General Announcement for PLC

15/02/2021

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 21 January 2021 and 25 January 2021 in respect of the an administrative case initiated against Emir Oil LLP (“EO” or the Defendant”), a major subsidiary of the Company, in connection with the inspection of the Ministry of Energy of the Republic of Kazakhstan. The appeal case was heard at the Mangystau Regional Court for violation of the gas dispersion at Emir Oil facilities during oil operations. 

 

The Board of Directors of REB would like to update that the Mangystau Regional Court in Kazakhstan (“the Court”) had on 12 February 2021 ruled that EO had lost the appeal and was ordered to suspend its operation for two (2) months effective from the ruling date on 12 February 2021. The financial and operational impact to the Company associated with the two (2) months suspension of operations is estimated to contribute 13% to 15% reduction in the total annual revenue for the financial year ended 31 December 2021.

 

EO is allowed to file further appeal and currently, the Company is seeking necessary legal advice for further action.

 

The Company will make the 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.

 

This announcement is dated 15 February 2021.



Announcement Info

Company Name REACH ENERGY BERHAD
Stock Name REACH
Date Announced 15 Feb 2021
Category General Announcement for PLC
Reference Number GA1-15022021-00042


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Date Title
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