Securities Code: 600759   Securities referred to: Geo-Jade Petroleum   Announcement No.: 2024-021


Geo-Jade Petroleum Corporation

Announcement on Winning the Bid for the Development Rights of Oil and Gas Blocks in Iraq

The Board of Directors and all directors of Geo-jade Petroleum Co., Ltd. (hereinafter referred to as "the Company") guarantee that this announcement contains no false records, misleading statements, or material omissions, and bear individual and joint liability for the truthfulness, accuracy, and completeness of its content.

Risk Warning: 

The company has not yet signed a formal contract with the Iraqi Ministry of Oil. The oilfield development plan for the bid-winning blocks needs to be clarified through negotiation with the Iraqi Ministry of Oil, and the specific investment amount for the blocks cannot be determined yet. The development and subsequent operation of the Zurbatiya block and Jabel Sanam block involve uncertainties including macroeconomic environment and commercial risks. The company will promptly fulfill its information disclosure obligations according to subsequent project progress. Investors are kindly reminded to pay attention to investment risks.Geo-jade Petroleum Co., Ltd. (hereinafter referred to as "the company") actively participates in investment in countries along the Belt and Road, increasing investment in oil and gas projects exploration and development. Relying on the company's research capabilities and overseas oil and gas projects operation and management capabilities accumulated over the years, it continues to actively make long-term plans and layouts, consistently strengthening upstream exploration and development efforts, and consolidating oil and gas resource foundations to lay a solid foundation for the company's sustainable development.From May 11 to 12, 2024, the company participated in the fifth (+) and sixth rounds of oil and gas block bidding organized by the Iraqi Ministry of Oil, and successfully won the exploration rights for the Zurbatiya block and Jabel Sanam block in Iraq. The Zurbatiya block is in Baghdad Province and Wasit Province in central Iraq, with an area of 519.06 square kilometers, close the Naft Khana block, which is currently under company’s operation. The Jabel Sanam block is in Muthanna Province in southern Iraq, with an area of 235 square kilometers. After winning the bid, the company will promptly negotiate with the Iraqi Ministry of Oil on the next step of contract negotiation, based on Iraq's oil and gas field development policies and the company's capabilities. In the future, the company will give full play to its technical and management advantages to realise efficient development of oil and gas blocks in Iraq, injecting new momentum into the company's high-quality and sustainable development.The company has not yet signed a formal contract with the Iraqi Ministry of Oil. The oilfield development plan for the above-mentioned bid-winning blocks needs to be clarified through negotiation with the Iraqi Ministry of Oil, and the specific investment amount for the blocks cannot be determined yet. The company will promptly fulfill its information disclosure obligations according to subsequent project progress. Investors are kindly reminded to pay attention to investment risks.

Announced by
The board of directors of Geo-Jade Petroleum Corporation

May 13 2024