Summary by Moomoo AI
Sino Oil & Gas Holdings Limited ('Sino Oil & Gas') provided a supplementary announcement on 10th September 2024 regarding the impairment losses on outstanding receivables and Sanjiao Coalbed Methane Project in the 2023 annual report. The total amount of outstanding receivables is HKD 21,774,000 with no collateral or guarantee. The company recognized an impairment loss of approximately HKD 866,800,000 on the Sanjiao Coalbed Methane Project, mainly due to project delays, anticipated decrease in production, and expected changes in the growth rate of natural gas prices. These factors led to an estimated 23% decrease in total revenue, resulting in increased impairment losses. The board of directors includes executive directors Dr. Dai Xiaobing and Mr. Wen Zixun, non-executive director Mr. Jing Hali, and independent non-executive director Dr. Wang Yanbin.
