. - Investors are cautioned not to overly rely on any forward-looking statements, as actual results may vary significantly due to various factors beyond the company's control[47]. - Significant changes in risk factors and the company's ability to respond to business and external environment changes have been monitored by management[158]. - The company has a strong focus on resource and reserve statements, which are also considered forward-looking due to their reliance on estimates and assumptions regarding future production and profitability[47]. Employee and Compensation - The total employee compensation for the year ended December 31, 2023, was CAD 1 million, down from CAD 1.5 million in 2022[149]. - The company had a total of 5 employees as of December 31, 2023, down from 6 employees in 2022[149]. - The company’s G&A costs included capitalized employee costs of CAD 60,000 for the three months and CAD 286,000 for the year, reflecting a decrease of 32% and 19% respectively[88]. Miscellaneous - The company has not declared dividends for the years ending December 31, 2023, and 2022[133]. - The company has not engaged in any off-balance sheet transactions during the periods ending December 31, 2023, and 2022[137]. - The company has pledged all assets to support its debt arrangements, with no other collateral in place[138]. - The company’s financial statements have been audited and found to fairly present its financial position as of December 31, 2023[165].

智通财经APP讯，吉星新能源(03395)发布截至2023年12月31日止年度业绩，净收入总额 1245.6万加元，同比下降44.3%;净亏损2114.6万加元，同比扩大490.8%;每股基本亏损0.05加元。 截至2023年12月31日的年度总销量比比较期低10%，原因是2023年第二季度的森林大火中断了生产，以及自然减产。公司估计，截至2023年6月30日的三个月内，由于森林火灾，产量下降了约30%。截至2023年12月31日的三个月的总销量比2022年同期下降了8%，主要原因是自然下降。 ...

Financial Performance - JX Energy Ltd. reported a total revenue of CAD 12,456,451 for the year ended December 31, 2023, a decrease of 44.3% compared to CAD 22,362,849 in 2022[6]. - JX Energy Ltd. incurred a net loss of CAD 21,146,164 for the year, compared to a loss of CAD 3,579,321 in the previous year, representing an increase in loss of 493.5%[6]. - The company reported a net loss of C$20,146,164 for the year ended December 31, 2023, compared to a net loss of C$3,579,321 in 2022, indicating a significant increase in losses[9]. - The company reported a significant impairment loss of CAD 10,387,644 for the year ended December 31, 2023, compared to CAD 763,280 in 2022[144]. - The basic and diluted loss per share was CAD (0.05), compared to CAD (0.01) in 2022, reflecting a significant increase in losses[183]. - The company reported a pre-tax loss of CAD 20,935,772 for the year ended December 31, 2023, compared to a loss of CAD 3,579,231 in 2022[180]. Assets and Liabilities - The company's total assets decreased to CAD 35,507,629 as of December 31, 2023, down 32.2% from CAD 52,398,863 in 2022[4]. - Total liabilities decreased to CAD 41,007,614, down 6.2% from CAD 43,721,313 in 2022[4]. - The company’s total cash and cash equivalents increased to C$363,305 at the end of 2023, up from C$333,227 at the end of 2022[9]. - The company had a total of C$1,520,000 in financial liabilities due within one year, with only C$400,000 in cash and cash equivalents available as of December 31, 2023[19]. - Accounts receivable decreased significantly to CAD 825,963 from CAD 2,629,405, indicating a reduction of about 68.6%[87]. - Total financial liabilities decreased to CAD 38,635,004 from CAD 41,406,468, representing a decline of approximately 6.6%[87]. - Long-term debt reduced to CAD 15,082,539 from CAD 18,137,430, showing a decrease of about 16.4%[87]. - Lease liabilities decreased to CAD 991,914 from CAD 1,730,474, indicating a reduction of approximately 42.7%[87]. Cash Flow and Financing - Cash flow from operations was negative at C$4,937,706, contrasting with a positive cash flow of C$4,587,926 in the previous year[9]. - The company raised C$10,976,720 from a financing arrangement with Jixing Energy, significantly contributing to its cash flow[9]. - The company completed a capital raise of CAD 1.3 million on February 8, 2024, and announced another round of CAD 1.3 million equity financing on March 15, 2024[23]. - The company secured a new long-term debt of CAD 4,700,000 from a leasing company, with a term of 48 months and an interest rate of 9.25%[113]. - The company secured an $8 million (C$10.8 million) loan from Jixing with a term of 48 months and an annual interest rate of 9.25%[117]. - The company recognized a gain of $5.1 million due to the termination of a debt agreement with CIMC, which was recorded in retained earnings[118]. Operational Highlights - The company plans to resume trading on the Hong Kong Stock Exchange on April 19, 2024, after a suspension[3]. - The company’s board expressed concerns about its ability to continue as a going concern due to significant uncertainties affecting its operations, including geopolitical events and market volatility[19]. - The company expects to generate operating cash inflows[23]. - The company’s oil and gas reserves are evaluated annually by independent reserve engineers, ensuring accurate reporting of recoverable quantities and future cash flows[78]. Impairment and Asset Management - The company identified impairment indicators for exploration and evaluation assets, resulting in a calculated impairment amount of CAD 4,000,000[145]. - The company reported a net impairment loss of CAD 4 million on undeveloped assets as of December 31, 2023, due to unfavorable market conditions[97]. - The company assesses impairment for development and production assets when the carrying amount may exceed the recoverable amount, with impairment losses recognized in profit or loss[49]. Shareholder and Management Compensation - The company did not declare any dividends for the years ended December 31, 2023, and 2022[184]. - The total compensation for key management personnel for the year ended December 31, 2023, was CAD 830,000, down from CAD 1,020,000 in 2022[185]. - The total remuneration for the highest-paid individuals, excluding the CEO, was CAD 531,547 in 2023, down from CAD 691,402 in 2022, reflecting a decrease of about 23.1%[175]. - The company’s independent non-executive directors received a total compensation expense of CAD 400,621 for the year ended December 31, 2023, after accounting for adjustments related to the shadow unit plan[168]. Risk Management - The company faces credit risk primarily from counterparties potentially defaulting on contracts, managed by trading only with high-credit-rated financial institutions[198]. - The company has a risk management policy in place to identify, analyze, and monitor various risks, including credit, liquidity, and market risks[197].

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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 JX Energy Ltd. （ 吉 星 新 能 源 有 限 責 任 公 司 ）* （根據阿爾伯塔法例註冊成立的有限責任公司） （股份代號：3395） 截至 年 月 日止三個月及九個月未經審計的業績公告 2023 9 30 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09(2)條及《證券及期貨條例》（香 港法例第571章）第XIVA部刊發。 JX Energy Ltd.董事會欣然宣佈其截至2023年9月30日止三個月及九個月的未經審計簡明中 期財務業績。 JX Energy Ltd（.「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司截至2023年9月30日 止三個月及九個月的未經審計簡明中期財務業績（「中期業績」）及其業務更新。本公告由本公 司根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571 章《證券及期貨條例》第XIVA部刊發。董事會及其 ...

Financial Performance - Production revenue for the three months ended June 30, 2023, was CAD 2,391,000, a decrease of 73% compared to CAD 8,893,000 in the same period of 2022[8]. - Average daily sales for the six months ended June 30, 2023, were 1,550 barrels of oil equivalent per day, down 22% from 1,988 barrels per day in the same period of 2022[8]. - The company reported a net operating loss of CAD 447,000 for the three months ended June 30, 2023, compared to a net operating income of CAD 4,347,000 in the same period of 2022, representing a 110% change[8]. - Basic and diluted loss per share for the six months ended June 30, 2023, was CAD 0.01, compared to earnings of CAD 0.02 in the same period of 2022, reflecting a 144% change[8]. - The company reported a net loss of CAD 1,966 thousand in Q2 2023, compared to a profit of CAD 5,358 thousand in Q2 2022[20]. - Revenue for the three months ended June 30, 2023, was CAD 2.9 million, a decrease of 62.0% compared to CAD 7.7 million for the same period in 2022[152]. - Operating loss for the six months ended June 30, 2023, was CAD 3.5 million, compared to an operating income of CAD 10.1 million for the same period in 2022[152]. - The company reported a net loss of CAD 4.1 million for the six months ended June 30, 2023, compared to a net income of CAD 8.4 million for the same period in 2022[152]. Assets and Liabilities - Total assets as of June 30, 2023, were CAD 48,474,000, a decrease from CAD 52,399,000 as of December 31, 2022[9]. - Total liabilities as of June 30, 2023, were CAD 43,803,000, slightly increased from CAD 43,721,000 as of December 31, 2022[9]. - The company’s total equity as of June 30, 2023, was CAD 4,671,000, down from CAD 8,678,000 as of December 31, 2022[9]. - The company’s cash and cash equivalents decreased significantly from CAD 333.2 million at the end of 2022 to CAD 109.2 million by June 30, 2023, a reduction of approximately 67.2%[150]. - The company’s total liabilities included long-term payables of CAD 14,503 thousand and other liabilities of 577 thousand CAD as of June 30, 2023[56]. - As of June 30, 2023, the company's long-term debt stood at 8,121 thousand CAD, with total capital amounting to 44,950 thousand CAD and a capital-to-debt ratio of 90%[56]. Production and Sales - The average daily natural gas production in Q2 2023 was 6,644 thousand cubic feet, a decrease of 33.6% compared to Q2 2022's 10,371 thousand cubic feet[20]. - Total production in Q2 2023 was 1,210 barrels of oil equivalent per day, down 34.5% from 1,855 barrels in Q2 2022[20]. - The average daily crude oil production in Q2 2023 was 63 barrels, slightly up from 56 barrels in Q2 2022[20]. - Total sales volume decreased by 36% and 23% for the three and six months ended June 30, 2023, respectively, primarily due to production interruptions from wildfires[27]. - Natural gas production dropped by 36% year-over-year for the three months ended June 30, 2023, with an estimated 30% reduction attributed to wildfires[27]. Costs and Expenses - Operating costs for natural gas, natural gas liquids, and condensate increased by 4% to 3,257 thousand CAD for the three months ended June 30, 2023, primarily due to increased gas collection and processing fees[43]. - General and administrative expenses decreased by 57% to 301 thousand CAD for the three months ended June 30, 2023, mainly due to reduced shadow unit plan costs and lower consulting fees[44]. - The average cost per barrel of oil equivalent increased by 57% to 30.50 CAD for the three months ended June 30, 2023, compared to 19.47 CAD in the same period of 2022[43]. - The company reported a total of CAD 22,356,551 in payables as of June 30, 2023, compared to CAD 20,882,800 at the end of 2022, indicating an increase of approximately 7%[180]. Financing and Capital Management - The company is actively seeking alternative financing opportunities, including joint ventures and asset sales, to manage capital expenditures and leverage[102]. - The company has implemented cost-cutting measures and capital management initiatives to improve cash flow and financial stability[102]. - The company issued 10 million shares at a price of HKD 1.11 per share in November 2022, raising funds for operations[17]. - The company completed a private placement with Jilin, raising a total of HKD 12.8 million (CAD 2.05 million) by issuing 16 million shares at HKD 0.80 per share[62]. - The company raised a total of CAD 4.31 million from the Dalian second phase subscription, with 35% allocated for drilling new wells, 45% for subordinated debt principal repayment, and 20% for general working capital[70]. Risk Management and Compliance - The company has emphasized the importance of monitoring risks and uncertainties that may affect future performance, indicating a cautious outlook[12]. - The management discussion and analysis was published on August 14, 2023, highlighting the need for investors to consider forward-looking statements with caution[11]. - The company has established risk management policies to identify and analyze financial risks, including accounts receivable and payable, cash and cash equivalents, and shareholder loans[91]. - The company actively engages with stakeholders, including local communities and regulatory bodies, to manage potential concerns related to its operations[94]. - The oil and gas industry is facing increased regulatory scrutiny, which may lead to higher operational costs and impact business continuity[105]. Shareholder Information - As of June 30, 2023, the company has issued and outstanding 449,886,520 common shares, with options issued at HKD 0.52 and HKD 0.48 for a total of 4.58 million options[3]. - Major shareholder Aspen Investment Holdings Limited holds 181,194,306 shares, representing approximately 40.28% of the issued share capital[126]. - The company did not declare dividends for the three or six months ended June 30, 2023, and June 30, 2022[82]. - The company has complied with the corporate governance code during the reporting period ending June 30, 2023[116]. Corporate Governance - The Audit and Risk Committee, consisting of three independent non-executive directors, reviewed the interim performance for the three and six months ended June 30, 2023[119]. - The company has established a written terms of reference for its Audit and Risk Committee to ensure proper governance[119]. - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[116].

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之內容概不負責，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分內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 JX Energy Ltd. （ 吉 星 新 能 源 有 限 責 任 公 司 ）* （前稱Persta Resources Inc.） （根據阿爾伯塔法例註冊成立的有限責任公司） （股份代號：3395） 截至二零二三年六月三十日止三個月及六個月的 未經審核業績公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.49(6)條刊發。 吉星新能源有限責任公司*董事會欣然宣佈其於截至二零二三年六月三十日止三個月及六 個月之未經審核簡明中期財務業績。 吉星新能源有限責任公司*（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司於截至 二零二三年六月三十日止三個月及六個月的未經審核簡明中期財務業績（「中期業績」）。本 公告由本公司根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.49(6)條刊發。 董事會及其審核及風險委員會已審閱中期業績。有關進一步資料，請參閱隨附公告。 承董事會命 ...

Financial Performance - Total production revenue for 2022 reached CAD 26.8 million, a 25% increase from CAD 21.5 million in 2021[12] - The company reported a net loss of CAD 3.6 million for 2022, an improvement from a loss of CAD 4.8 million in 2021[7] - The company reported a significant increase in trade income, with a net gain of C$152 thousand for the year, compared to a loss of C$11 thousand in 2021, marking a 1482% change[149] - The company generated approximately 90% of its revenue from the Basing area, with natural gas prices in Western Canada reaching a 10-year high in 2022[47] - The total revenue for the year ended December 31, 2022, increased by 26% to CAD 27,032 million from CAD 21,518 million in 2021, driven by higher commodity prices despite lower production[68] Production and Reserves - Average daily production for 2022 was 1,810 barrels of oil equivalent per day, down 19% from 2,243 barrels in 2021[7] - Proven reserves as of December 31, 2022, were 4.9 million barrels of oil equivalent, a decrease from 5.1 million barrels in 2021[10] - Average daily natural gas production decreased from 12,416 thousand cubic feet per day in 2021 to 10,042 thousand cubic feet per day in 2022, reflecting a decline in total production over the past five years[50] - The company’s total production for the year was 1,810 barrels of oil equivalent per day, down 19% from 2,243 barrels in 2021[64] Capital Expenditures and Investments - Capital expenditures for 2022 amounted to CAD 6.2 million, down from CAD 8.6 million in 2021[7] - Capital expenditures for property, plant, and equipment totaled CAD 168,000 for the three months ended December 31, 2022, a decrease of 98% from CAD 8,319,000 in 2021[93] - The company plans to evaluate additional drilling targets for 2023 and 2024, depending on available capital[47] - New product development initiatives are underway, with an investment of CAD 2,000 thousand allocated for research and development in renewable energy technologies[40] Debt and Financing - The company repaid CAD 5 million of debt using part of the equity proceeds, maintaining a lower interest rate of 10%[13] - On March 27, 2023, the company secured new term debt of USD 11.5 million at an annual interest rate of 9.25%, while repaying existing debt of CAD 15 million[14] - The company raised a total of CAD 7.23 million through two private placements in 2022, using CAD 5 million to reduce debt from CAD 20 million to CAD 15 million[48] - The company has a total of CAD 14.75 million in loans due by May 2023, with a restructuring agreement in place that waived certain financial covenants[105] Operational Efficiency - Operating netback for 2022 was CAD 9.5 million, a significant increase of 114% compared to CAD 4.4 million in 2021[4] - Operating costs decreased to CAD 12.8 million in 2022 from CAD 14.4 million in 2021, despite increased costs from gas transportation obligations[50] - The management team highlighted the successful implementation of cost-control measures, resulting in a 10% reduction in operational expenses[40] - The average cost per barrel of oil equivalent for natural gas, natural gas liquids, and condensate increased by 9% year-over-year to CAD 19.09 for the year ended December 31, 2022[78] Market and Product Development - The company provided guidance for the upcoming fiscal year, projecting a revenue increase of 20% to CAD 12,000 thousand, driven by new product launches and market expansion efforts[40] - The company is exploring market expansion opportunities in North America and Europe, aiming to increase its market share by 10% in these regions over the next two years[40] - A strategic acquisition of a smaller competitor is being considered, which could enhance the company's operational capabilities and market presence[40] Risk Management and Governance - The management emphasized the importance of risk management strategies to mitigate potential impacts from market volatility and regulatory changes[41] - The company has implemented risk management policies to monitor compliance and assess market conditions[133] - The board has established a framework to identify, assess, and manage key risks, with a focus on improving liquidity through increased commodity prices and confirmed reserves[144] - The company is actively seeking additional financing opportunities, including alternative debt arrangements and joint ventures, to manage capital expenditures[144] Shareholder and Corporate Governance - The company’s ability to continue as a going concern is dependent on generating positive cash flow from operations and obtaining financing[107] - The company did not declare dividends for the years ended December 31, 2022, and 2021[122] - The board consists of five directors, including two executive directors and three independent non-executive directors, complying with listing rules[166] - The company emphasizes board diversity, considering factors such as age, culture, education background, and professional experience in director selection[168] Employee and Community Engagement - Total employee compensation for the year ended December 31, 2022, was CAD 1.2 million, unchanged from 2021[137] - The company is committed to operating transparently and responsibly in communities, amidst increasing regulatory scrutiny in the oil and gas sector[147] - The gender ratio of the workforce, including senior management, is balanced at 1:1 as of December 31, 2022[174]

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之內容概不負責，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分內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 JX Energy Ltd. （ 吉 星 新 能 源 有 限 責 任 公 司 ）* （根據阿爾伯塔法例註冊成立的有限責任公司） （股份代號：3395） 截至2022年12月31日止年度之 年度業績公告 吉星新能源有限責任公司（*「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司截至2022 年12月31日止年度的財務業績（「年度業績」）。本公告由本公司根據香港聯合交易所有限公 司證券上市規則（「上市規則」）第13.49(1)條及第13.49(2)條而刊發。董事會及本公司審計及 風險委員會已審閱年度業績，而年度業績已經核數師同意。有關進一步資料，請參閱隨附 公告。 承董事會命 吉星新能源有限責任公司* 柳永坦 主席 卡加利，2023年3月30日 香港，2023年3月30日 於本公告日期，董事會包括兩名執行董事柳永坦先生及王平在先生；及三名獨立非執行董事 Richard Dale Orman先生、Pe ...