About Us

Corporate Profile

Chairman's Statement

Board of Directors

Management

Environmental, Social, and Governance

New Times Energy Corporation Limited (HKSE stock code: 166), headquartered in Hong Kong and traded on The Stock Exchange of Hong Kong, is principally engaged in exploration, development and production of natural resources, as well as commodities trading. The Group’s activities are located in Canada, USA, Argentina and, Hong Kong. The Group strives to establish sustainable growth and value for shareholders by capitalizing on the expertise, experience and dedication of the management team and staffs of the Group.

Vision & Mission

We develop energy for the new times. Diversify for climate change and the environment.

Overview of 2021

New Times Energy made a profit of HK$329 million in 2021, a transformational year for the Group following the acquisition of a private oil and gas company headquartered in Calgary, Alberta. With the recent increases in natural gas prices, the Canadian acquisition will continue to generate significant positive cash flow to the Group in the foreseeable future.

The acquisition comprising over 800 active wells in various oil and gas fields, spanning approximately 761,000 acres (3,080 km2) of land in the Western Canadian Sedimentary Basin, as well as a 1,200 acres (4.9 km2) multi-use industrial site at Campbell River, British Columbia for businesses to lease, stands for a significant addition for the Group.

With daily oil and gas production of more than 12,000 barrels of oil equivalent (“boe”) per day (95% natural gas), and total estimated Proved (1P) reserves of 30.2 million boe and Proved plus Probable (2P) reserves of 40.0 million boe for the Group’s participating interest, the acquisition will provide sizable profits to the Group in the years ahead.

Recent global events have demonstrated the necessity for stable energy sources like oil and gas, while the world transitions to renewables. New Times Energy is committed to the investment and future development of clean energy for global sustainability. The Group’s acquisition is based on its belief that natural gas will serve as the bridge fuel towards a low carbon economy, as the world attempts to transition from polluting fossil energy such as coal, to environmentally friendly energy sources. In addition, the Group will explore ways in which to work with local authorities and governing bodies to achieve the common goal of net zero emissions, through possible Carbon Capture, Utilization and Sequestration (CCUS) opportunities.

During 2021, the Argentina concession continued to steadily produce oil at approximately 800 barrels per day. Though Argentina remains a challenging country to operate, because of factors such as low domestic oil prices, hyperinflation, currency devaluation, capital controls, bureaucracy, and labour union unrest. The Group’s exposure in Argentina is less than 10% of its total net assets.

New Times Energy’s commodities trading business (in particular its physical gold and silver trading) also continued to perform solidly during the year. With the Group’s new refinery for precious metals in Hong Kong anticipated to be operational in the third quarter of 2022, barring any prolonged supply chain issues which will affect the availability of imported equipment, the Group is optimistic that the refining process will contribute to the Group’s future profitability.

LOOKING FORWARD

New Times Energy is on track to drill a minimum six development wells in Canada in 2022, in addition to executing its optimization program for existing wells. Both initiatives will have positive effects for the profitability of the Group’s oil and gas segment in the coming years. With a strong financial position and positive cash flow expected from both the operation in Canada and Argentina for 2022, the Group is excited by its prospect to create long term value for shareholders.

New Times Energy continues to actively manage and structure its business to best serve the interests of its shareholders. It is committed to maximising shareholder value by exploring and developing oil and gas prospects in a safe, environmentally, socially and ethically responsible manner. ESG considerations will continue to play an increasingly key role in the way the Group conducts its future business.

The Group understands the need to continually reassess and diversify its current business and geographical portfolio to better position itself for the future. It is also critical that, the Group continues to maintain a healthy cash position to enable it to actively seek out value adding and complementary investment opportunities in the energy sector, wherever that may be in the world.

The Group is mindful of the increasing global trend and appetite for low carbon energy sources, particularly in the developed economies. While our principal business is that of oil and gas exploration and production, the Group is taking steps in transforming its business model into clean and sustainable energy, in its effort to be a part of the global “Energy Transition” that is underway, with social responsibility towards the environment and climate change at the forefront.

APPRECIATION

In closing, I would like to take this opportunity to once again, express my sincerest gratitude to the Board, the management team, and all staff members for their efforts and dedication during the year. I am also much obliged to our shareholders, investors, business partners, bankers, customers and suppliers for their continued and invaluable support. I sincerely wish you all good health and to remain vigilant in our collective effort to mitigate the impact of the coronavirus pandemic.

Executive Directors Non-Executive Director Independent Non-executive Directors
Mr. CHENG Kam Chiu, Stewart
Mr. TANG, John Wing Yan
Mr. LEE Chi Hin, Jacob Mr. YUNG Chun Fai, Dickie
Mr. CHIU Wai On
Mr. HUANG, Victor

Executive Directors

Mr. CHENG Kam Chiu, Stewart (Chairman and Executive Director)

Mr. CHENG, Kam Chiu Stewart, aged 67, was appointed as an executive Director in February 2008 and the Chairman in May 2009. Mr. Cheng holds a Bachelor’s degree in Civil and Environmental Engineering from the University of Wisconsin-Madison, the United States of America (“USA”); a Master’s degree in Civil Engineering from the University of California, Berkeley, USA; and a Master’s degree in Business Administration from the Chinese University of Hong Kong. Being a member of The Hong Kong Institution of Engineers, Mr. Cheng is a professional engineer with extensive experience in property development and construction management.

Mr. Cheng joined Hip Hing Construction Company Limited in 1984 as a project manager and was subsequently appointed as director.
From 1993 to 1997, Mr. Cheng was transferred to New World Development (China) Limited as a director and an assistant general manager, overseeing property development in the People’s Republic of China (“PRC”). He was a director of NWS Service Management Limited from 1997 to 2006, and was mainly responsible for the construction and the electrical and mechanical engineering businesses and pursuing business opportunities in the PRC. Mr. Cheng is the managing director of Cheung Hung Development (Holdings) Limited, principally engaging in property development in both Hong Kong and the PRC. He was an executive director of International Entertainment Corporation from January 2008 to June 2017, which shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

Mr. TANG, John Wing Yan (Executive Director and Chief Executive Officer)

Mr. TANG, John Wing Yan, aged 69, was appointed as an executive Director in June 2017. Mr. Tang joined the Group as general manager in August 2015. He brings with him over 20 years of senior management experience and has held top executive positions with various international companies prior to joining the Group.

Formally trained as a structural engineer, Mr. Tang was a Chartered Engineer in the United Kingdom (“UK”) as well as a Registered Professional Engineer in USA and Canada. Author and co-author of peer-reviewed publications in several technical journals and conferences, he is also the holder of U.S. Patent US6329589 pertaining to wireless transmission of solar power for exterior curtain wall in buildings.

Mr. Tang holds a Bachelor’s degree in Civil Engineering, Magna Cum Laude, from the University of Massachusetts, USA; a Master’s degree in Engineering from the University of California, Berkeley, USA; and a Graduate-Level Diploma in Financial Engineering from Stanford University, USA.

Non-executive Director

Mr. LEE Chi Hin, Jacob (Non-executive Director)

Mr. LEE, Chi Hin Jacob, aged 39, was appointed as a non-executive Director in March 2019. Mr. Lee is currently a senior vice president of Chow Tai Fook Enterprises Limited (“CTFE”) with responsibilities in making strategic and private equity investments globally. CTFE is an indirect subsidiary of Chow Tai Fook Capital Limited which is a controlling shareholder of the Company. Mr. Lee joined CTFE in March 2013 and has over 10 years of professional experience in corporate finance, investment, international capital markets and asset management. He previously worked at the investment banking department of The Hongkong and Shanghai Banking Corporation Limited and Deutsche Bank AG in Hong Kong. Mr. Lee holds a Master of Science degree in Accounting and Finance from The London School of Economics and Political Science to the University of London in London, United Kingdom and a Bachelor of Business Administration degree from the University of Michigan in Ann Arbor, United States of America. He is also a Chartered Financial Analyst Charterholder.

Mr. Lee is currently a non-executive director of Integrated Waste Solutions Group Holdings Limited which shares are listed on the Stock Exchange.

Independent Non-executive Directors

Mr. YUNG Chun Fai, Dickie (Independent Non-Executive Director)

Mr. YUNG, Chun Fai Dickie, aged 69, was appointed as an independent non-executive Director in March 2013. Mr. Yung holds a Master’s degree in Business Administration from the University of East Asia, Macau. He is a member of the Institute of Management and a fellow of the Chartered Management Institute. Mr. Yung has been engaged in finance and banking businesses for over 26 years. He was the chief executive officer of Landbridge Holdings Limited, the deputy chief executive officer of Industrial & Commercial Bank of China (Macau) Limited and an executive director, deputy general manager and alternate chief executive officer of Industrial & Commercial International Capital Limited (currently known as ICBC International Holdings Limited), a wholly-owned subsidiary of Industrial & Commercial Bank of China Limited.

Mr. CHIU Wai On (Independent Non-Executive Director)

Mr. CHIU, Wai On, aged 52, was appointed as an independent nonexecutive Director in November 2006. Mr. Chiu is a member of the Hong Kong Institute of Certified Public Accountants and a fellow member of the Association of Chartered Certified Accountants in the UK. He possesses extensive professional experience in accounting and auditing services. Mr. Chiu is currently an independent nonexecutive director of DeTai New Energy Group Limited, whose shares are listed on the Stock Exchange.

Mr. HUANG, Victor (Independent Non-Executive Director)

Mr. HUANG, Victor, aged 50, was appointed as an independent non-executive Director in June 2020. Mr. Huang has over 28 years of experience in professional accounting, capital market and merger and acquisition. Mr. Huang joined PricewaterhouseCoopers Hong Kong in January 1993 and admitted to partnership in July 2005. He left PricewaterhouseCoopers Hong Kong in July 2014. From July 2014 to August 2017, he was a partner of KPMG in Hong Kong.

Mr. Huang is currently an independent non-executive director of (i) Laobaixing Pharmacy Chain Joint Stock Company (stock code: 603883.SH), a company listed on the Shanghai Stock Exchange; (ii) Qingdao Haier Biomedical Co., Ltd. (stock code: 688139.SH), a company listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange; and the following companies which are listed on transportation Co., Ltd. (stock code: 1138), (iv) Evergrande Property Services Group Limited (stock code: 6666), (v) ManpowerGroup Greater China Limited (stock code: 2180), (vi) Scholar Education Group (stock code: 1769) and (vii) Topsports International Holdings Limited (stock code: 6110). Mr. Huang was an independent nonexecutive director of Trinity Limited (stock code: 0891) from December 2018 to December 2020 and China Bright Culture Group (stock code: 1859) from February 2020 to November 2021.

Mr. Huang is a member of the Hong Kong Institute of Certified Public Accountants and The Hong Kong Independent Non-Executive Director Association. He is also a Certified Independent Nonexecutive Director by the Shanghai Stock Exchange. Mr. Huang received a bachelor’s degree of arts from the University of California, Los Angeles in September 1992.

Mr. CHENG, Kam Chiu Stewart SENIOR MANAGEMENT

Mr. CHENG, Kam Chiu Stewart, aged 67, was appointed as an executive Director in February 2008 and the Chairman in May 2009. Mr. Cheng holds a Bachelor’s degree in Civil and Environmental Engineering from the University of Wisconsin-Madison, the United States of America (“USA”); a Master’s degree in Civil Engineering from the University of California, Berkeley, USA; and a Master’s degree in Business Administration from the Chinese University of Hong Kong. Being a member of The Hong Kong Institution of Engineers, Mr. Cheng is a professional engineer with extensive experience in property development and construction management

Mr. Cheng joined Hip Hing Construction Company Limited in 1984 as a project manager and was subsequently appointed as director.
From 1993 to 1997, Mr. Cheng was transferred to New World Development (China) Limited as a director and an assistant general manager, overseeing property development in the People’s Republic of China (“PRC”). He was a director of NWS Service Management Limited from 1997 to 2006, and was mainly responsible for the construction and the electrical and mechanical engineering businesses and pursuing business opportunities in the PRC. Mr. Cheng is the managing director of Cheung Hung Development (Holdings) Limited, principally engaging in property development in both Hong Kong and the PRC. He was an executive director of International Entertainment Corporation from January 2008 to June 2017, which shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

Mr. TANG, John Wing Yan SENIOR MANAGEMENT

Mr. TANG, John Wing Yan, aged 69, was appointed as an executive Director in June 2017. Mr. Tang joined the Group as general manager in August 2015. He brings with him over 20 years of senior management experience and has held top executive positions with various international companies prior to joining the Group.

Formally trained as a structural engineer, Mr. Tang was a Chartered Engineer in the United Kingdom (“UK”) as well as a Registered Professional Engineer in USA and Canada. Author and co-author of peer-reviewed publications in several technical journals and conferences, he is also the holder of U.S. Patent US6329589 pertaining to wireless transmission of solar power for exterior curtain wall in buildings.

Mr. Tang holds a Bachelor’s degree in Civil Engineering, Magna Cum Laude, from the University of Massachusetts, USA; a Master’s degree in Engineering from the University of California, Berkeley, USA; and a Graduate-Level Diploma in Financial Engineering from Stanford University, USA.

Mr. CAVALLERI, Pablo OPERATIONS MANAGEMENT
Mr. CAVALLERI, Pablo, is a Geologist and is currently the Operations Manager of the Group. He graduated at the National University of Salta Argentina in 2005 with a bachelor’s degree in Geology. Pablo has 15 years of experience in the oil and gas industry, predominately in Argentina and Saudi Arabia. Pablo joined the Group in January 2014 initially as a Development Geologist but later promoted to Operations Manager from 2017. Prior to joining the Group, he worked in companies such as Geoservices, Orion Excel Company, Schlumberger D&M Middle East And Asia as a Field Engineer (Saudi Arabia), and YPF Argentina as a Development Geologist. Pablo is an author and co-author of several written publications including a publication in technical national and international congress for the Oil Discovery in Ordovician Prerift Sequences Las Breñas Formation, Lomas de Olmedo Sub-Basin, Northwestern Argentina; Argentinian Geological Congress, August 2017, Tucumán-Argentina; Exploration and Development Hydrocarbon Congress, November 2018, Mendoza Argentina, and AAPG 2019 International Convention & Exhibition, Buenos Aires, August 28th 2019, Argentina. Pablo is also the Vice-President 2nd of Directive committee of IAPG (Oil and Gas Argentinian Institute), branch office Tartagal, Salta Argentina since December 2017.
Mr. Wong, Yue King OPERATIONS MANAGEMENT
Mr. WONG, Yu King, joined the Group as Senior Financial Controller in April 2021. Mr. Wong graduated from the Chinese University of Hong Kong with a Bachelor Degree in Business Administration (Professional Accountancy). He has over 16 years of experience in auditing, taxation and commercial sectors including but not limited to chief financial officer, finance director, financial controller and corporate director in various listed companies and private companies. He is also a member of the Hong Kong Institute of Certified Public Accountants since January 2009.

Mr. WONG, Pak To Pedro OPERATIONS MANAGEMENT
Mr. WONG, Pak To Pedro, joined the Company in November 2021. He is the Operations Controller of the Company. Mr. Wong graduated from the University of Toronto with Bachelor Degree in Economics and Actuarial Science, and he is a member of the Hong Kong Institute of Certified Public Accountants. Prior to joining the Company, he worked at various international companies and has extensive experiences in the field of accounting and financial management.
Mr. Tim Smith OPERATIONS MANAGEMENT
Mr. SMITH, Tim, is currently the Chief Operating Officer for the Group in Canada. He attended both Medicine Hat College studying Power Engineering and Southern Alberta Institute of Technology (SAIT) studying Instrumentation Technology. Mr. Smith has 36 years of experience in the Canadian oil and gas industry and has been with the Canadian assets since January 2020. Previous experience includes companies such as Poco Petroleums, Seagull Energy Canada, Apex Controls and Instrumentation, Markwest Resources and Quicksilver Resources. Mr. Smith has held various roles of increasing responsibility ranging from Production Engineering and Operations, Facility Engineering and Construction, Drilling and Completions.
Mr. KARR, Ryan OPERATIONS MANAGEMENT
Mr. KARR, Ryan, is a Professional Engineer and currently a Senor Exploitation Engineer for the Group in Canada. He graduated from the University of Victoria in 2004 with a bachelor’s degree in Engineering. Ryan has 20 years of experience in the Canadian oil and gas industry and has been with the Canadian assets since 2013. Previous experience includes companies such as Bonavista, Open Range, and Endurance Energy, with positions ranging from Exploitation to Production Engineering. Ryan has extensive experience with asset evaluation and economic modeling. Mr. Karr is a member of the Association of Professional Engineers and Geoscientists.

Environmental

As an oil and gas exploration and production company, the Group is well-aware of the impacts and potential risks that its field operations pose to the environment and the surrounding ecosystem. The Group adopts an Environmental Management System (EMS) in its management of the environmental risks arising from its operations. The Group strictly complies with all relevant environmental laws and regulations in each jurisdiction in which the Group operates in.

Sustainability initiatives and green culture permeates through the whole Group. We strive to operate in an environmentally friendly manner by adopting practicable green office practices including:

  • Use of recycled paper
  • Printers configured to print double sided by default
  • Return of used printer and copier ink toner cartridge to manufacturer for recycling and reuse
  • Switching-off lights, computers and office equipment when not in use
  • Replacement of energy efficient alternatives
  • Adjustment of air conditioning settings to reduce power consumption

For replaced furniture and computer equipment, the Group’s practice is to first offer these items to employees for personal use, before it is disposed or recycled.

Social

The Group fully recognizes its employees are a critical asset of the entity. Therefore, the policy of the Group is to hire and retain employees with professional skills that enable the Group to achieve its strategic objectives. The Group is proud to be an equal opportunity employer and believes in the fair treatment of all existing and prospective employees, regardless of their age, gender, marital status, family status, disability, pregnancy, nationality, ethnicity, sexual orientation, religion and culture, or any other discrimination prohibited by applicable law.

Furthermore, the Group does not discriminate against or deprive of any opportunities in respect of recruitment, training and development, job advancement, and compensation and benefits. The Group’s Codes of Ethic adopts a strict zero tolerance approach to any forms of discrimination or harassment in the workplace.

Health and Safety (“H&S”) is fundamental to the Group given nature of the business it is engaged in. Critical to all oil and gas operations is rigorous and robust H&S. The Group endeavors to adopt best practices in H&S management and is strictly in compliance with all relevant laws and regulations governing H&S, in the jurisdictions it operates in.

Potentially disruptive social impacts from the Group’s drilling projects and production facilities on nearby local communities are mitigated by maintaining open channels of communications, with affected landowners and local communities, to develop and maintain a harmonious co-existence. The Group has a dedicated community liaison officer who works closely with any affected indigenous people. The Group maintains regular dialogue to ensure operational transparency and to understand and resolve any affected communities’ concerns. The Group positively contributed to the standard of living for the local indigenous communities during the year by a number of initiatives and programs. This included upskilling people by providing training on electrical maintenance, and donation of materials and basic essential tools, in order to promote and improve their self-sustainability. The Group also the contributed to a number of community improvement projects, including the construction of catering facilities at the main school, construction of fences for farmers, and improvements at local municipality offices and chapel.

Governance

The board (the “Board”) of directors (the “Directors”) of the Company and management of the Group strive to attain and maintain high standards of corporate governance best suited to the needs of its businesses and interest and value of the shareholders of the Company (the “Shareholders”) as the Board believes that effective governance is essential to the maintenance of the Group’s competitiveness and to its healthy growth.

The Company has adopted and applied the principles of the code provisions of the Corporate Governance Code (the “CG Code”) as set out in Appendix 14 of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The Company periodically reviews its corporate governance practices to ensure its continuous compliance with the CG Code. For the year ended 31 December 2020 (the “Year”), the Company complied with all code provisions of the CG Code and adopted the recommended best practices of the CG Code insofar as they are relevant and practicable, apart from the deviations as described in this Corporate Governance Report.

Under code provision C.1.2 of the CG Code, management should provide all members of the board with monthly updates giving a balanced and understandable assessment of the Company’s performance, position and prospects in sufficient detail to enable the Board as a whole and each Director to discharge their duties under rule 3.08 and Chapter 13 of the Listing Rules. During the Year under review, the management of the Company did not provide monthly updates to all members of the Board as required by the code provision C.1.2 of the CG Code, as all the executive Directors were involved in the daily operations of the Group and were fully aware of the performance, position and prospects of the Company, and the management of the Company had provided to all Directors (including, non-executive Director and independent non-executive Directors) quarterly updates giving a balanced and understandable assessment of the Company’s performance, position and prospects in sufficient details prior to the regular board meetings. In addition, the management of the Company had provided all members of the Board, in a timely manner, updates on any material changes to the performance, position and prospects of the Group and sufficient background or explanatory information for matters brought before the Board.