HK Stock Market Move | ANTON OILFIELD (03337) surged more than 10% in early trading as ANTON OILFIELD expands oil and gas cooperation with Algeria's Sonatrach.

ANTON OILFIELD (03337) surged over 10% in early trading, and as of the time of publication, it had risen by 8.72%, trading at HKD 0.81, with a transaction volume of HKD 4.0377 million. On the news front, on August 29, Algerias national oil and gas company SONATRACH signed a memorandum of understanding with Chinas ANTON OILFIELD Group in Beijing. The two parties included unconventional resources, marginal oil and gas fields, enhanced oil recovery (EOR), completion tools, and local manufacturing of gas equipment in the scope of their collaboration, also proposing technology transfer and capacity building. It is noteworthy that ANTON OILFIELD's revenue in the first half of the year was RMB 2.682 billion, an increase of 1.94% year-on-year; however, the profit attributable to shareholders was RMB 105 million, a decrease of 36.64% year-on-year. EB SECURITIES issued a research report stating that the situation in the Middle East is putting short-term pressure on profits; the company continues to make breakthroughs in overseas markets such as Kuwait and Algeria, and the oil field development business model is expected to open up new growth space, maintaining a "Buy" rating.