Core Viewpoint - The company, QianNeng HengXin, has successfully discovered the Weizhou 5-3 oil field in the southern part of the 22/04 block using WEFOX dual-focus imaging technology, with production set to commence in June 2025 [1] Group 1: Exploration and Discovery - The company has deployed the WZ5-3N-1 exploratory well to expand the oil field to the north and confirm the oil-bearing properties and reserve scale of the Weizhou 5-3N structure [1] - The drilling of the WZ5-3N-1 well has been completed, achieving significant breakthroughs in both the Changliu sandstone and the Carboniferous carbonate rock formations [1] Group 2: Findings and Implications - The well encountered sandstone oil layers in the Changliu formation, with recorded oil traces and oil stains, providing a basis for the overall evaluation and determination of reserves in the Changliu sandstone oil reservoir [1] - In the Carboniferous carbonate rock formation, drilling reached a depth of 1,305.60 meters, revealing fluorescence and oil stains, along with the return of over 10 cubic meters of viscous oil, indicating the development of fracture-cave reservoirs in the Carboniferous [1]

Core Viewpoint - The company has successfully discovered the Weizhou 5-3 oil field in the southern part of the potential mountain structure zone using WEFOX dual-focus imaging technology, with production expected to commence in June 2025 [1] Group 1: Oil Field Discovery - The company utilized WEFOX dual-focus imaging technology to obtain high-definition data for exploration [1] - The Weizhou 5-3 oil field is set to commence production in June 2025 [1] Group 2: Expansion Plans - To expand the oil field to the north, the company has deployed the WZ5-3N-1 exploratory well following the principle of "overall planning, step-by-step evaluation, and rolling development" [1] - The company has completed various preparatory works for the WZ5-3N-1 well, including site verification, geological design, engineering design, marine condition surveys, and obtaining drilling permits [1] Group 3: Financial Implications - If the WZ5-3N-1 well drilling is successful and shows good oil and gas indications, all expenditures related to preparatory work, drilling, and supporting services will be temporarily capitalized [1] - In the event of a drilling failure, the portion of expenditures borne by Wisdom Petroleum will be accounted for in the company's current profit and loss [1]