CHK Oil Limited released a second supplemental announcement detailing three focal areas tied to the August 2026 termination of Executive Director Ms. Wong: governance of its U.S. subsidiary chain, status of pre-paid crude‐oil deposits with two mainland counterparties, and requests for financial information made by the former director.
U.S. operations – no disruption identified • 100% of the Group’s oil-and-gas business is run through Shiny One Operating Company, LLC (SOOC) in Utah, held via a British Virgin Islands parent and a Delaware intermediate entity. • FY 2025 revenue from this segment was HK$0.01 million, up from HK$0.00 million in FY 2024. • Operational oversight was reassigned to Executive Director Mr. Wong Chung Kin Quentin on 6 July 2026; an on-site administrative manager and a third-party technical adviser continue day-to-day functions. • Management reports no material outstanding handover issues or adverse financial impact following Ms. Wong’s departure.
Trade deposits – RMB62.70 million outstanding • Zhoushan Purchase Framework Agreement: Palm Energy (a wholly-owned subsidiary) paid an advance now standing at RMB7.54 million. The agreement expired on 30 June 2026; Zhoushan must refund the unused balance plus 3% annual interest if delivery fails. The deposit is below the 8% asset ratio under Listing Rule 14.07(1), therefore not notifiable. • Longyou Purchase Framework Agreements: Unutilised balance declined to RMB55.16 million from RMB75.16 million at 6 March 2026. If Longyou fails to deliver sufficient crude by 30 June 2026, it must refund the remaining balance with accrued interest within 14 days. • Demand letters have been issued to both counterparties; legal advice has been obtained as the Group seeks full recovery.
Former director’s information request On 27 June 2026 Ms. Wong requested a broad review of subsidiary-level performance and cash positions with a tentative 10 July deadline. After allegations concerning misappropriation of 57 million CHK Oil shares surfaced, the Board instructed staff on 6 July 2026 to withhold additional data to protect confidentiality.
Board composition As of 14 September 2026 the Board comprises four executive, one non-executive and three independent non-executive directors.
The announcement emphasizes that Ms. Wong’s resignation has not materially affected U.S. operations and that management remains focused on recovering the RMB62.70 million in outstanding trade deposits.
Comments