SUNSHINE OIL(02012): After an expected 2 to 3 month period of maintenance and upkeep, the West Ells oil sands project is expected to resume production.

SUNSHINE OIL (02012) announced that, as disclosed in the announcement on November 17th and 19th, 2024 (Hong Kong time), regarding the temporary shutdown of the West Ells project, the company expects that the West Ells oil sands project will be able to resume production after 2 to 3 months of maintenance work is completed. The project is currently in the maintenance stage, with some small repair work already completed. The maintenance work includes repairing leaking and inadequately sealed oil tanks, managing vegetation to reduce flammable fuel and fire risk, repairing turbine steam generators, and installing leak detection devices on pipelines. The company hopes to complete the maintenance work as soon as possible to meet the requirements of the Energy Department of Alberta, Canada, and resume production. Based on current information and factors, management estimates that the company can resume production by the end of the first quarter of 2026. The estimate of the completion time for maintenance work is based on various factors, including but not limited to the timing of funding, preliminary budget for necessary repairs and maintenance work, status of third-party suppliers responsible for maintenance work, and progress in appeals with the Energy Department. Furthermore, as previously disclosed, the company is progressing with the Nuobao Energy Holdings acquisition and has identified potential investors interested in investing after the completion of the Nuobao Energy Holdings acquisition. The company aims to complete the Nuobao Energy Holdings acquisition as soon as possible to raise more operating funds and enhance business development. In addition to financial support from major shareholders, the company is exploring different financing opportunities. During this process, management has recognized that reducing the company's leverage will be beneficial for its financing activities. Therefore, the company has recently actively sought settlements with creditors through issuing shares. According to the announcement received from the Energy Department on May 14th, 2025, the company has completed the appeal process and is awaiting a response from the Energy Department.