Waiver from Requirement to Include a Qualified Person’s Report (QPR) in the
Company’s Annual Report for the financial year ended 30 June 2015
Linc Energy Ltd (SGX:TI6) (OTCQX: LNCGY) advises that the Singapore Exchange Limited (SGX)
has granted the Company’s application for a waiver from the requirement under Rule 1207(21)(a)
of the Listing Manual to include a Qualified Person’s Report (QPR) in its annual report for the
financial year ended 30 June 2015.
Subsequent to the end of the last Financial Year, the Company seeks QPRs for each of its fields
where exploration has occurred or where a material change in the reserve is known (Updated
QPRs).
The Company sought a waiver for the following reasons:
A material amount of information required to be disclosed in the QPRs is of a confidential
and sensitive nature (as prescribed by Practice Note 6.3 of the Listing Manual, such as
paragraphs 5(f), 5(g), 5(h) and 5(q)). In particular, technical information with regard to the
Company’s mineral and petroleum leases is proprietary, and commercially sensitive in
nature, providing a competitive advantage to the Company in its respective jurisdictions.
This information would not be disclosed to any third party in the ordinary course of the
Company’s business unless such third party is bound to a non-disclosure agreement
contemplating a potential corporate transaction. Accordingly, this information should not be
made available to competitors or third parties.
The QPRs contain extensive, lengthy and complex technical information which if published
in the Annual Report 2015 would be of significant detriment of the Company’s competitive
ability, whilst at the same time of minimal significance or value to the Shareholder. The
extent of disclosure would likely exceed the size of the annual report and place an undue
emphasis on the QPR’s. In addition, the Company disclosed all QPR’s in its initial public
offering on SGX-ST and listing on 18 December 2013. The technical reports provided by
the Company in the offering document were detailed and extensive, numbering in excess
of 1,000 pages.
The costs of including the QPRs in the Company’s Annual Report 2015 with the added
logistics, time and resources (including printing and postage costs) required would result in
an unnecessary use of resource and in turn cause an excessive burden on the Company.
Subsequent to the end of each financial year, the Company seeks QPRs for each of its
fields where exploration has occurred or where a material change in the reserve is known
(Updated QPRs). The Company seeks a waiver to prominently place an electronic copy of
each Updated QPR on its website by a date no later than the despatch of its Annual Report
and will refer to the QPRs in its Annual Report. For those fields where no exploration has
occurred and thus no material change in the reserves is known, the Company will ensure
an electronic copy of the latest QPR, regardless of the date, is displayed on its website.
The Company will similarly refer to its QPRs in its Annual Report.
On 30 July 2015, the SGX has advised that, based on the Company’s submissions and
representations to the Exchange, it has no objection to the waiver from compliance with Rule
1207(21)(a) for the 2015 Annual Report subject to the following:
(a) The Company announcing the following
a. the waiver granted, the reasons for seeking the waiver and the conditions as required
under Rule 107 of the Listing Manual; and
b. explanation as to why the updated QPRs for Umiat and SAPEX are only available by
30 December 2015;
(b) Disclosure within the annual report of the information required under paragraph 2 and 5.4(e)
or Practice note 6.3 of the Listing Manual;
(c) Submission of a written confirmation from the Company that the waiver does not contravene
any laws and regulations governing the Company and the articles of association of the
Company;
(d) Submission of the QPR in relation to Gulf Coast and Wyoming in CD-ROM format for the
Exchange’s records on or before the annual report despatch date; and
(e) Submission of the updated QPR in relation to Umiat and SAPEX in CD-ROM format for the
Exchange’s records by 31 December 2015.
In addition, the Company advises that as part of ongoing development of the Umiat and SAPEX
projects, technical analysis and modelling of both assets still being undertaken and this work
needs to be completed prior to QPRs being prepared and released. The Company will publish
the revised QPRs for these assets by 31 December 2015.
BY ORDER OF THE BOARD
