Sino oil & gas holdings limited (the "Company") announces its unaudited interim results for the six months ended June 30, 2024. The revenue increased to approximately 0.202 billion Hong Kong dollars compared to the same period last year, and gross profit increased to approximately 81.09 million Hong Kong dollars. However, due to financing costs of approximately 0.128 billion Hong Kong dollars, a loss of approximately 47.64 million Hong Kong dollars was recorded for this period, a decrease from the loss of approximately 83.83 million Hong Kong dollars in the same period last year. In addition, the total comprehensive loss from other sources decreased from approximately 0.211 billion Hong Kong dollars in the same period last year to approximately 0.14 billion Hong Kong dollars. The main financial pressure faced by the...Show More

Sino oil & gas holdings limited (the "Company") announces its unaudited interim results for the six months ended June 30, 2024. The revenue increased to approximately 0.202 billion Hong Kong dollars compared to the same period last year, and gross profit increased to approximately 81.09 million Hong Kong dollars. However, due to financing costs of approximately 0.128 billion Hong Kong dollars, a loss of approximately 47.64 million Hong Kong dollars was recorded for this period, a decrease from the loss of approximately 83.83 million Hong Kong dollars in the same period last year. In addition, the total comprehensive loss from other sources decreased from approximately 0.211 billion Hong Kong dollars in the same period last year to approximately 0.14 billion Hong Kong dollars. The main financial pressure faced by the company comes from the principal and overdue interest of the convertible notes held by Crescent Spring, which amount to approximately 2.182 billion Hong Kong dollars, as well as the principal and interest of unsecured corporate bonds, which amount to approximately 0.604 billion Hong Kong dollars. The company is actively seeking debt restructuring to improve its liquidity position, but the court rejected the creditor's plan on April 24, 2024, and the company filed an appeal on May 6. The board of directors holds an optimistic view on the successful implementation of the restructuring plan and believes that the stable growth of the core business, including the Sanjiao coalbed methane project, will help resolve the cash flow problem.