Yanchang Petro (00346) has announced its financial results for the six-month period ended June 30, 2026, revealing a net loss attributable to shareholders of HK$41.327 million, a 44.82% increase compared to the same period last year.

The group recorded revenue of HK$7.024 billion during the period, marking a 29.72% decline year-on-year. The basic loss per share stood at 3.76 HK cents.

During the first half of 2026, Novus faced a combination of adverse conditions, including extreme cold weather, road restrictions during the spring thaw period that limited construction activities, back pressure constraints from third-party systems, and tight external financing channels. In response, the company adhered to a principle of stabilizing production and protecting efficiency, prioritizing the smooth operation of existing production systems. Management allocated limited capital resources judiciously to mitigate the impact of production decline on overall operations, ensuring the company's production and business activities remained stable.

Constrained by capital expenditure limitations, investment levels dropped significantly and development progress slowed considerably. No new wells were drilled during the period, with total capital expenditure amounting to C$407,000.

As of the end of June 2026, Novus recorded cumulative net oil and gas sales of 183,000 barrels of oil equivalent, a 30.3% decrease year-on-year. Sales revenue totaled C$14.46 million, down 11.8%, while the net loss for the period reached C$7.44 million.