Hoifu Energy Group Limited ("Hoifu Energy") (stock code: 00007) is listed on the Main Board of The Stock Exchange of Hong Kong Limited. Hoifu Energy is engaged in oil and gas exploration and production, international trading of oil and natural gas, stockbroking, futures and options broking, mutual funds, insurance-linked investment plans and products trading, securities margin financing and provision of corporate finance advisory services.
Introduction of oil field projects of "Hoifu Energy"
On 17 September 2006, upon the passing by the parliament of the Arab Republic of Egypt and the approval of an order executed by the president of the Arab Republic of Egypt, Aminex Petroleum Egypt Ltd ("APEL"), a subsidiary of Hoifu Energy, obtained 60% interest of the rights of exploration and exploitation in the oil field block 2 of West Esh El Mellaha in the Arab Republic of Egypt.
Situated in the oil field block 2 of West Esh El Mellaha in the Arab Republic of Egypt ("Egypt Oil Field Block 2"), the project covers an area of approximately 1,000 square kilometers, and conditionally has the rights of exploration for a term of 8 years, the rights of exploitation and production for a term of 20 years and contracted sharing of oil and gas products.
Egypt Oil Field Block 2 is located at the northwest of the five spots where oil has been discovered, namely Rabeh, Rabeh East, Tawoos, Tanan and Wadi Al Sahl. The Rabeh-1 well was drilled in 1997 and the tested combination rate obtained from the marine sand at the base of the Late Miocene (in form of Nukhul) and the shallow marine sand of the Upper Cretaceous (in form of Matulla) was 6,800 barrels of crude oil per day.
The existence of several oil fields located at the southeast of Egypt Oil Field Block 2 reveals that there is considerable amount of oil generated in the matured source rock within the adjacent basins. It is believed that similar conditions would extend to the basin area of Egypt Oil Field Block 2. The block of West Esh El Mallaha contains all essential factors for an efficient oil system. The source rocks, evidence of the production, transfer, oil reservoir, sealing and accumulating processes are all found in the oil generated in the adjacent areas, and massive favourable depositional traps and depositional traps are outlined.
APEL, a subsidiary of Hoifu Energy, possesses a great amount of effective seismic data regarding Egypt Oil Field Block 2 and has currently identified five potential favourable depositional traps. The drilled wells recorded an extremely high level of natural gas (900 feet interval), in which quality crude oil was explored and obtained. The crude oil were tested with the petroleum samples, and the result was equal to the oil gravity level of the American Petroleum Institute at 38, which is also the same as the prevailing average gravity of the Brent Crude, a major trading classification of sweet light crude oil. The relevant exploration result creates favourable conditions for "Hoifu Energy's" continuous successful operation of the oil field projects in Egypt.
On 17 December 2012, Fame Achiever Holdings Limited, a subsidiary of "Hoifu Energy", acquired the entire equity interest of China Oil Resources Group Limited ("China Oil Resources"). Upon completion of the acquisition on 2 April 2013, China Oil Resources became a wholly-owned subsidiary of "Hoifu Energy". Pursuant to a production sharing contract ("Production Sharing Contract") dated 20 December 2003 in relation to the exploration and exploitation of oil and natural gas in the area under the Ksar Hadada Permit, China Oil Resources possesses the permit granted by the Government of Tunisia in relation to the rights of development and production in 5 oil blocks in the Ksar Hadada region with a total area of 2,252 square kilometers and contracted production sharing of oil and gas products. According to the Production Sharing Contract, China Oil Resources conditionally has the rights of exploration for a term of 7 years, the rights of exploitation for a term of 30 years and contracted production sharing of oil and gas products.
Amid the worldwide surging market demand for oil and natural gas, and inspired by the successful oil production in blocks adjacent to areas under the Ksar Hadada Permit in Tunisia invested and exploited by Chinook Energy Inc from Canada, "Hoifu Energy" determines to acquire the entire oil field projects in Tunisia while further expanding "Hoifu Energy's" resources reserve for exploration and development of oil and gas. "Hoifu Energy" is optimistic about the future and value of the oil blocks under the Ksar Hadada Permit in Tunisia.
On 28 June 2013, Hoifu Energy fully acquired 100% interests in Madagascar Northern Petroleum Company Limited ("MNPC"). The acquisition was completed on 22 July 2013 and MNPC became a wholly-owned subsidiary of Hoifu Energy.
On 12 October 2006, MNPC entered into an Exploration, Exploitation and Oil and Gas Production Sharing Contract with OMNIS in respect of Madagascar Oilfield Block 2101, an onshore site with a total area of 10,400 square kilometers in the northern part of Madagascar. Pursuant to the Exploration, Exploitation and Oil and Gas Production Sharing Contract, MNPC owns 100% of the exploration, exploitation and operations rights as well as the profit sharing right of Madagascar Oilfield Block 2101. MNPC is vested with the relevant rights to engage in oil and gas exploration for 8 years (with possible extensions of 2 years and 5 years for oil and gas respectively) and exploitation and operation of oil for 25 years (with possible extension of 5 years) and gas for 35 years (with possible extension of 10 years) at Madagascar Oilfield Block 2101. Depending on the production volume of oil and gas of Madagascar Oilfield Block 2101, MNPC will share the remaining oil and gas profit after government royalty and recovery of oil and gas costs according to the sharing ratios in the range of 40% to 72.5% as set out in the Exploration, Exploitation and Oil and Gas Production Sharing Contract. In recent years, several international reputable oil and gas companies own the equity interests and oil and gas sharing rights in oilfield blocks in Madagascar through acquisition. A few of these oilfield blocks in Madagascar discovered and obtained substantial volume of commercial oil and gas. The Madagascar oilfield block 3102, which is controlled by Total S.A., and the Madagascar oilfield block 3104, which is controlled by Madagascar Oil Limited, have already drilled more than 200 wells and entered into cooperative well drilling and exploitation phase. The Madagascar oilfield block 3112, which is controlled by Madagascar Southern Petroleum Company Limited, a company owned by Dr. Hui Chi Ming, the chairman and executive director of Hoifu Energy, has also discovered and obtained significant oil and gas reserves and entered into the trial production stage. Therefore, Hoifu Energy is optimistic about the prospects of the exploration, exploitation and operation of Madagascar Oilfield Block 2101.
"Hoifu Energy" continuously increases the resources reserve of oil and gas through enlarging the scope of geological exploration. While organizing exploration and exploitation of oil fields in Egypt, Hoifu Energy also promotes the development of oil and gas exploration business in the oil blocks in Tunisia and plans to expand the investment in and the operation of the petrol-chemical products in countries and regions such as Madagascar and Mainland China, so as to attain better synergy and in turn maximize the economic benefits for the investment and development in oil and gas business for "Hoifu Energy".
Introduction of the securities and financial investment business of "Hoifu Energy" :
"Hoifu Energy" has equity interest in Karl-Thomson Securities Company Limited, Karl-Thomson Commodities Company Limited, Karl Thomson Investment Consultants Limited, Karl Thomson Financial Advisory Limited and Karl Thomson Finance Limited through its wholly-owned subsidiary Karl Thomson (B.V.I.) Limited.
As a member of the Hong Kong Stock Exchange and a registered dealer approved by the SFC, Karl-Thomson Commodities Company Limited provides all-round securities brokerage for customer, including trading services of B shares. An online securities dealing platform has been established to operate online brokerage business via www.manytrade.com. In addition, it also provides real-time quotation, financial information, futures and options brokerage and the latest account information enquiry services for clients.
Karl-Thomson Commodities Company Limited provides trading services for Hang Seng Index Futures, Mini-HSI Futures, Hang Seng China Enterprises Index Futures and options. It has also developed an online futures and options trading platform and operates online services via futures.manytrade.com, providing clients with real-time quotation, financial information, futures and options brokerage and the latest account information enquiry services.
As a registered operator for securities margin financing services under the SFO, Karl Thomson Finance Limited engages in the provision of securities margin financing services, including securities dealings in margin financing and subscription of new shares.
Shareholding Structure of "Hoifu Energy" :
Triumph Energy Group Ltd ("Triumph Group"), which is owned by i) Taiming Petroleum Group Ltd ("Taiming Group"), the corporation fully controlled by Dr. Hui Chi Ming, as to 51.71%; ii) AMA Energy Group Ltd, the corporation controlled by Dr. Hui Chi Ming and Taiming Group, as to 29.49% (AMA Energy Group Ltd is owned by Dr. Hui Chi Ming as to 91.7%, by Taiming Group as to 8.3%), and iii) Simply Superb Holdings Ltd, the corporation controlled by Mr. Huang Huafeng, Mr. Liu Hao, Mr. Xu Zhenhui and Taiming Group, as to 18.80% ( Simply Superb Holdings Ltd is owned by Mr. Huang Huafeng as to 39%, by Mr. Liu Hao as to 7.1%, by Mr. Xu Zhenhui as to 37.7% and by Taiming Group as to 16.2%), thus, the total shareholding in Triumph Group held by Dr. Hui Chi Ming is 84.25%, moreover Triumph Group holds in aggregate 868,875,143 shares in Hoifu Energy, representing 34.46% of the issued share capital of Hoifu Energy, and therefore is the controlling shareholder of Hoifu Energy.
In addition, Taiming Grou, Wisdom On Holdings Ltd and Golden Nova Holdings Ltd which are fully controlled by Dr. Hui Chi Ming holds in aggregate 64,018,000 shares, 15,064,000 shares and 837,714,284 shares in Hoifu Energy, representing 2.54%, 0.60% and 33.14% of the issued share capital of Hoifu Energy respectively.
Mr. Xu Zhenhui holds 15,000,000 shares in Hoifu Energy, representing 0.59% of the issued share capital of Hoifu Energy.
The above total shareholders hold in aggregate 1,798,671,427 share in Hoifu Energy, representing 71.33% of the issued share capital of Hoifu Energy. Other public shareholders hold in aggregate 722,609,458 shares in Hoifu Energy, representing 28.67% of the issued share capital of Hoifu Energy.
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