REACH

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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 Reach Energy Berhad's (“REB” or “the Company”) announcement dated 17 November 2020 and 19 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 at the operating EO facilities.

 

The Board of Directors of REB would like to furnish the following additional information on the above mentioned matter:

  1. Emir Oil LLP is a major subsidiary of the Company.
  2. The total cost of investment of the Company in EO is RM 610,037,000.
  3. REB does not foresee that the Statement of Claims has any material operational impact to the Company.

 

This announcement is dated 20 November 2020.

 






Announcement Info

Company Name REACH ENERGY BERHAD
Stock Name REACH
Date Announced 20 Nov 2020
Category General Announcement for PLC
Reference Number GA1-20112020-00059