Page 15 - AsianOil Week 11

AsianOil
NEWS IN BRIEF
AsianOil
Minister of Malaysia and specified under section 2 (First Schedule), Act 177, Industrial Relations Act 1967.
Therefore, all operations falling within the above essential services including all support services should continue, with the respective parties’ necessary working arrangements
and precaution as may be appropriate, until advised otherwise by the Government. PETRONAS, March 17, 2020
Petronas implements
special working
arrangements
As a precautionary measure to minimise the risks due to COVID-19, PETRONAS is activating a special working arrangement for its employees. With immediate effect, PETRONAS is strongly encouraging employees who can work from home, to do so where possible.
For employees who are required to be physically present in the office or at our operations, PETRONAS is taking the necessary steps to ensure their health and safety while at the workplace.
The above working arrangements
are implemented to reduce the risk
of the COVID-19 exposure to our employees as well as to contribute to social distancing efforts in the wider community. While these measures are in place, the Company is committed
to ensure that there would be minimal disruptions to our business and service delivery to our customers and partners.
The health and safety of our employees, customers and partners remain our utmost priority. As the current situation is rapidly evolving, we will continue to monitor any developments closely and strengthen our precautionary and preventive measures as required. We urge all employees, customers and partners to remain vigilant in practicing personal hygiene and to adhere to directives given by health authorities.
PETRONAS, March 15, 2020
Jadestone Energy Updates
on Voluntary De-Listing
from the TSXV
Jadestone Energy, an independent oil and gas production company focused on the Asia Pacific region, provides an update on its planned voluntary de-listing of its common shares from trading on the TSX Venture Exchange (TSXV).
Since the admission of Jadestone’s
shares to trading on AIM, a market of the London Stock Exchange, in August 2018, the Company has experienced a significant shift away from Canada in both the composition of its share register and in the trading volume of its shares.
Approximately 97% of its shares are held by non-Canadian residents at this time, while more than 98% of all Jadestone shares that traded in 2019, were traded on AIM. The directors of the Company believe that the minimal trading activity of the Company’s shares on the TSXV no longer justifies the expense and administrative requirements associated with maintaining the dual listing.
The Company estimates it will achieve annual savings of approximately US$60,000. On February 25, 2020, the Company announced its plan to de-list from the TSXV, and an application to the TSXV is being made by the Company today. It is expected that the final day of trading for Jadestone’s common shares on the TSXV will be March 24, 2020. The Company’s shares will continue to trade on AIM.
Following the de-listing, Jadestone intends to seek Canadian designated foreign issuer status under National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating
to Foreign Issuers which, if successful, would relieve the Company from certain Canadian reporting requirements, and enable the Company to migrate further toward the usual practices and norms of a UK listed company. Collectively, these two steps will realise around US$120,000 of annual savings.
JADESTONE ENERGY, March 12, 2020
EAST ASIA
Kazakh gas supplies to
China at similar level to last
year despite 20-25% cut
Despite cutting gas supplies to China by 20-25%, Kazakhstan’s gas export levels
to China remain at the same level as last year, Energy Minister Nurlan Nogayev said on March 11. Kazakhstan shipped 7.5bn cubic metres (bcm) of gas to China in 2019 and was set to boost shipments to 10 bcm a year. The cut in supplies this year came after importer PetroChina issued a force majeure notice to gas suppliers in March.
PetroChina has suspended imports of liquefied natural gas shipments and some of the gas imported via pipelines amid a seasonal plunge in gas demand along with falling consumption due to the coronavirus pandemic.
Kazakhstan also suspended oil exports to China in mid-January. Oil exports have not yet resumed as organic chloride continues to be detected in crude produced by CNPC Aktobemunaigas, a local subsidiary of the Chinese CNPC, according to Nogayev.
“As soon as we deal with these issues, we will renew (oil) supplies to China, resources permitting,” Nogayev said.
BNE INTELLINEWS, March 13, 2020
G3E updates on corporate structure
In update to the 7th February, 2020 release, the Grand Court of the Cayman Islands appointed Joint Provisional Liquidators,
the independent officers of the Court, have been tasked to broadly preserve and protect the Company’s assets and identify any opportunities which may exist to restructure or refinance the Company.
The JPLs have completed and filed their second report timely on 13th March, 2020 as to the likelihood of a viable restructuring of the Company and thus continue to support the on-going viability of the Group.
Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, “I am happy to report, no employee has been infected by
the coronavirus till date and we expect to gradually assume increased work duties by month end. The Group activities are ongoing without interruption.”
G3E, March 16, 2020
Week 11 19•March•2020
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