Linc Energy revealed it has entered into a confidentiality, due diligence and exclusivity agreement with an Australian company on Nov 11 in relation to its shale oil assets.
Linc says the counterparty has commenced due diligence in accordance with the agreement but no formal negotiations regarding the sale of the SAPEX assets have been held at this time.
Under the deal, the counterparty has thirty days of exclusivity from the date of execution to undertake due diligence on the company’s shale oil assets.
The Australian energy company was responding to a Singapore Exchange query made on Wednesday night regarding its trading activity after noting the unusual volume movements in its shares.
However, Linc admitted an announcement informing the market of inaccuracies in a Business Wire media article published during a trading halt at 3pm on the same day denying the company had signed an agreement for the sale of its shale oil assets in the Arckaringa Basin could have resulted in the unusual trading activity of its stock.
On Wednesday, Linc Energy rose 6.9% to 16 cents on 8.3 million shares traded, about nine times the three-month average volume of 0.9 million.
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Linc says the counterparty has commenced due diligence in accordance with the agreement but no formal negotiations regarding the sale of the SAPEX assets have been held at this time.
Under the deal, the counterparty has thirty days of exclusivity from the date of execution to undertake due diligence on the company’s shale oil assets.
The Australian energy company was responding to a Singapore Exchange query made on Wednesday night regarding its trading activity after noting the unusual volume movements in its shares.
However, Linc admitted an announcement informing the market of inaccuracies in a Business Wire media article published during a trading halt at 3pm on the same day denying the company had signed an agreement for the sale of its shale oil assets in the Arckaringa Basin could have resulted in the unusual trading activity of its stock.
On Wednesday, Linc Energy rose 6.9% to 16 cents on 8.3 million shares traded, about nine times the three-month average volume of 0.9 million.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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