We refer to the Reach Energy Berhad's (“REB” or “the Company”) announcement dated 21 January 2021 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 in EO facilities and suspension of operations in EO.

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. In the event that the Suit is not in favour of the Company, the financial and operational impact to the Company associated with the 2 months suspension of operations is estimated to contribute 13% to 15% reduction in total annual revenue for financial year ended 2021.

This announcement is dated 25 January 2021.

Announcement Info