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Potential Hengxin: Major Breakthrough in Bohai 09/17 Contract Area Exploration
Potential Hengxin Announcement, the company’s overseas wholly-owned subsidiary, Zhihui Petroleum, has achieved a major breakthrough in exploration in the Bohai 09/17 block. The new well, QK18-9-7, has encountered oil and gas in the Ordovician, Jurassic, and Shaleh Street formations. The testing of the Ordovician potential bare formation confirms a condensate gas reservoir. The successful drilling of this well further expands the oil and gas-bearing area within the contract zone, laying a foundation for subsequent reserve estimation and oilfield development planning. However, expenses related to the QK18-9-7 well will be temporarily capitalized and will not impact the company’s performance for the year 2026.