Queries to Articles Entitled 1) "Crest may sell 49% Indon oil stake" 2) "Crest to sell Indon stake by September"
| CREST PETROLEUM BHD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | JL-000620-34899 |
| Subject | Queries to Articles Entitled 1) "Crest may sell 49% Indon oil stake" 2) "Crest to sell Indon stake by September" |
Contents :
We refer to your letter dated 20 June 2000 regarding the above articles.
The status of investment by Crest Petroleum Bhd ("Crest") in a Production Sharing Contract ("PSC") in Indonesia is described on page 30 of the 1999 Annual Report as follows :
" Following the very disappointing results of the exploratory drilling in 1998, a decision was made that no further expenditure would be incurred on drilling and Probadi ceased its operations in Indonesia at the end of 1998. Probadi is currently sourcing a buyer for its interest in the PSC and discussions have been held with several parties regarding a possible sale."
We confirm that Crest is currently negotiating with an Indonesian consortium to sell its interest for some USD 3 million and it is expected that the sale will be concluded within the next three months.
Query Letter Contents :
We refer to the above articles appearing in The Star and The New Straits Times,
on Tuesday, 20 June 2000, copies of which are enclosed for your reference.
In particular, we would like to draw your attention to the underlined sentences
which are reproduced as follows:-
The Star, Business Section, page 5.
" Crest Petroleum Bhd is negotiating with an Indonesian consortium for the sale
of its 49% interest in a production sharing contract (PSC ) in Sumatra".
".............a figure of US$3mil had been quoted for the stake, and both
parties were expected to wrap up negotiations soon."
The New Straits Times, Business Section, page 25.
"Crest Petroleum Bhd........expects to sell its stake in a failed Indonesian
oil and gas exploration venture at a deep discount within the next three
months."
In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported articles and in particular the
underlined sentences after due and diligent enquiry with all the directors,
substantial shareholders and all such other persons reasonably familiar with
the matters about which the disclosure is to be made in this respect.
In the event you deny the above sentences or any other part of the above
reported articles, you are required to set forth facts sufficient to clarify
any misleading aspects of the same. In the event you confirm the above
sentences or any other part of the above reported articles, you are required to
set forth facts sufficient to support the same.
Please furnish the Exchange with your reply within one (1) market day from the
date hereof.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
TAN YEW ENG
Senior Manager, Listing Operations
ASL/JT
copy to Securities Commission
Announcement Info
| Company Name | CREST PETROLEUM BHD |
| Stock Name | CREST |
| Date Announced | 21 Jun 2000 |
| Category | General Announcement |
| Reference No | CP-000621-40677 |
