MATERIAL LITIGATION REACH ENERGY BERHAD ("REB" or "The Company") - Court Case in Kazakhstan between Emir Oil LLP and Ministry of Energy REACH ENERGY BERHAD
Type Announcement Subject MATERIAL LITIGATION Description REACH ENERGY BERHAD ("REB" or "The Company") - Court Case in Kazakhstan between Emir Oil LLP and Ministry of Energy We refer to the Company’s announcement dated 17 November 2020 and 20 November 2020 in respect of the Statement of Claim received by the Company’s sub-subsidiary, Emir Oil LLP (“EO” or “the Defendant”) from Ministry of Energy (“MOE” or “Plaintiff”) in Kazakhstan on violation of Gas dispersion from open tanks.
The Board of Directors of Reach Energy Berhad (“REB” or “the Company”) would like to update that the Court in Kazakhstan (“the Court”) had on 10 November 2021 ruled that the penalty amount had been decreased from RM7,292,000 (KZT 760,000,000) to RM3,733,000 (KZT 385,556,487) to be recovered from EO.
Currently, the Company is seeking necessary legal advice for further action. The Company will make necessary announcements to Bursa Malaysia Securities Berhad as and when there are further developments in relation thereof and/or upon receipt of any further directions by the Court.
MATERIAL LITIGATION Court Case in Kazakhstan between Emir Oil LLP and Ministry of Energy REACH ENERGY BERHAD
Type Announcement Subject MATERIAL LITIGATION Description Court Case in Kazakhstan between Emir Oil LLP and Ministry of Energy We refer to the Company’s announcement dated 17 November 2020 ,19 November 2020 and 20 November 2020 in respect of the Statement of Claim received by the Company’s sub-subsidiary, Emir Oil LLP (“EO” or “the Defendant”) from Ministry of Energy (“MOE” or “Plaintiff”) in Kazakhstan on the violation of gas dispersion at the operating EO facilities.
The Board of Directors of Reach Energy Berhad (“REB” or “the Company”) would like to update that the Court in Kazakhstan (“the Court”) had on 12 November 2021 ruled that the penalty amount had been decreased from RM3,181,000 (KZT 332,271,208) to RM619,000 (KZT 64,012,814) to be recovered from EO.
Currently, the Company is seeking necessary legal advice for further action. The Company will make necessary announcements to Bursa Malaysia Securities Berhad as and when there are further developments in relation thereof and/or upon receipt of any further directions by the Court.
wow reach ini betul2 share yang sangat bagus. Bila Oil price increase to USD84 dia 0.005sen pun tak naik lagi turun ke 0.075, management betul2 pandai manage syarikat
Upstream O&G company will normally avoid those countries that name end with "tan". Why reach energy still decide to go there? Because it was a SPAC and time was running up, so cincai acquire something so that no need to return the money to shareholder. Hibiscus was lucky that Shell wanted to divest their Malaysia asset, but even then, insider all know those fields are very old and need to fork out a lot to decommission in the future. Nevertheless, it was still a much better acquisition as compared to Reach's.
Buy Reach now since the Omicron virus is not deadly and the cases in US, Germany and S Africa have reduced tremendously. Furthermore, the oil prices is moving upwards.
Reach Energy, the 9 months cumulative results is good. Total revenue for the first 9 months of FY 2021 is RM 96m, net profit is RM 10m. Cash flow from operating activities is RM 47.490 m
Yes, Dennis 8888, thanks for the good news regarding the court case. Reach WON the case. Now, nothing is going to stop Reach Energy from going up. Good oil price, low cost of production ie less than USD 10 pb.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
newbie_2016
609 posts
Posted by newbie_2016 > 2021-11-01 22:21 | Report Abuse
where is the ong? no mali mali? haiyaaaa...