CHK OIL (00632) has announced that the group will conduct due diligence on the target oilfield during an exclusivity period of three months from the date of the Memorandum of Understanding. This exclusivity period has been extended by an additional three months to May 9, 2026 (the First Extension). The Memorandum of Understanding will terminate if no binding formal agreement is reached before its expiry, or if neither party presents an offer to the other to enter into any binding formal agreement.
As more time is required to complete the due diligence and negotiate the terms and conditions of the collaborative project, the parties entered into an addendum to the Memorandum of Understanding on May 11, 2026. This addendum extends the term of the Memorandum of Understanding by six months to November 9, 2026 (the Second Extension). Except as disclosed above, all other terms of the Memorandum of Understanding remain unchanged, with the exception that the exclusivity provisions under the Memorandum of Understanding have terminated and are no longer applicable during or after the Second Extension period.
Shareholders and potential investors of the company are advised to note that the Memorandum of Understanding merely sets out the parties' intentions regarding the potential collaborative project. It is not legally binding on the parties and does not create any legal obligations. Should a legally binding formal agreement be reached and/or executed, the company will make further announcements in accordance with the Listing Rules in a timely manner.
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