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Tue 3 Apr 2018 14:22

Brightoil still unable to provide results release date


'The Audit Committee may require further time to consider the further steps,' Brightoil says.

Brightoil Gem and Wavemaster 3, pictured in the Singapore Strait.
Image: Flickr
Brightoil Petroleum (Holdings) Ltd confirmed on Tuesday that it is still unable to provide a date for the publication of its financial results for the year ended June 30, 2017, and interim results for the six months ended December 31, 2017, as trading in shares of the Hong Kong-listed firm continues to remain suspended.

In a statement, Brightoil explained that, in relation to work being carried out by an independent adviser to review previous transactions made by the company, the independent adviser had recommended to Brightoil's Audit Committee that "further steps" be taken.

"The Audit Committee, having received preliminary legal advice, is communicating with the Independent Adviser in order to make constructive progress, and the Audit Committee may require further time to consider the further steps," Brightoil also said, adding: "The work of the Independent Advisor will affect the progress of the audit work."

Referring to the completion of the audit, Brightoil said it was "presently unable to provide a definitive timetable".

"The date of completion of the audit and the publication of the Announcement regarding the 2017 Annual Results and 2018 Interim Results will be further considered with the Auditor," Brightoil remarked.

The company added that trading in its shares on the Stock Exchange of Hong Kong (SEHK) "will remain suspended until further notice".

Share trading was halted on October 3, with the company requesting a suspension until the publication of its annual financial results, which were due to be released by September 30 under listing rules.

In December, Brightoil also received a letter from SEHK, which listed the conditions for the resumption of trading in shares of the company to take place.

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