United Energy Group Limited warns that it expects to record an unaudited consolidated net loss of approximately HK$15 billion to HK$18 billion for the year ended 31 December 2023, a significant decrease from the net profit of approximately HK$26.1 billion in the previous fiscal year. This was mainly due to a one-off reserve depreciation of approximately HK$44 billion, including a decline in oil reserves in the Iraq B9 contract area and exploration dry-well delinquencies. THE COMPANY EMPHASIZES THAT THESE WRITE-DOWNS AND AMORTIZATIONS ARE ONE-TIME ACCOUNTING ADJUSTMENTS THAT DO NOT ADVERSELY AFFECT NORMAL OPERATIONS AND CASH FLOW. At the same time, the company expects annual sales to grow by 5% to 10%, while profit before interest, taxes, depreciation and amortization is expected to decrease by 5% to 10%. The Company will publish a detailed results announcement at the end of March 2024 reminding shareholders and potential investors to exercise caution when trading.

United Energy Group Limited warns that it expects to record an unaudited consolidated net loss of approximately HK$15 billion to HK$18 billion for the year ended 31 December 2023, a significant decrease from the net profit of approximately HK$26.1 billion in the previous fiscal year. This was mainly due to a one-off reserve depreciation of approximately HK$44 billion, including a decline in oil reserves in the Iraq B9 contract area and exploration dry-well delinquencies. THE COMPANY EMPHASIZES THAT THESE WRITE-DOWNS AND AMORTIZATIONS ARE ONE-TIME ACCOUNTING ADJUSTMENTS THAT DO NOT ADVERSELY AFFECT NORMAL OPERATIONS AND CASH FLOW. At the same time, the company expects annual sales to grow by 5% to 10%, while profit before interest, taxes, depreciation and amortization is expected to decrease by 5% to 10%. The Company will publish a detailed results announcement at the end of March 2024 reminding shareholders and potential investors to exercise caution when trading.