KUALA LUMPUR: Sumatec Resources Bhd’s creditors have terminated three collateralised loans and are demanding for the company to pay up the RM72.33million owed by Jan 19, 2017.
The debt is being called up by the Malaysian Trustees Bhd (MTB), trustees to the three lenders of the loans – Kerisma Bhd, Capone Bhd and Prima Uno Bhd – according to Sumatec’s stock market filing this evening.
Sumatec, however, said its lawyer Shearn Delamore & Co advised that the group is not obliged to pay given that a provision under the settlement agreement inked with the creditors in 2013 has stated that the appropriate remedy for the bondholders is to instruct MTB to pursue RM17 million from three entities, namely Hoe Leong Corp Ltd, Setinggi Holdings Ltd and/or Hoe Leong’s nominees.
The bondholders, it said, should also pursue Semua International Sdn Bhd for any remaining dividend payment stipulated in the 2013 settlement agreement with Semua International Sdn Bhd.
If it turns out that Sumatec is obligated to pay the multi-million claim, Markmore Sdn Bhd, its indirect substantial shareholder – who is also the vendor selling to Sumatec the Rakushechnoye Oil and Gas Field for US$250 million – will settle the claim using proceeds from the sale of the oil and gas field.
Markmore is also committed to satisfy the debts of which Semua Shipping Sdn Bhd (SSSB) may be obligated to undertake. Markmore would use money from sales of the same oil and gas field.
Markmore is 99.99 per cent controlled by Sumatec’s substantial shareholder Tan Sri Halim Saad. As at Jan 4, 2017, Halim owns 19.61 per cent in Sumatec.
In a separate press statement, Sumatec said it has recently conducted an integrated study involving a complete geological and geophysical re-interpretation, a petrophysical evaluation, a seismic inversion and an attribute analysis on the Rakushechnoye oil field, after which it has revised the reserves estimate for the same to 50.2 million barrels from 43 million barrels in May 2014.
“The company is applying for government approval in Kazakhstan for the year 2017 work programme to increase the oilfield’s production,” Sumatec said.
Following the recent rise in crude oil price and improved sentiment in the oil and gas industry, Sumatec said it plans to ramp up production to about 3,500 barrels per day by end-2017. It also aims to produce its first phase of 30 million of standard cubic feet per day of gas – equivalent to 5,000 barrels of oil – in 2018.
“The company is in the final stage of developing and securing funding for the new development programme,” it added.