On behalf of the Board of Directors of GFB, we hereby attach the announcement made by NuEnergy Gas Limited (“NGY”), a subsidiary of GFB which is listed on the Australian Securities Exchange, that NGY has received initial certification of reserves for its Tanjung Enim Pilot Production Program (“TEPPP”). Below are some salient extracts of the said announcement by NGY.

NGY group of companies (“NGY Group”) successfully embarked on the TEPPP by drilling 5 wells (TE-10, TE-11, TE-12, TE-13 and TE-14) and carrying out production tests in early 2016. The 5 wells evaluated and the immediate vicinity covers an area of 0.8 km2 in the north-west area of the Tanjung Enim Production Sharing Contract (“TE PSC”) which comprises 0.3% of the TE PSC’s acreage. NGY Group intends to develop the PSC in a number of phases, with the initial phase likely to consist of the TEPPP wells area.

The initial certification of reserves was completed by RPS Energy Consultants Limited (“RPS”), an independent consulting firm in accordance with the Society of Petroleum Engineers Petroleum Resources Management System (“SPE PRMS”). The resulting reserves are summarised in the TEPPP Reserves Statement below.

TEPPP Reserves Statement

The following table summarises the TEPPP certification statement:



Notes:

1) All volumes reported are based on gross (100%) interest as the fields are within the Production Sharing Contract (“PSC”) license boundary. These volumes include NGY’s and its partner’s interest including the Indonesian Government’s share.

2) The volumes reported under these columns are based on NGY’s net working interest (45%), which includes the Indonesian Government’s share under the PSC.

3) The volumes reported are based on NGY’s net entitlement, which exclude the Indonesian Government’s share under the PSC.

4) Based on the contractual volume in the Memorandum of Understanding with PT Shalindo Energi signed on 30 November 2016, for a five year period starting in mid-2018 and are reported net of inerts gases and fuel.

5) RPS estimates the chance of development for the above resources to be 35% due to the lack of MOU for gas sales or Gas Sales Agreement covering the license period.

The TEPPP 2016 work program and the independent initial certification of reserves for the TEPPP provides the platform for NGY to prepare the Plan of Development (“POD”) for approval from the Government of Indonesia and to move towards commercialising its TE PSC gas asset in Indonesia.

The main focus for NGY in 2017 will be to prepare the POD for approval and proceed with the development stage. As NGY works to complete the required steps and obtain the necessary approvals for the POD, further increases in Reserves from Contingent Resources and from Prospective to Contingent Resources are expected.

Further details of the said announcement by NGY are as attached.

This announcement is dated 22 February 2017.

glotec got annoucement....

OTHERS GLOBALTEC FORMATION BERHAD (GFB) FOREIGN LISTED SUBSIDIARY, NUENERGY GAS LIMITED RECEIVES RESERVES CERTIFICATION FOR THE TANJUNG ENIM PILOT PRODUCTION PROGRAM

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5343421

hi kak noraini... a small question... why is a bank warrant which has a 10-year lifespan a good investment? your opinion on this is highly appreciated. thanx in advance.

imlegend... no worries...

just trying to understand this whole warrant business only.. if warrant is over d strike price.. does that mean that u buy n sell just like a normal equity? (buy low, sell high).. does the "gearing" thing even come into play in this instance? a bit confuse on that..

tq in advance.

Hi all,... i'm a newbie in this stock thing... sumatec warrant-b... the exercise/strike price is 0.175... right now it is trading at 0.255.. is it too expensive to buy right now? or just buy the mother share. all comments highly appreciated. tq.