QianNeng HengXin: Progress on exploration wells in the South China Sea 22/05 contract area, WZ10-11W-1 well is scheduled to operate on August 13.

Qian neng heng xin announced that its wholly-owned overseas subsidiary, Smart Oil, had previously signed an oil contract for the South China Sea 22/05 contract area with China National Offshore Oil Corporation (CNOOC), enjoying 100% exploration rights within a 6-year exploration period. The latest announcement update: The WZ10-11E-1 well has completed drilling, reaching a final depth of 2,150 meters. After a comprehensive evaluation, no effective oil or gas layers were found, with related expenditures expected to be no more than 45 million yuan, which will be included in the current profit and loss; at the same time, to determine the scale of oil and gas, a plan is in place to deploy the WZ10-11W-1 exploration well in the southwest direction. This well has completed pre-drilling preparations and is expected to officially commence operations on August 13, 2026, with total costs expected to be no more than 98.6 million yuan.