The board of directors of Giken Sakata (S) Limited (the "Company") refers to its previous announcements dated 11 April 2014, 1 June 2014, 30 June 2014, 2 July 2014 and 16 July 2014 (the "Previous Announcements").
Unless otherwise defined, all capitalised terms used in this announcement shall bear the same meaning as ascribed to them in the Previous Announcements.
The Board previously announced on 30 June 2014 that the Target Group has informed the Company that the Production of Oil from Old Wells Agreement between PT Pertamina EP and PT Sarana Patra Jateng dated 3 November 2010 (the "Tungkul Mother Agreement") has been extended until 3 November 2020.
The Company wishes to clarify that the Target Group had notified the Company on the above based on a letter issued by PT Pertamina EP to PT Sarana Patra Jateng committing that PT Pertamina EP will extend the Tungkul Mother Agreement until 3 November 2020, stating as follows: "With reference to the Agreement for Producing Oil from the Old Wells between PT Pertamina EP with PT Sarana Patra Jateng in the field of Tungkul and Trembul in the Province of Blora on 3 November 2010, which will end on 3 November 2015, we, PT Pertamina EP, will extend the Agreement for Producing Oil from the Old Wells in the field of Tungkul and Trembul in the Province of Blora between PT Pertamina EP and PT Sarana Patra Jateng until 3 November 2020."
Pursuant to further discussions with the Company's Indonesian legal counsel and the Target Group, the Company has now been advised that further formalities may need to be fulfilled before the extension of the Tungkul Mother Agreement is legally completed.
Further announcements will be made by the Company in due course as and when the extension of the Tungkul Mother Agreement has been determined to be legally completed.
The Supplemental Agreement referred to in the previous announcement of the Company dated 2
July 2014 shall not be affected by the foregoing.
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By Order of the Board
Ng Say Tiong
Chief Financial Officer
23 July 2014
This announcement has been prepared by the Company and its contents have been reviewed by the company's Sponsor, Stamford Corporate Services Pte Ltd, for compliance with the relevant rules of the SGX-ST. The Company's Sponsor has not independently verified the contents of this announcement.
This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Bernard Lui
Telephone number: (65) 6389 3000
Email address: bernard.lui@stamfordlaw.com.sg
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