E&P Global Holdings Limited (the “Company,” stock code: 1142) released its unaudited interim results for the six-month period ended 30 September 2025, reporting a consolidated loss attributable to owners of the Company of approximately HK$1,411.42 million, compared to a loss of approximately HK$93.87 million in the same period of the previous year. The increase was mainly attributed to a substantial impairment loss of approximately HK$1,450.29 million related to exploration and evaluation assets in Russia.

During the reporting period, the Company recorded revenue of approximately HK$220.69 million, primarily from the trading of diesel, gasoline, and other products in the Republic of Korea. This represented a decrease of around 8% from the corresponding period in 2024. Gross profit stood at approximately HK$3.30 million, and administrative expenses were approximately HK$7.59 million. Meanwhile, finance costs surged to around HK$97.89 million, largely due to interest on convertible notes.

As of 30 September 2025, total assets were approximately HK$68.94 million, whereas capital deficiencies amounted to HK$242.11 million, a significant improvement from the HK$1,978.16 million deficit as at 31 March 2025. The reduction in net liabilities followed the full conversion of convertible notes totaling HK$3,123.04 million, strengthening the Company’s equity base and reducing non-current liabilities. The net current liabilities for the period also decreased to approximately HK$9.75 million, compared to HK$87.12 million at the previous year-end.

Regarding the Group’s coal mining interests in Russia, the local authority revoked the mining license on 22 April 2025. Legal actions are ongoing, and the Company has taken measures to protect its interests. In the event that the revocation decision is reversed, there could be a possibility of reversing the impairment. No substantive ruling on the underlying merits of the license renewal has been reached by the Russian court, and the Company continues to seek redress through further proceedings.

For the trading segment in Korea, petroleum product sales remained the principal source of revenue. During the review period, diesel accounted for roughly 79% of total turnover, while gasoline contributed about 19%. The decrease in turnover was partly due to lowered sales volumes to top customers, reflecting global economic challenges and reduced demand.

In its interim report, the Company highlighted ongoing efforts to manage costs and improve efficiency. The management also noted that it continues to explore potential funding and support measures to address working capital requirements. Meanwhile, the Board does not recommend any interim dividend payment for the six months ended 30 September 2025.