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Cambodia's Ministry Terminates Agreement for Offshore Block D

Source: www.gulfoilandgas.com 4/28/2016, Location: Asia

We refer to our annual report dated 1 April 2016, and full year results announcements dated 29 February 2016 and 23 March 2016; as well as the announcement dated 6 August 2015 in relation to Cambodia Offshore Block D (Block D), held by our associate company CPHL (Cambodia) Co. Ltd (“CPHLC”).

We had subsequent to our annual general meeting held today received a letter from the Ministry of Mines and Energy (“MME”) of Cambodia. MME noted in the letter to CPHLC that it had terminated the Petroleum Agreement of Block D with immediate effect.

Notwithstanding it also mentioned that MME would hold Block D for CPHLC for a six month period and will not allow any other investor to bid on Block D. CPHLC is given priority to apply for a new petroleum agreement for Block D on certain terms and conditions, including that of getting new investment partner(s) to bid for Block D under a joint venture.

As CPHLC were only notified of such a decision today, the Company and its associate would explore and discuss the options viable for the Company before making a decision on the steps to be taken going forward.

The Company will update shareholders on the outcome of negotiations with MME as it develops.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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