Wolfpack?, page-113

Dear All,

This was the disappointing follow up email I received from ASIC this afternoon. Draw your own conclusions as to the extent of their "confidential enquiries" and "careful consideration" not to take any further action.

Wolf Petroleum Ltd ACN 116 249 060 and China Sam Enterprise Group Co Ltd

We refer to your report of misconduct dated 8 January 2021. You allege that Wolf Petroleum Ltd’s Chinese strategic partner, China Sam Enterprise Group Co Ltd has acquired Wolf Petroleum Ltd’s Mongolian asset by manipulating Australian regulatory rules to its advantage at the detriment of minority shareholders.

Thank you for bringing this matter to ASIC's attention.

ASIC’s consideration of your concerns

ASIC has considered the information and documents you provided and we have conducted our own confidential enquiries. After careful consideration, ASIC has determined not to take any further action in relation to your concerns at this time.

ASIC assesses every report of misconduct we receive, in order to ascertain whether there has been conduct in contravention of the legislation that we administer. ASIC does not act on behalf of individuals, but we must consider whether the available evidence is sufficient as the basis for civil or criminal proceedings. We also consider whether any further action would have any regulatory impact by deterring similar conduct or provide a suitable remedy for the conduct in question.