Securities Code: 300191
Securities Abbreviation: Poten Environment
Announcement No.: 2026-039
Poten Environment Technology Co., Ltd.
Bohai 09/17 Major Contract Progress Announcement
The Company and all members of its Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed, and there are no false records, misleading statements, or material omissions.
I. Background
Poten Environment Technology Co., Ltd. (hereinafter referred to as the "Company"), through its wholly-owned overseas subsidiary Smart Oil Investment Ltd. (hereinafter referred to as "Smart Oil"), has obtained exploration and development rights for the Bohai 09/17 block organized by China National Offshore Oil Corporation (hereinafter referred to as "CNOOC" or "National Company"). On April 12, 2019, Smart Oil signed a Production Sharing Contract with CNOOC—the "Bohai 09/17 Contract Area Petroleum Contract" (hereinafter referred to as the "Petroleum Contract"). According to the Petroleum Contract, Smart Oil is responsible for all exploration costs for the 09/17 block. If commercial oil and gas are discovered in the 09/17 block, Smart Oil will hold at least a 49% operating interest, with a production period of 15 years.
II. Progress of Exploration in the Contract Area
Since the signing of the Petroleum Contract, the Company has conducted systematic research and three-dimensional exploration of the multi-layer favorable oil and gas-bearing strata in the contract area. To further expand the reserve scale of the contract area and lay a solid foundation for the overall reserve estimation and reporting and the next step of ODP compilation, at the end of April 2026, Smart Oil concentrated its efforts on implementing three exploratory wells (QK17-1-5, QK18-9-8, and QK18-9-9 wells) (for specific details, please refer to the relevant announcement disclosed on Juchao Information Network on April 30, 2026). As of now, all three exploratory wells have completed their drilling operations, including:
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Well QK18-9-8 reached a total depth of 5,095 meters. This well is located between the gas-bearing structure of QK17-1-4 and the oil-bearing structure of QK18-9-3, and an oil layer was discovered in the Shahejie Formation, further expanding the oil-bearing scale of the Shahejie Formation in the QK18-9 structure. A gas layer was discovered in the deep Ordovician formation. Through continuous coiled tubing gas lift, the formation test yielded a daily natural gas production of 36,414 cubic meters, confirming the oil and gas continuity and local enrichment pattern of the Ordovician buried hill structures in QK17-1 and QK18-9.
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Well QK18-9-9 reached a total depth of 3,115 meters. A new oil and gas discovery was made in the shallow Guantao Formation. The formation test yielded a daily oil production of 47.99 cubic meters and a daily natural gas production of 5,113 cubic meters, achieving a new breakthrough in the exploration of oil reservoirs in the Guantao Formation within the contract area. However, the oil and gas charging conditions in the deep Ordovician buried hill formation of this well are poor, indicating that the oil and gas did not migrate to the southern high-position buried hill structure.