Sinogeo 2023 Interim Report: Facing Challenges, Seeking Breakthroughs

"Sinogeo Co., Ltd. (stock code: 300191) is a company specializing in oil and gas exploration and development. According to the 2023 interim report, the company faced some challenges during the reporting period, but also achieved certain results in the field of oil and gas exploration and development.

During the reporting period, the company achieved operating income of RMB 217.56 million, a year-on-year decrease of 5.69%. This decrease was mainly due to the decline in crude oil prices and increased extraction costs of the Jiu 1-Jiu 5 project in the Junggar Basin of Xinjiang, which led to a decrease in profits. Meanwhile, the company's operating profit was RMB -83.60 million, a year-on-year decrease of 336.32%. This decrease was mainly due to the drilling exploration expenditure of the Bohai 05/31 contract area being included in the current profit and loss. In addition, the company's net profit attributable to the parent company's shareholders was RMB -88.63 million, a year-on-year decrease of 434.30%.