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 ...

Revenue and Sales Performance - For the three months ended September 30, 2022, the company reported revenue from product sales of CAD 4,987,671, a decrease of 1.26% compared to CAD 5,051,302 for the same period in 2021[13]. - For the nine months ended September 30, 2022, total revenue was CAD 16,999,301, representing a 26.5% increase from CAD 13,478,181 in the same period of 2021[13]. - For the nine months ended September 30, 2022, total sales of produced goods amounted to CAD 20,244,954, a significant increase from CAD 14,914,698 in the same period of 2021, representing a growth of approximately 35.5%[64]. - The company reported a total revenue of CAD 4,987,670 for the three months ended September 30, 2022, compared to CAD 5,051,302 for the same period in 2021, indicating a slight decrease of about 1.3%[64]. - The largest customer accounted for 80% of the company's revenue for the nine months ended September 30, 2022, up from 79% in 2021, while the second largest customer contributed 8%[66]. - The company’s trading revenue from natural gas for the nine months ended September 30, 2022, was CAD 319,305, compared to CAD 144,243 in the same period of 2021, marking an increase of approximately 121%[64]. Financial Performance - The net income for the three months ended September 30, 2022, was CAD 4,066,730, down from CAD 4,522,915 in the same period of 2021, indicating a decline of 10.1%[13]. - The basic and diluted earnings per share for the nine months ended September 30, 2022, was CAD 0.02, compared to a loss of CAD 0.01 in the same period of 2021[13]. - For the three months ended September 30, 2022, the company reported a net loss of CAD 1.60 million, with a basic and diluted loss per share of CAD (0.00) compared to a profit of CAD 1.51 million and earnings per share of CAD 0.00 for the same period in 2021[73]. - For the nine months ended September 30, 2022, the company reported a net income of CAD 6.75 million, with earnings per share of CAD 0.02, compared to a net loss of CAD (3.26) million and a loss per share of CAD (0.01) for the same period in 2021[73]. - Financial expenses totaled CAD 2,405,428 for the nine months ended September 30, 2022, down from CAD 3,754,464 in the same period of 2021, reflecting a decrease of approximately 36%[70]. Assets and Liabilities - The company's total liabilities as of September 30, 2022, amounted to CAD 41,797,302, a decrease of 12.5% from CAD 47,968,368 at the end of 2021[10]. - The total assets of the company increased to CAD 60,790,710 as of September 30, 2022, compared to CAD 52,982,177 at the end of 2021, reflecting a growth of 14.5%[11]. - The company’s total equity increased to CAD 18,993,408 as of September 30, 2022, from CAD 5,013,809 at the end of 2021, marking a substantial increase[10]. - The company’s total liabilities included a repayment of CAD 5,000,000 during the nine months ended September 30, 2022[18]. - The company’s net debt as of September 30, 2022, was CAD 36,503,526, a decrease from CAD 42,329,628 as of December 31, 2021[94]. Cash Flow and Capital Expenditures - The company reported operating costs of CAD 5,061,271 for the three months ended September 30, 2022, significantly higher than CAD 1,730,104 for the same period in 2021[13]. - The company incurred capital expenditures of CAD 6,143,475 for property, plant, and equipment during the nine months ended September 30, 2022[18]. - The operating cash flow for the nine months ended September 30, 2022, was CAD 8,092,291, compared to CAD 1,289,438 for the same period in 2021[18]. - The company’s capital expenditures amounted to CAD 1.020 million in Q3 2022, compared to CAD (93) thousand in Q4 2021[111]. Debt and Financing - The company has drawn down CAD 15 million from its subordinated debt financing due on May 15, 2023[24]. - The company made total principal payments of CAD 5.0 million in the second quarter of 2022, fulfilling its obligations under the 2022 restructuring agreement[26]. - The company has waived certain financial covenants under its debt agreements, which may impact its ability to secure future financing[26]. - The company agreed to restructure its loan agreement on March 11, 2022, with a total principal repayment obligation of CAD 5 million by September 30, 2022, and an additional CAD 1 million by March 31, 2023[178]. Production and Operational Metrics - Average daily production of natural gas was 10,500 thousand cubic feet per day in Q3 2022, showing an increase from previous quarters[111]. - The average daily sales volume was 1,887 barrels of oil equivalent per day in Q3 2022, compared to 1,863 barrels in Q4 2021[111]. - The company’s total production for the nine months ending September 30, 2022, was 2,742 barrels of oil equivalent per day, a 21% increase from 2,271 barrels per day in the same period of 2021[119]. Tax and Regulatory Matters - The average royalty tax rate for the company was 22% for the three months and 17% for the nine months ended September 30, 2022, reflecting increases of 107% and 72% compared to the same periods in 2021[137]. - The company expects its actual royalty tax rate for the remainder of 2022 to be between 15% and 20%, benefiting from the modernization framework in Alberta[139]. Management and Corporate Governance - Total compensation for key management personnel for the three months and nine months ended September 30, 2022, was CAD 0.26 million and CAD 0.75 million, respectively, compared to CAD 0.20 million and CAD 0.60 million for the same periods in 2021[76]. - The company has not declared or paid any dividends since its establishment, focusing on maintaining financial flexibility and capital management[93]. Risks and Uncertainties - The company has significant uncertainty regarding its ability to continue as a going concern, dependent on generating positive cash flow from operations and obtaining financing[27]. - The company faces liquidity risk, with total financial liabilities amounting to CAD 39.88 million, with various due dates outlined[85].

Financial Performance - Production revenue increased by 81% to CAD 8,893 thousand for the three months ended June 30, 2022, compared to CAD 4,909 thousand in the same period of 2021[10]. - Operating netback rose by 298% to CAD 4,347 thousand for the three months ended June 30, 2022, from CAD 1,092 thousand in the same period of 2021[10]. - The company reported a basic and diluted loss per share of CAD (0.01) for the three months ended June 30, 2022, compared to a profit of CAD 0.01 in the same period of 2021, representing a change of (346%)[10]. - The company recorded a net income of CAD 5.36 million in Q2 2022, a significant improvement from a net loss of CAD 1.55 million in Q4 2021[29]. - Total revenue increased by 81% to CAD 8,908 thousand for the three months ended June 30, 2022, compared to CAD 4,916 thousand in the same period of 2021[44]. - Adjusted EBITDA for the six months ended June 30, 2022, reached CAD 5,122,000, reflecting an increase of 872% from CAD 527,000 in the same period of 2021[137]. - Net income for the six months ended June 30, 2022, was CAD 8,357,245, compared to a net loss of CAD 4,766,999 for the same period in 2021[190]. - For the three months ended June 30, 2022, the net income was CAD 5,358,045 compared to a net loss of CAD (1,925,246) for the same period in 2021, indicating a significant improvement[197]. Production and Sales - Average daily sales volume decreased by 20% to 1,863 barrels of oil equivalent per day for the three months ended June 30, 2022, from 2,317 barrels in the same period of 2021[10]. - Average daily production in Q2 2022 was 1,855 barrels of oil equivalent per day, compared to 2,054 barrels in Q1 2022, indicating a decrease of about 9.7%[28]. - The average daily natural gas production was 10,371 thousand cubic feet per day in Q2 2022, down from 11,470 thousand cubic feet per day in Q1 2022, a decline of approximately 9.6%[28]. - Natural gas production decreased by 18% to 10,371 thousand cubic feet per day for the three months ended June 30, 2022, compared to 12,607 thousand cubic feet per day in the same period of 2021[37]. - Oil production fell by 26% to 56 barrels per day for the three months ended June 30, 2022, down from 76 barrels per day in the same period of 2021[42]. - Total sales volume decreased by 20% to 1,863 barrels of oil equivalent per day for the three months ended June 30, 2022, compared to 2,317 barrels of oil equivalent per day in the same period of 2021[37]. Assets and Liabilities - Total assets as of June 30, 2022, were CAD 58,177 thousand, up from CAD 42,205 thousand in 2021[11]. - Total liabilities decreased to CAD 40,301 thousand as of June 30, 2022, compared to CAD 41,752 thousand in 2021[11]. - The company’s total equity increased to CAD 17,876 thousand as of June 30, 2022, from CAD 453 thousand in 2021[11]. - The company's long-term debt decreased significantly to CAD 2,546 thousand as of June 30, 2022, from CAD 17,355 thousand at the end of 2021[79]. - The debt-to-equity ratio improved to 66% as of June 30, 2022, compared to 90% at the end of 2021[79]. - Total liabilities decreased to CAD 40,300,736 as of June 30, 2022, from CAD 47,968,368 as of December 31, 2021, a reduction of approximately 16.0%[186]. - Shareholders' equity increased significantly to CAD 17,876,254 as of June 30, 2022, from CAD 5,013,809 as of December 31, 2021, reflecting a growth of approximately 256.5%[186]. Costs and Expenses - Operating costs decreased to CAD 3.32 million in Q2 2022 from CAD 3.28 million in Q1 2022, showing a slight reduction of about 1.5%[29]. - Operating costs for the six months ended June 30, 2022, were CAD (6,602,000), a decrease of 10% from CAD (7,367,000) in the same period of 2021[136]. - General and administrative expenses rose by 48% to CAD 703,000 for the three months ended June 30, 2022, and by 12% to CAD 1,327,000 for the six months ended June 30, 2022[58]. - Financial expenses decreased by 29% to CAD 876,000 for the three months ended June 30, 2022, and by 28% to CAD 1,775,000 for the six months ended June 30, 2022[60]. Future Plans and Strategies - The company plans to continue focusing on exploration and development in its core operating areas in Western Canada, particularly in Alberta Foothills and Peace River[3]. - The company plans to explore additional drilling targets in 2022 and 2023 to capitalize on strong pricing conditions, contingent on available capital[23]. - The company anticipates increased production from Basing and Voyager, contributing to future revenue growth[53]. - The company is actively seeking additional financing opportunities, including alternative debt arrangements and joint ventures, to manage capital expenditures and leverage[128]. Shareholder Information - As of June 30, 2022, the company had 432,886,520 ordinary shares in circulation, which increased to 449,886,520 shares by the date of the management discussion[96]. - The company has not declared any dividends for the three and six months ended June 30, 2022, and 2021[103]. - The company has a total of 432,886,520 shares issued as of June 30, 2022[152]. - Aspen Investment Holdings Limited holds 181,194,306 shares, representing approximately 41.86% of the total issued shares[157]. - The company has approved a stock option plan allowing the issuance of options not exceeding 10% of the total issued and outstanding shares as of the approval date[167]. Compliance and Governance - The company has adhered to the corporate governance code during the reporting period, ensuring proper regulation of business activities and decision-making processes[143]. - The company is committed to conducting business transparently and responsibly within the communities it operates[132]. - JX Energy's internal financial reporting controls were assessed as effective based on the 2013 Internal Control - Integrated Framework[126]. - The company has complied with all covenants related to its subordinated debt as of June 30, 2022[90].

Financial Performance - For the three months ended March 31, 2022, total revenue was CAD 5,248,774, an increase of 27.5% compared to CAD 4,114,361 for the same period in 2021[13] - The company reported a net income of CAD 2,999,200 for the first quarter of 2022, compared to a net loss of CAD 2,841,753 in the first quarter of 2021[13] - Total revenue for the three months ended March 31, 2022, was CAD 6,363,985, up from CAD 4,954,287 in the prior year, indicating a year-over-year increase of 28.4%[68] - Revenue from the sale of natural gas, natural gas liquids, and condensate reached CAD 5,810,291 for the three months ended March 31, 2022, compared to CAD 4,598,459 for the same period in 2021, representing a growth of 26.3%[68] - The company reported a total financing cost of CAD 899,431 for the three months ended March 31, 2022, down from CAD 1,240,523 in the same period of 2021, reflecting a decrease of 27.5%[74] - The effective tax rate for the three months ended March 31, 2022, was 23%, down from 24% in 2021[16] - The company reported a net income of 2,999,200 CAD for the three months ended March 31, 2022, compared to a loss of 2,841,753 CAD in the same period of 2021[79] Assets and Liabilities - The total assets as of March 31, 2022, amounted to CAD 57,762,565, up from CAD 52,982,177 as of March 31, 2021, reflecting a growth of approximately 9.5%[10] - The company’s total liabilities were CAD 49,736,955, an increase from CAD 47,968,368 year-over-year, reflecting a growth of approximately 3.7%[11] - Current liabilities totaled CAD 23,656,874, a decrease from CAD 26,127,802 in the previous year, indicating a reduction of about 10.5%[10] - The company had a working capital deficit of CAD 18 million as of March 31, 2022[23] - The company’s total liabilities, including trade payables and other payables, are expected to be settled within one year or as required[49] - As of March 31, 2022, total liabilities amounted to CAD 5,121,415, a significant increase from CAD 598,850 as of December 31, 2021[57] - The company’s long-term debt as of March 31, 2022, was CAD 23,231,148, down from CAD 25,354,961 as of December 31, 2021, representing a reduction of 8.4%[52] Cash Flow and Working Capital - The company reported a net cash flow from operating activities of CAD 0.8 million for the three months ended March 31, 2022[23] - The total cash and cash equivalents at the end of the period were CAD 496,502, a decrease from CAD 587,933 at the end of December 31, 2021[27] - Non-cash working capital changes resulted in a cash inflow of CAD 1,054,166 for the three months ended March 31, 2022, compared to CAD 2,209,558 for the same period in 2021[29] - The company’s net working capital as of March 31, 2022, included CAD 0.7 million in shareholder debt due by December 31, 2021[135] - The company reported a net working capital deficit of 17,942 thousand CAD as of March 31, 2022, compared to 22,740 thousand CAD in the previous year[188] Production and Operational Metrics - For Q1 2022, the average daily natural gas production was 11,470 thousand cubic feet per day, a decrease of 2.8% from Q4 2021[123] - The total production for Q1 2022 was 2,054 barrels of oil equivalent per day, down 3.9% from 2,137 barrels per day in Q4 2021[124] - The average daily sales volume for Q1 2022 was 2,085 barrels of oil equivalent per day, slightly down from 2,159 barrels per day in Q4 2021[128] - The company’s natural gas production decreased by 15% year-over-year to 11,470 thousand cubic feet per day, while total production dropped by 15% to 2,054 barrels of oil equivalent per day[138] - Production revenue for Q1 2022 was CAD 6,364 thousand, a decrease of 3.1% compared to CAD 6,566 thousand in Q4 2021[130] Capital Expenditures and Investments - Capital expenditures for Q1 2022 were CAD 193 thousand, significantly lower than CAD 5,489 thousand in Q4 2021[130] - Capital expenditures included total spending on property, plant, and equipment, plus exploration and evaluation assets[132] - The company’s capital expenditures on property, plant, and equipment were not detailed in the provided documents[19] Market and Strategic Outlook - The company plans to continue exploring new market opportunities and enhancing its product offerings in the upcoming quarters[12] - The company anticipates continued strong demand for natural gas, benefiting from the highest prices in a decade in Western Canada[119] - The company is evaluating additional drilling targets with plans to start drilling between 2022 and 2023, depending on funding availability[119] - The company plans to complete an equity placement in the first half of 2022 to facilitate the repayment of CAD 2.5 million due by December 2022 and CAD 1.0 million due by March 2023[196] Shareholder and Equity Information - The company had 3,780,000 stock options outstanding with an exercise price of CAD 0.52 as of March 31, 2022[65] - As of March 31, 2022, the company had a total of 397,886,520 common shares issued and outstanding[61] - The company completed a share placement on April 29, 2022, issuing 35 million shares at a price of HKD 0.80 per share, raising a total of HKD 28 million (approximately CAD 4.48 million)[109] - The company proposed a name change from "Persta Resources Inc." to "JX Energy Ltd." to better reflect its strategic direction and future business development[110] Risk Management and Financial Health - The company has no financial derivatives in place to manage commodity price risk as of March 31, 2022[95] - The company’s ability to continue as a going concern depends on generating positive cash flow from operations and obtaining financing[198] - The company aims to ensure sufficient liquidity to meet its financial obligations, with a focus on managing cash flow and operational funding[90] - The company has a capital management policy aimed at maintaining financial flexibility and providing appropriate returns to shareholders[99]

Financial Performance - Production revenue for the year ended December 31 reached CAD 21,480 thousand, a 62% increase from CAD 13,269 thousand in the previous year[10]. - The company reported a net loss of CAD 4,809 thousand for the year, a significant improvement from a net loss of CAD 21,851 thousand in the previous year[14]. - The company reported a significant increase in revenue, with a total of CAD 1,200 million for the fiscal year ending December 31, 2021, representing a 15% increase compared to the previous year[52]. - The company reported a net income of CAD 200 million, a 12% increase year-over-year, reflecting improved operational efficiency[52]. - Total revenue for the year increased by 59% to CAD 21,518 thousand, driven by stronger commodity prices despite a decrease in production[86]. - The company’s total assets increased to CAD 2,500 million, up from CAD 2,200 million in the previous year, indicating strong financial health[52]. - The company’s equity decreased slightly to CAD 5.014 million as of December 31, 2021, from CAD 5.161 million in the previous year[123]. Production and Sales - Average daily sales volume decreased by 18% to 2,159 barrels of oil equivalent per day compared to 2,631 barrels in the same period last year[10]. - The average daily production of natural gas was 12,416 thousand cubic feet per day, a decrease from 13,341 thousand cubic feet per day in the previous year[14]. - The total production was 2,243 barrels of oil equivalent per day in 2021, compared to 2,363 in 2020, reflecting a decline due to natural depletion[63]. - The average daily production of natural gas was 12,416 thousand cubic feet per day in 2021, a decrease from 13,341 in 2020[63]. - The total sales volume was 2,268 barrels of oil equivalent per day in 2021, down from 2,406 in 2020[63]. Capital Expenditures and Investments - Capital expenditures for the year were CAD 8,623 thousand, significantly higher than CAD 1,932 thousand in the previous year, indicating increased investment in exploration and development[14]. - Capital expenditures amounted to CAD 8,623 thousand in 2021, a substantial increase from CAD 1,932 thousand in 2020, primarily related to drilling new wells[63]. - The company plans to start drilling new targets in 2022 and 2023, contingent on securing funding[21]. - The company is evaluating additional drilling targets for 2022 and 2023, contingent on securing funding[62]. Market Conditions and Outlook - The company anticipates strong demand for natural gas in 2022 and 2023, driven by rising commodity prices, particularly in Western Canada[20]. - Natural gas prices in Western Canada reached a seven-year high in 2021, with expectations of continued strong demand into 2022 and 2023[57]. - The ongoing conflict in Ukraine has led to a significant rise in global oil and gas prices, potentially benefiting Persta's operations and financing capabilities in the short term[22]. Operational Efficiency - The operating netback for the year was CAD 4,423 thousand, a substantial increase from CAD 1,652 thousand in the previous year, reflecting improved operational efficiency[14]. - The management emphasizes that operating netback is a key performance indicator for assessing operational performance related to oilfield profitability[176]. - The company’s operating costs decreased by 9% to CAD 14,383 thousand in 2021 from CAD 10,874 thousand in 2020[176]. Financial Obligations and Liabilities - The company’s total liabilities increased to CAD 47,968 thousand from CAD 39,506 thousand, indicating a rise in financial obligations[10]. - The company reported a loss of CAD 4.8 million for the year ended December 31, 2021, with current liabilities exceeding current assets by CAD 22.7 million[181]. - The company’s working capital deficiency included CAD 3 million of shareholder debt due on December 31, 2021[125]. - The company has a total of CAD 14.75 million in loans due at maturity, assuming principal payments are made as scheduled[134]. Corporate Governance and Compliance - The company aims to maintain high standards of corporate governance to protect shareholder interests and enhance corporate value[188]. - The independent auditor's report confirmed that the financial statements reflect the company's financial position as of December 31, 2021, in accordance with applicable international financial reporting standards[180]. - The board consists of five directors, including two executive directors and three independent non-executive directors[192]. - The company complies with listing rules requiring at least three independent non-executive directors, with one possessing appropriate professional qualifications in accounting or related financial management[192]. Environmental and Regulatory Considerations - New environmental regulations may require substantial expenditures for compliance, and violations could lead to significant penalties and loss of permits[171]. - The oil and gas industry is under scrutiny regarding the responsible use of hydraulic fracturing technology, with stakeholders increasingly concerned about its implications[173]. Employee and Compensation - Total employee compensation for the year ended December 31, 2021, was CAD 1.7 million, unchanged from 2020[159].

Financial Performance - Production revenue for the three months ended June 30, 2021, was CAD 4,909,000, representing a 79% increase compared to CAD 2,740,000 in the same period of 2020[12] - Net trade revenue for the six months ended June 30, 2021, was CAD 2,000, reflecting a 293% increase from the previous period[12] - The company reported a basic and diluted loss per share of CAD 0.01 for the six months ended June 30, 2021, compared to CAD 0.02, a 34% decrease[12] - The company experienced a net loss of CAD 1,925 thousand in Q2 2021, reflecting ongoing challenges in the market[31] - The net loss for the three months ended June 30, 2021, was CAD (1,925,000), representing a 23% increase from CAD (1,569,000) in 2020[75] - The net loss for the six months ended June 30, 2021, was CAD (4,767,000), slightly lower than CAD (4,862,000) in 2020, a decrease of 2%[75] - The company reported a total of 361,886,520 shares issued as of June 30, 2021[152] - The company reported a significant increase in trade revenue net amounting to CAD 2 thousand for the six months ended June 30, 2021, compared to a loss of CAD 938 thousand in the same period of 2020[135] Production and Sales - Average daily sales (barrel of oil equivalent per day) decreased by 8% to 2,317 for the three months ended June 30, 2021, compared to 2,515 in the same period of 2020[12] - The company reported an average daily production of 12,607 thousand cubic feet of natural gas in Q2 2021, a decrease from 13,518 in Q1 2021[30] - Total production averaged 2,284 barrels of oil equivalent per day in Q2 2021, down from 2,408 in Q1 2021[30] - Natural gas production decreased by 12% to 12,607 thousand cubic feet per day for the three months ended June 30, 2021, compared to 14,357 thousand cubic feet per day in 2020[39] - Oil production increased significantly by 100% to 76 barrels per day for the three months ended June 30, 2021, compared to 0 barrels per day in 2020[39] - Total production (barrels of oil equivalent per day) decreased by 8% to 2,284 for the three months ended June 30, 2021, compared to 2,485 in 2020[39] - Approximately 85% of the company's revenue comes from the Basing area, which has a high natural gas content[25] Revenue and Pricing - Total revenue increased by 75% to CAD 4,916 thousand for the three months ended June 30, 2021, compared to CAD 2,802 thousand in 2020[45] - Oil revenue surged by 1,428% to CAD 455 thousand for the three months ended June 30, 2021, compared to CAD 30 thousand in 2020[45] - The company experienced a 53% increase in natural gas production revenue to CAD 3,766 thousand for the three months ended June 30, 2021, compared to CAD 2,576 thousand in 2020[45] - Average market price for natural gas (AECO) rose by 56% to CAD 2.97 per thousand cubic feet for the three months ended June 30, 2021, compared to CAD 1.90 in 2020[49] - Average selling price for oil increased by 291% to CAD 79.65 per barrel for the three months ended June 30, 2021, compared to CAD 20.36 in 2020[49] Costs and Expenditures - Total operating costs increased by 105% to CAD 3,742 million for the three months and by 106% to CAD 7,367 million for the six months compared to 2020[56] - General and administrative costs decreased by 43% to CAD 476 million for the three months and by 34% to CAD 1,185 million for the six months compared to 2020[62] - The average cost per barrel of oil equivalent was CAD 18.01 for the three months ended June 30, 2021, reflecting a 126% increase compared to 2020[56] - Capital expenditures were CAD 126 thousand in Q2 2021, indicating ongoing investment in exploration and development[31] - Capital expenditures for property, plant, and equipment totaled CAD 126,000 for the three months ended June 30, 2021, a 100% increase from CAD 17,000 in 2020[78] - The total capital expenditures for property, plant, and equipment and exploration and evaluation assets amounted to CAD 217,000 for the six months ended June 30, 2021, a significant increase of 1174% from CAD 17,000 in 2020[78] Assets and Liabilities - Total assets as of June 30, 2021, were CAD 42,205,000, down from CAD 44,667,000 in 2020[13] - Total liabilities increased to CAD (41,752,000) as of June 30, 2021, compared to CAD (39,506,000) in 2020[13] - As of June 30, 2021, the company's long-term debt was CAD 26,254,000, a substantial increase from CAD 1,886,000 at the end of 2020[82] - The company reported a working capital deficit of CAD 8.2 million as of June 30, 2021, and drew CAD 24.2 million from its subordinated debt of CAD 26 million[89] - As of June 30, 2021, the company had reclassified CAD 24 million of long-term debt to current liabilities due to covenant breaches, which were later waived by lenders[84] Corporate Governance and Shareholder Structure - The company has complied with the corporate governance code during the reporting period[144] - The major shareholder, Liu Yongtan, holds 50.07% of the company's shares, amounting to 181,194,306 shares[152] - The company has a significant ownership structure with multiple stakeholders, including 景先生 and 伯先生, who are part of a concert party agreement[164] - The company has adopted a standard code for securities trading by directors and senior management[145] - The Audit and Risk Committee consists of three independent non-executive directors[149] Future Outlook and Risks - The company anticipates strong pricing for natural gas and oil for the remainder of 2021 and into 2022, based on futures forecasts[25] - The company emphasizes that actual results may differ significantly from forward-looking statements due to various risks and uncertainties[19] - The company must obtain additional capital of at least CAD 8 million in equity by September 30, 2021, as part of its restructuring agreement[89] - The company has arranged a private placement of 70 million common shares at a minimum price of HKD 0.80 per share, expected to raise at least CAD 8.96 million[90] - Compliance with new environmental regulations may require significant expenditures, and violations could lead to penalties or loss of necessary permits[131]

Financial Performance - Production revenue for the year ended December 31 was CAD 13,269 million, a decrease of 2.6% from CAD 13,627 million in the previous year[10] - The company reported a net loss of CAD (21,851) million for the year, compared to a loss of CAD (50,466) million in the previous year, indicating a 56.7% improvement[14] - The company’s net operating income was CAD 1,652 million, a decrease of 60.9% from CAD 4,217 million in the previous year[14] - Basic and diluted loss per share improved to CAD 0.07 from CAD 0.17 in the previous year, reflecting a 58.8% reduction in losses[14] - The company’s total equity decreased to CAD 5,161 million from CAD 23,668 million, indicating a significant decline in shareholder value[10] - The company recorded a net loss of CAD 21,851 thousand in 2020, compared to a loss of CAD 7,279 thousand in 2019[66] - The company reported a total comprehensive loss of CAD 13.0 million for the year ended December 31, 2020, a 62% decrease compared to CAD 34.7 million in 2019[128] Production and Sales - Average daily sales increased by 18% to 2,631 barrels of oil equivalent per day compared to 2,226 barrels per day in the previous year[10] - Proven reserves as of December 31 totaled 5,053 thousand barrels of oil equivalent, with natural gas comprising 94% of the total[18] - The total proven and probable reserves increased to 7,219 thousand barrels of oil equivalent from 6,379 thousand barrels in the previous year[18] - The average daily natural gas production in 2020 was 13,341 Mcf/day, a decrease of 10.5% from 2019's 10,465 Mcf/day[66] - The total production (boe/day) for 2020 was 2,363 boe/day, compared to 1,907 boe/day in 2019, marking a 24% increase[66] - Total production reached 2,544 barrels of oil equivalent per day, up 17% from the previous year[92] - Oil production for the year fell by 43% to 849 thousand barrels due to the suspension of production in response to COVID-19[92] Capital Expenditures and Assets - Capital expenditures for the year were CAD 1,932 million, up from CAD 1,315 million in the previous year[14] - Total assets decreased to CAD 44,667 million from CAD 59,064 million, while total liabilities increased slightly to CAD (39,506) million from CAD (35,395) million[10] - The company's total assets decreased from CAD 54.4 million in 2019 to CAD 40.0 million in 2020, reflecting a significant reduction in equity[131] - Capital expenditures in 2020 amounted to CAD 1,932 thousand, a significant decrease from CAD 5,415 thousand in 2019[66] Operating Costs and Expenses - Operating costs for 2020 were CAD 10,874 thousand, an increase of 93% compared to CAD 5,353 thousand in 2019[66] - Operating costs surged by 149% to (3,756) million[200] - General and administrative expenses totaled CAD 3,146 million for the year ended December 31, 2020, down 25% from CAD 4,191 million in 2019[105] - The average operating cost per barrel of oil equivalent was CAD 12.57 for the year ended December 31, 2020, consistent with CAD 12.27 in 2019[105] Financing and Debt - The company plans to raise a total of HKD 56 million (approximately CAD 8.96 million) through a conditional placement of 20 million shares at HKD 0.80 each[24] - The company’s debt-to-capital ratio increased to 87% in 2020 from 56% in 2019, indicating a higher reliance on debt financing[131] - The company’s long-term debt increased to CAD 1.9 million in 2020 from CAD 0.6 million in 2019[131] - The company’s operating working capital increased to CAD 29.9 million in 2020, up from CAD 26.6 million in 2019[131] Governance and Management - The board of directors consists of 5 members, including 2 executive directors and 3 independent non-executive directors[29] - The company is committed to operating with the highest standards of professionalism and efficiency to achieve its ambitious goals[24] - The management team includes experienced professionals with extensive backgrounds in engineering and finance, contributing to the company's strategic direction[46] - The company has a focus on governance and risk management, with independent directors serving on various committees[43] Market Conditions and Future Outlook - The forecast for natural gas futures prices remains strong for the remainder of 2021 and into 2022[23] - Oil prices have also reached multi-year highs, benefiting the company despite its focus on natural gas[23] - The company anticipates significant improvements in cash flow due to a substantial increase in future commodity prices and the enhancement of proven and probable reserves according to its drilling plans[192] Environmental and Regulatory Compliance - Compliance with environmental regulations may require substantial expenditures, and violations could lead to significant penalties and loss of permits [194] - Persta is committed to responsible use of hydraulic fracturing technology, which has increased stakeholder engagement regarding environmental practices [197] COVID-19 Impact - The company has faced significant uncertainty regarding the impact of COVID-19 on its operations and financial performance, particularly due to global market volatility and falling oil prices[167]

. PERST Persta Resources Inc. (根據阿爾伯塔法律註冊成立的有限公司) 股份代號：3395 2020 中期報告 關於 Persta Resources Inc. | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------| | | | | Persta Resources Inc. 的油氣勘探開發公司，專注於在加 拿大西部兩個核心運營區域勘探開 發富液化天然氣及輕質原油，當中 包 括： Alberta Foothills 然氣礦產及 Peace River 礦產。 | 為位於卡加利 的富液化天 的輕質原油 | 目 錄 02 公司资料 | --- | --- | |-------|---------- ...