EPI (Holdings) Limited (“EPI” or the “Company”, and together with its subsidiaries, the “Group”) is a company that is listed on the Main Board of the Hong Kong Stock Exchange (00689.HK). EPI is focused on the exploration and production of oil and gas in the conventional upstream oil and gas sector, and also has interests in the business of solar energy and money lending.
From 2007 to 2021, the Group had interest in an oil field project located at Cuyana Basin in Mendoza Province of Argentina. Leveraging on its years of experience in the oil industry and supported by its well-experienced professional management team, in February 2022, the Group entered into a conditional asset purchase and sale agreement (the “APA”) for the acquisition of the target oil assets located at the Windy Lake region in Alberta Province of Canada. The target assets comprise petroleum and natural gas rights, facilities and pipelines, and other properties and assets of over 30 oil producing wells, and 49 new wells will be drilled on the land tenures covered by the target assets according to the four-year development plan formulated by the Group. The APA was duly approved by the shareholders in a special general meeting of the Company held on 29 March 2022, and the transactions contemplated thereunder were completed on 16 July 2022. The Canadian oil assets acquired represents a valuable and attractive investment for the Group to continue developing its petroleum exploration and production business.
Moving forward, EPI will continue to seek strategic investment opportunities in oil and solar energy businesses with a view to broaden its income stream and asset base.