Mirach Gets Approval to Extend Cambodia Block D Exploration to End 2018
Singapore-listed Mirach Energy Limited (the Company or collectively the Group) announced late last week that associate company, CPHL (Cambodia) Company Ltd. (CPHL) has received the official letter from the Ministry of Mines and Energy notifying CPHL that the Royal Government of Cambodia has approved the final extension of exploration period of Block D to December 2018.
In the meantime, CPHL has been working out the details of the exploration drilling project and drilling rigs commissioning with the subsidiary units of Landocean Energy Services, PST Service Corporation (PST) and Chengdu Western Union Petro Engineering Technology Co. Ltd. (UP). We aim to finalize the details of the technical contracts under the Project Cooperation Agreement with them, as noted in the announcement dated June 2. The Company certainly hope to start drilling as soon as possible with this extension.
The approval of final extension of exploration period is not expected to have any material impact on the net tangible assets or earnings per share of the Group for the financial year ending Dec. 31.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction.
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