Acceptance of notice of suspension of gas processing activities under GDPA from Markmore Energy Labuan Limited (MELL)(Suspension) ii) Notice of termination of the joint investment agreement dated 8 March 2012 for the development of Rakushechnoye Oil and Gas Field (JIA) (Termination)
Acceptance of notice of suspension of gas processing activities under GDPA from Markmore Energy Labuan Limited (MELL)(Suspension)
ii) Notice of termination of the joint investment agreement dated 8 March 2012 for the development of Rakushechnoye Oil and Gas Field (JIA) (Termination) Query Letter Contents We refer to your Company’s announcements dated 30 September 2019 and 7 October 2019 in respect of the aforesaid matters.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1. The financial and operational impact of the Suspension and Termination on Sumatec group.
2. The expected losses arising from the Suspension and Termination.
3. The steps taken or proposed to be taken by Sumatec in respect of the Suspension. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully Listing Regulation
Cc : Market Surveillance Dept., Securities Commission (via fax)
We refer to your queries dated 10 October 2019 concerning the above matter.
1.The financial and operational impact of the Suspension and Termination on Sumatec group.
Financial Impact are estimated to be as follows:-
a) Termination of JIA will directly cause the expiration of substantial investment and forfeiture of deposit of Sumatec on the Rakushechnoye oil and gas field as follows:
The value of working interest at RM272.326 million, Exploration and Development cost at RM201.263 million and Performance Deposit at RM127.1 million Total : RM600.69 million b) The total loss which includes remedied estimates arising from COG’s complaints are estimated to be RM161million.
Operational Impact: i) Forfeiture of the development and extraction right of hydrocarbons in the Rakushechnoye oil and gas field. ii) It can lead to termination of the services and consultancy activities on gas development and production planning and implementation.
2. The expected losses arising from the Suspension and Termination.
Reply: A conservative estimate of RM761.69 million losses
We remain in contact with COG and MELL to seek their indulgence to give us more time and we believe our appeal to lift the suspension and termination notices can be given a positive results if we manage to resolve our current issues mainly caused by the legacy shipping debts, which should not have existed anymore since the last regularisation exercise of May 2013.
Abang sell .... sumatec apa pun tak ada sudah kosong ...tak ada contract oil and gas sudah terminate...bank account tak ada wang ...cuma ada hutang lapuk dan cuma ada kertas saham sumatec 0.005 saja...nanti count down lagi berapa hari kertas wang 0.005 pun hilang...apa pun tak ada....Aku islam ...islam haram judi...ada nabi muhammad ...kita ikut ALLAH tak akan kalah sampai mati...
SUMATEC娘娘说:本宫住PN17冷宫很久了。皇上你几时要放本宫出去? SC太后说:不是哀家把你打入冷宫...你去问 bursa 皇帝吧..是他把你打入PN17冷宫。 bursa 皇帝说:朕已经宽宥了sumatec 娘娘在PN17冷宫不检点没听话 没给朕重组计划..朕也很难跟朝廷交代。先把SUMATEC娘娘打入大牢叫慎刑司处理。朕在给你6天给朕一个交代不然朕就把你贬为庶人送出宫外。 SUMATEC娘娘向MALAYSIAN TRUSTEES 答应, KERISMA 答应 , CAPONE 常在和 PRIMA UNO 常在说:罪妾请求各位姐姐能放过妹妹吧.... MALAYSIAN TRUSTEES 答应,KERISMA 答应 , CAPONE 常在 和 PRIMA UNO 常在说:sumatec娘娘偷了小主的钱,除非sumatec娘娘还臣妾钱,小主就放过你过往不追究还会向皇上求情。
OTHERS Acceptance of notice on suspension of gas processing activities under GDPA from Markmore Energy Labuan Limited ("MELL") SUMATEC RESOURCES BERHAD
Type Announcement Subject OTHERS Description Acceptance of notice on suspension of gas processing activities under GDPA from Markmore Energy Labuan Limited ("MELL") The Board of Sumatec Resources Berhad ("SUMATEC") have received and accepted a notice from MELL that given the circumstances under which SUMATEC is dealing with matters still relating to shipping legacy debts which is affecting Sumatec Corporation Sdn Bhd (“SCSB”) obligation to the gas processing development activities under GDPA, all the gas processing development activities between MELL and Sumatec through its subsidiary SCSB is suspended until further notice.
This is to allow MELL and its subsidiary CaspiOilGas LLP (“COG”) to proceed on their own capabilities more smoothly and unhindered to continue pursuing the gas processing development endeavors in respect to the Rakushechnoye oil and gas field.
This announcement is dated 30 September 2019.
其他接受Markmore Energy Labuan Limited(“ MELL”)关于暂停GDPA规定的天然气加工活动的通知 SUMATEC RESOURCES BERHAD
类型公告 主题其他 描述接受Markmore Energy Labuan Limited(“ MELL”)关于暂停GDPA规定的天然气加工活动的通知 Sumatec Resources Berhad(“ SUMATEC”)董事会已收到并接受了MELL的通知,鉴于SUMATEC在何种情况下仍在处理与运输遗留债务有关的事项,这影响了Sumatec Corporation Sdn Bhd(“ SCSB”)的义务,根据GDPA的天然气加工开发活动,MELL和Sumatec通过其子公司SCSB之间的所有天然气加工开发活动都将暂停,直到另行通知。
OTHERS SUMATEC RESOURCES BERHAD (SUMATEC OR COMPANY) - NOTICE OF TERMINATION OF THE JOINT INVESTMENT AGREEMENT DATED 8 MARCH 2012 FOR THE DEVELOPMENT OF RAKUSHECHNOYE OIL AND GAS FIELD (JIA) SUMATEC RESOURCES BERHAD
Description SUMATEC RESOURCES BERHAD (SUMATEC OR COMPANY) - NOTICE OF TERMINATION OF THE JOINT INVESTMENT AGREEMENT DATED 8 MARCH 2012 FOR THE DEVELOPMENT OF RAKUSHECHNOYE OIL AND GAS FIELD (JIA) The Board of Directors of Sumatec (“Board”) wishes to announce that Sumatec Oil And Gas LLP (“SOG”), a wholly-owned subsidiary of Sumatec, had on 7 October 2019 received a notice from CaspiOilGas LLP (“COG”) terminating the JIA and Novation Agreement (as defined hereunder) effective 17 October 2019 (“Termination Notice”).
In the Termination Notice, COG has highlighted the constraints faced under the current financial and legal predicaments of Sumatec which impacted SOG’s ability to comply with its obligations to carry out appropriate investment/work programs and provide necessary funding for the Petroleum Operation under the JIA. COG has also requested SOG to revert on the following: i) to confirm whether SOG would still be able to continue operating under the JIA; ii) to provide assurance whether Sumatec would be able to regularize its financial position and set aside the winding up petition by its legacy shipping debts creditors (“Winding-Up Petitions”); and iii) to provide appropriate remedy to resolve SOG’s deficiency under the JIA and offer credible plan on how to ensure the financing of Petroleum Operation at Rakushechnoye Field can continue smoothly in light of Sumatec’s existing PN17 status.
Notes: 1. On 8 March 2012, the Company entered into the joint investment agreement (“JIA”) with Markmore Energy (Labuan) Limited (“MELL”) and COG for the development and extraction of hydrocarbon in the Rakushechnoye Oil and Gas Field (“Oil Field”). The salient terms of the JIA include the following: (i) Scope of works of the Company is to: (a) carry out all operations related to the production of hydrocarbon (including liquid and gaseous hydrocarbons) (“Petroleum”) from the Oil Field (“Petroleum Operations”), for and on behalf of COG, to study, appraise, develop, and produce the relevant Petroleum reservoirs of the Oil Field. (b) complete all operations to develop the Oil Field within the period from the date of the JIA up to 25 August 2025, (c) provide all capital, machinery, equipment, technology, personnel and services necessary for carrying out Petroleum Operations; (ii) The JIA shall come into force on the date of the JIA and shall expire on 25 August 2025 (subject to extension).
On 26 September 2017, the Company entered into a Novation Agreement with SOG, MELL and COG whereby the Company will transfers to SOG and SOG accepts and assumes all the rights, title, benefits, interest, obligations and liabilities of the Company under the JIA (“Novation Agreement”). The Company shall cease to be, and shall be substituted by SOG as, a party to the JIA. The transfer related to JIA include right and concessions, exploration and evaluation cost and non-current other receivables.
The Board after deliberation on the Termination Notice has resolved to seek the indulgence of COG from terminating the JIA and Novation Agreement as the Board is in the midst of finalising a plan to regularise the PN17 status and remedy the Winding-Up Petitions. The plan is expected to involve the following components: (a) A fund raising exercise involving a rights issue to raise up to RM100 million; (b) Proposed participation by the Company to build a gas processing facility for the processing of gas from the Oil Field; and (c) A settlement arrangement with the creditors of Sumatec group involving a settlement amount of RM0.15 in respect of every RM1.00 owed to the creditors (“Settlement Amount”). In this respect, the Company will write to the plaintiffs for the Winding-Up Petitions to seek their agreement-in-principle for the Settlement Amount and for a stay in the legal proceedings.
The Company will make the necessary announcement on the details and further development of the above matters in accordance with the requirements under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad in due course.
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