UEG 2024 1Q PERFORMANCE REVIEW SUCCESSFULLY HELD

UEG 2024 1Q PERFORMANCE REVIEW SUCCESSFULLY HELD

On April 15th and 16th,2024, United Energy Group (UEG) successfully held 2024 1Q Performance Review and QPR for the first quarter in a combination of on-site and remote formats at its Beijing HQ, HK office and other offices. Chairman, Zhang Hongwei, management team from Beijing HQ, expatriates and asset presidents attended the meetings.

Q1 performance review at the level of department head was held on April 15th, over 40 employees and expatriates from Beijing HQ and asset companies reporting on their work of Q1. Each of them gave a detailed presentation on their work in the first quarter of 2024 with self-evaluation and reflection. They also elaborated their plan and outlook for the next 3 quarters.

QPR meeting for the first quarter was held on April 16th. Asset teams gave a detailed presentation on each asset's production, operation and achievements in the first quarter while analyzing risks and challenges confronted in the next three quarters as well as working plan and responding measures. Management team of Beijing HQ made comments and reports on the current internal and external situations from their own professional perspectives accordingly. Meanwhile, they also made detailed plans for the work going forward in the rest of the year. The group has made a good start with Pakistan, Iraq and Egypt asset reaching targets on the whole, laying a solid foundation for the fulfillment of the year-long targets.

Chairman Zhang Hongwei confirmed everyone's achievement in the first quarter and expressed his appreciation for the hard and diligent work of Beijing HQ and each asset. He listened carefully to each asset's analysis of their situation and proposed guidance for the long-term development. Next, United Energy Group will maintain the development momentum of the first quarter, and strengthen its focus on and implementation of the annual targets on this basis. On one hand, facing internal and external risks and challenges worldwide, the group will continue to strengthen HSE management and financial management, seize the opportunity under the high oil price, and fully achieve innovative development. On the other hand, following the Bulgarian project, the entire team should maintain high morale and make focused assaults to accelerate the global layout of new energy business, striving for new significant expansion and implementation within the year. Meanwhile, he also gave instructions and deployments for key projects and activities in Iraq and Egypt, emphasizing that he hoped the global team would continue to make efforts to promote the innovative and high-quality development of UEG in the new era.