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Cambodia Terminates Petroleum Agreement for CPHL-Held Offshore Block D

April 29, 2016

irach Energy Ltd. referred Thursday to its annual report dated April 1, and full year results announcements dated Feb. 29 and March 23; as well as the announcement dated Aug. 6, 2015 in relation to Cambodia Offshore Block D (Block D), held by our associate company CPHL (Cambodia) Co. Ltd. (CPHLC).

We had subsequent to our annual general meeting held today received a letter from the Ministry of Mines and Energy (MME) of Cambodia.

MME noted in the letter to CPHLC that it had terminated the Petroleum Agreement of Block D with immediate effect.

Notwithstanding it also mentioned that MME would hold Block D for CPHLC for a six month period and will not allow any other investor to bid on Block D. CPHLC is given priority to apply for a new petroleum agreement for Block D on certain terms and conditions, including that of getting new investment partner(s) to bid for Block D under a joint venture.

As CPHLC were only notified of such a decision today, the Company and its associate would explore and discuss the options viable for the Company before making a decision on the steps to be taken going forward.

The Company will update shareholders on the outcome of negotiations with MME as it develops.

 

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