EPI’s core business is the exploration and production of oil and gas in the conventional upstream oil and gas sector. 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.
EPI also has significant interests in solar energy business. The Group has invested or is committed to invest over HK$75 million in total in solar energy power generation projects participating in the Renewable Energy Feed-in Tariff Scheme, which is a scheme promoted by the Hong Kong Government to incentivise the private sector to produce clean energy for sale to the two power companies in Hong Kong.
EPI is also engaged in the business of money lending. Its target customer groups are individuals and corporate entities that have short-term funding needs for business purpose and could provide sufficient collaterals for their borrowings.
The Group has a portfolio of investments comprising equity securities listed on the Hong Kong Stock Exchange and corporate bonds listed on the Hong Kong Stock Exchange or other overseas stock exchanges.