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]
吉星新能源(03395) - 2021 - 中期财报