Reference is made to the query from Bursa Malaysia Securities Berhad (“Bursa Securities”) raised on 3 November 2015 on the unusual market activity (“UMA”) in relation to the sudden sharp fall in price of the Company’s shares.
On behalf of the Company, the Board of Directors hereby confirm that to the best of our knowledge and after making due enquiry with all the Board members and the management company, Hibiscus Upstream Sdn Bhd, seeking their views on the matter that is the subject of the query, we are not aware of any of the following that may have contributed to the UMA:
1. Any corporate development relating to the Group’s business and affairs that has not been previously announced that may account for the UMA.
At this juncture, we wish to highlight that the Company is always looking for and evaluating business opportunities which synergise with our corporate strategy. None of these have progressed to a stage that would require public disclosure;
2. Any rumour or report concerning the business and affairs of the Group that may account for the UMA; and
3. Any other possible explanation to account for the UMA.
We also wish to highlight that:
1. the Company, via its subsidiary in Australia and jointly-controlled entity in Norway, is currently drilling two wells as announced on 16 and 26 October 2015, and further updated on 2 November 2015 for the Australian well. As at the current time, there are no results of a price sensitive nature from both these wells that are available to the Company. With regard to our drilling programme offshore Australia, we only anticipate to commence drilling into the reservoir section of the well on 4 November 2015 and we will make the necessary disclosures as soon as reliable results are available; and
2. the Company believes that there may be some shareholders who have been subject to margin calls on shares that have been collateralised and are being asked to regularise their margin positions.
This announcement is dated 3 November 2015.