On October 21st, Geo-Jade held a Semi-annual Performance Briefing where the company addressed investor questions on topics including Mergers and Acquisitions, Market Value Management, Iraq Project Development, and Helium Reserves.

Mergers and Acquisitions

Regarding mergers and acquisitions, the company stated that incorporating the Sozak gas field, a large gas field located in Kazakhstan, into the listed company would benefit the company's growth and add a new profit stream. The company will consider whether to fully incorporate the Sozak gas field into the listed entity based on overall strategic arrangements and the company’s actual development needs, leveraging relevant mergers and restructuring strategies.

Market Value Management

For market value management, the company mentioned it would consider market value management measures such as share repurchases and would proceed in accordance with legal and regulatory requirements, depending on the company's specific circumstances and the feasibility of implementation.

Iraq Project Development

Concerning Iraq project development, the company indicated that work has commenced on restarting production at the Naft Khana oil field, which is expected to begin production in the first half of 2026 with a capacity of 15,000 barrels per day (oil equivalent). In addition, drilling for eight exploratory and appraisal wells will begin next year to lay the groundwork for larger-scale production capacity. Drilling at Huwaiza is also set to start next year, with an initial production capacity of 10,000 barrels per day expected to be completed by around 2026, followed by the completion of the full-scale oilfield development to a capacity of 40,000 barrels per day over the next three years. To date, the total investment in the Iraq project is approximately RMB 150 million. The company will continue to increase its investment in the Iraq project to solidify the growth of its core business.

Helium Reserves

Helium, a rare gas that remains in liquid form at absolute zero, is essential for industrial applications, including superconducting materials, aerospace technology, and semiconductors. Due to its unique properties, helium is considered an irreplaceable resource and is sometimes referred to as the "rare earth of gases." Concerning helium reserves, the company disclosed that the Sozak gas field contains an average helium content of about 0.2%. In November 2021, experts organized by the China Petroleum and Chemical Industry Federation in Beijing estimated the Sozak gas field's class-three geological helium reserves to be 2.189 billion cubic meters, with recoverable reserves at 1.301 billion cubic meters, calculated using the indirect volumetric method.