Material Litigation

We refer to the Company’s announcement dated 25 August 2022 in respect of the Statement of Claim filed by the Company’s sub-subsidiary, Emir Oil LLP (“EO” or “the Plaintiff”) to Ministry of Energy (“MOE” or “Defendant”) of the Republic of Kazakhstan relating to the approval of the Amendment No. 4 on the deferral of the contractual obligations of Dolinnoe’s oil field in 2020 and 2021 to a later period.

The Board of Directors of Reach Energy Berhad (“REB” or “the Company”) would like to update that EO had filed its appeal with the Court of the City of Astana (“the Court”) on 23 September 2022. The Court on 28 October 2022 had supported the position of the MOE and rejected the claim of Emir-Oil.

Emir-Oil intends to appeal the decision of the Court of second instance to the Supreme Court of the Republic of Kazakhstan within six months from 28 October 2022.

Hence, the Company is seeking necessary legal advice to resolve and /or to defend the legal suit.

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 31 October 2022.

Announcement Info