Kunlun Energy (00135) announced that its board of directors has passed a resolution to potentially repurchase up to 86.59 million shares (equivalent to approximately 1% of the company's issued share capital as of the announcement date) in the open market from time to time, effective from the date of this announcement until the conclusion of the company's Annual General Meeting scheduled for 2027. This repurchase plan is subject to the terms of the existing buyback authority and is conditional upon the renewal of said authority at the company's Annual General Meeting in 2026. The company will fund the share repurchases using its existing cash resources. It is expected that any shares bought back will be cancelled in due course. In accordance with the listing rules, the actual repurchase price per share must not exceed 5% above the average closing price of the shares for the five trading days immediately preceding each repurchase. The board of directors believes that, given the group's business and financial performance, the current trading price of its shares does not adequately reflect their intrinsic value. The board is of the opinion that the share repurchase is expected to enhance earnings per share and the return on capital, thereby serving the overall interests of the company and its shareholders, while also reflecting the board's confidence in the group's future development.