Financial Performance - For the three months ended September 30, 2022, the company reported a loss of HKD 3,305,000 compared to a loss of HKD 8,467,000 for the same period in 2021, representing a 61% improvement year-over-year [10]. - The total comprehensive loss for the nine months ended September 30, 2022, was HKD 10,525,000, a decrease from HKD 28,597,000 in the same period of 2021, indicating a 63% reduction [20]. - The company reported a net loss attributable to shareholders of approximately HKD 10,191,000 for the nine months ended September 30, 2022, compared to a net loss of HKD 29,649,000 for the same period last year, representing a 65.6% improvement [44]. - The total comprehensive loss for the three months ended September 30, 2022, was HKD 3,663,000, compared to HKD 7,630,000 in the same period of 2021, reflecting a 52% improvement [20]. - The basic and diluted loss per share for the three months ended September 30, 2022, was HKD 0.086, an improvement from HKD 0.221 in the same period of 2021 [17]. Expenses and Costs - The company's administrative and other operating expenses for the three months ended September 30, 2022, were HKD 1,424,000, down from HKD 2,016,000 in the previous year, reflecting a 29% decrease [10]. - Administrative and other operating expenses for the period were approximately HKD 4,584,000, a decrease of about HKD 7,309,000 or 61.5% compared to the previous year, primarily due to reductions in various business expenses [44]. - The finance costs related to deferred exploration expenditures for the three months ended September 30, 2022, were HKD 1,961,000, a significant reduction from HKD 6,586,000 in the same period of 2021, marking a 70% decrease [10]. - Financing costs for the period were approximately HKD 5,830,000, down from HKD 18,092,000 in the previous year, mainly due to the impact of convertible bonds [44]. - Employee costs, including director remuneration, amounted to HKD 2,772,000 for the nine months ending September 30, 2022, down from HKD 4,887,000 in the previous year [34]. Revenue and Dividends - The company did not report any revenue for the three months ended September 30, 2022, compared to HKD 97,000 in the same period of 2021 [10]. - The company has not declared any dividends for the reporting period [19]. - The company did not generate any revenue during the reporting period, consistent with the previous year [44]. Equity and Liabilities - As of September 30, 2022, the company reported a total equity of HKD 312,641,000, an increase from HKD 322,294,000 as of January 1, 2022 [24]. - The company’s total liabilities as of September 30, 2022, were HKD 178,030,000, reflecting a decrease from HKD 1,168,933,000 as of January 1, 2022 [24]. - The company’s accumulated losses as of September 30, 2022, were HKD 1,075,003,000, compared to HKD 1,064,812,000 as of January 1, 2022 [24]. - The company’s capital reserve as of September 30, 2022, was HKD 17,981,000, a decrease from HKD 23,559,000 as of January 1, 2022 [24]. Future Plans and Projects - The company has entered into a subscription agreement to issue 120,000,000 new shares at a subscription price of HKD 0.18 per share, which is expected to raise approximately HKD 21,600,000 [45][48]. - The estimated net proceeds from the subscription, after expenses, are expected to be approximately HKD 21,550,000, intended for the company's working capital [48]. - The company holds a 50.4% interest in the SC49 oil and gas project in the Philippines, which has faced delays due to COVID-19 restrictions [49]. - Drilling plans for six new wells in the SC49 project are approved and expected to commence in the second half of 2022 following the easing of travel restrictions [50]. - The company has initiated the construction of crude oil dehydration facilities and storage tanks, expected to be operational in 2022, to address buyer complaints regarding water content and reduce logistics costs [52]. - A refinery project near the SC49 drilling site is planned, with an annual procurement of approximately 200,000 barrels of crude oil from China International Mining [52]. - The company has signed a cooperation agreement with CHEC to develop and operate a 48 MW gas power plant in the Philippines, marking a move into downstream natural gas industrialization [52]. - The company remains cautiously optimistic about the economic outlook despite uncertainties in the oil and gas industry, focusing on the commercial viability of potential projects, particularly in small to medium-sized oil fields [53]. - Exploration efforts will continue to concentrate on the SC49 project to ensure stable development and production, maintaining healthy cash flow [53]. Corporate Governance - The company has adhered to the corporate governance code as per GEM listing rules, with some deviations noted [64]. - The audit committee, consisting of two independent non-executive directors and one non-executive director, reviewed the unaudited condensed consolidated financial statements for the period [74]. - The audit committee confirmed that the financial statements comply with applicable accounting standards and regulations [74]. - The company has not established any provisions for preemptive rights in its articles of association or under Cayman Islands law [70]. - The board believes that having the same person serve as both chairman and CEO can effectively execute the group's business strategy and operations [65]. - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors, providing suitable skills and experience for the group's development [65]. - The company has adopted a code of conduct for directors regarding securities trading that is not less stringent than the GEM Listing Rules [66]. - The audit committee is responsible for reviewing the company's financial controls, risk management, and internal control systems [72]. - The company will periodically review its governance practices to enhance the overall best interests of the group [65]. Shareholding Structure - Major shareholder Silver Star Enterprises Holdings Inc. holds approximately 48.53% of the company's shares [57]. - Other significant shareholders include Guoxiang Group (Hong Kong) Limited and Inwood Support Limited, each holding approximately 11.57% and 6.79% of the shares, respectively [57]. - The company has not granted any rights to directors or their immediate family members to acquire shares or bonds during the reporting period [63]. - The company has not purchased, sold, or redeemed any of its listed securities during the nine months ended September 30, 2022 [69]. - There were no violations of the code of conduct regarding securities trading by any directors during the reporting period [66].
百田石油(08011) - 2022 Q3 - 季度财报