China Petroleum Holdings Limited (“China Oil Gas”) issued a profit warning on March 20, 2024, expecting a significant increase in the loss for fiscal 2023 compared to the same period in 2022. This loss was increased mainly due to a depreciation loss of approximately HK$9 billion in three coal seam gas projects. The company said it decided to extend the project's development schedule due to the overall financial situation and uncertainty surrounding the restructuring action. China Petroleum expects a loss of HK$12 billion to HK$13 billion in fiscal 2023, an increase of about 116% to 135% from the previous year. The Board of Directors has notified shareholders and potential investors of this profit warning and will announce the results on 27 March 2024. Shareholders and potential investors are reminded to exercise caution when buying and selling company securities as profit warnings do not meet the standards set out in Rule 10 of the Takeover Code.

China Petroleum Holdings Limited (“China Oil Gas”) issued a profit warning on March 20, 2024, expecting a significant increase in the loss for fiscal 2023 compared to the same period in 2022. This loss was increased mainly due to a depreciation loss of approximately HK$9 billion in three coal seam gas projects. The company said it decided to extend the project's development schedule due to the overall financial situation and uncertainty surrounding the restructuring action. China Petroleum expects a loss of HK$12 billion to HK$13 billion in fiscal 2023, an increase of about 116% to 135% from the previous year. The Board of Directors has notified shareholders and potential investors of this profit warning and will announce the results on 27 March 2024. Shareholders and potential investors are reminded to exercise caution when buying and selling company securities as profit warnings do not meet the standards set out in Rule 10 of the Takeover Code.