GSS extends moratorium of shares held by JPEL
Tuesday, October 27 2015 - 01:08 AM WIB
SGX-listed manufacturing company GSS Energy Limited announced Monday it has extended the moratorium on the 76,000,000 Consideration Shares held by Java Petral Energy Pte Ltd (JPEL) to November 30, 2016.
?The moratorium on the Consideration Shares was due to expire on 30 November 2015,? GSS said in a statement.
The cancellation of the Consideration Shares forms part of the terms of a Settlement Agreement signed by GSS and JPEL on August 14 of this year, under which the former will increase its stake in Cepu Sakti Energy Pte (CSE) Ltd to 100 percent from 53.7 percent.
CSE owns 95 percent of PT Cepu Sakti Energy, which holds the exclusive rights to cooperate in conducting operations for extracting oil from oilfields in Indonesia?s Central and East Java provinces.
Editing by Reiner Simanjuntak