Foran Energy Group unlocks first tranche of restricted stock

Foran Energy Group announced the unlocking and listing of the first tranche of restricted shares from its 2023 Restricted Stock Incentive Plan. 12,661,142 shares are set to enter circulation on September 26, 2025. This release represents 0.98% of the company's current total share capital and benefits 123 eligible incentive recipients.

The company confirmed that the first unlocking period, which commenced with the registration date of September 18, 2023, concluded on September 17, 2025. All company-level performance targets for 2023 were met or exceeded, including a 34.96% increase in operating revenue (against a target of 25%), earnings per share of 0.89 yuan (against a target of 0.75 yuan), and cash dividend per share of 0.62 yuan (against a target of 0.30 yuan), with a cash dividend ratio of 70.19% (against a target of 40%).

Individual performance assessments for the 123 eligible participants were rated "qualified" or above. Two initial incentive recipients were disqualified due to resignation or termination of employment, resulting in 519,966 restricted shares being repurchased and cancelled by Foran Energy Group. The remaining 12,661,142 shares will transition from restricted to unrestricted status, changing the company's capital structure with restricted shares decreasing from 3.21% to 2.23%.