Production and Sales Performance - In 2023, Novus Energy Inc. produced a total of 1.076 million equivalent barrels, representing a year-on-year increase of 33.12%[5] - The sales volume of oil and gas reached 1.0935 million equivalent barrels, up 39.62% year-on-year, generating sales revenue of CAD 86.3713 million, an increase of 11.50%[5] - Novus drilled a total of 33.26 new wells in 2023, with a drilling success rate of over 98% and an average drilling cycle of under 5 days[9] - Oil and gas sales volume increased to 1,093,000 equivalent barrels, generating revenue of HKD 501,817,000, compared to 808,000 equivalent barrels and HKD 443,881,000 in the previous year[31] Financial Performance - The net profit recorded by Novus was CAD 2.8193 million, with operating cash flow of CAD 43.1171 million, indicating continuous improvement in operational conditions[5] - The company's revenue for the year ended December 31, 2023, was HKD 27,742,529,000, a decrease of 7% compared to HKD 29,936,206,000 in 2022[30] - The company recorded a profit of HKD 580,132,000 for the year ending December 31, 2023, compared to a loss of HKD 619,099,000 in 2022[50] - Net profit attributable to the owners of the company for 2023 was HKD 217,593, a significant recovery from a loss of HKD 199,510 in 2022[124] Cost Management - The average operating cost for oilfield operations was CAD 17.11 per barrel, a decrease of CAD 0.24 per barrel, or 1.38% year-on-year[8] - The company maintained a strong focus on cost control, achieving a reduction in controllable costs to CAD 28.56 per barrel, down CAD 1.29 per barrel or 4.32% year-on-year[8] - The proportion of extended reach wells increased from 46% in 2022 to 75% in 2023, enhancing single well output by approximately 50% while halving operational costs[7] Asset and Liability Management - The company's total assets decreased from HKD 4,518,209,000 in 2022 to HKD 3,684,542,000 in 2023[70] - Current liabilities reduced from HKD 3,600,546,000 in 2022 to HKD 2,067,497,000 in 2023, indicating improved financial stability[70] - The equity increased significantly from HKD 469,426,000 in 2022 to HKD 1,348,166,000 in 2023, reflecting a stronger balance sheet[70] Exploration and Reserves - As of December 31, 2023, the company's net proven reserves of oil and liquefied natural gas are 9,643.8 thousand barrels, and natural gas reserves are 18,832.0 million cubic feet, totaling 12,782.5 thousand equivalent barrels[100] - The total net proven and probable reserves as of December 31, 2023, are 13,601.3 thousand barrels of oil and liquefied natural gas, and 27,022.0 million cubic feet of natural gas, totaling 18,105.0 thousand equivalent barrels[100] - The company has conducted exploration activities by acquiring 5,245 hectares of unproven land in Canada and drilled 33 wells during the reporting period[102] Corporate Governance - The company is committed to maintaining high standards of corporate governance, with details provided in the corporate governance report[165] - The board consists of three executive directors and four independent non-executive directors, ensuring compliance with listing rules regarding board composition[173] - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, primarily composed of independent non-executive directors to enhance independence and effectiveness[190] Environmental and Safety Performance - Novus has not experienced any safety production accidents or environmental incidents throughout the year, ensuring a safe drilling foundation[12] - The company has not reported any environmental claims, lawsuits, penalties, or administrative sanctions during the review year[92] Strategic Partnerships and Customer Relations - Henan Yanchang's sales to Sinopec reached 1.978 million tons, accounting for nearly half of its total distribution volume, with sales revenue of RMB 2.627 billion[21] - In 2023, Henan Yanchang developed 8 new customers and 27 new suppliers, enhancing its strategic partnerships[17] Future Outlook - The company expects WTI prices to range between USD 70 and 80 per barrel in 2024, amid geopolitical risks and market uncertainties[28] - The company plans to diversify its business by exploring LNG imports, asphalt and crude oil imports, coal sales, and aviation fuel operations[28]
延长石油国际(00346) - 2023 - 年度财报