The SC forces even Maybank offshore in search of oil exploration opportunities

by Ganesh Sahathevan

Elk Resources Ltd is an ASX company that specializes in enhanced oil recovery.It's new CEO Brad Lingo says he can provide a 15% return  with oil at $30.Elk's assets are in the US, and it is expected that in future the company will seek EOR projects in Indonesia and Malaysia.

Elk's main institutional  financial backer is Republic Investment Management Pte Ltd, an associate of Maybank Kim Eng Holdings Ltd,in turn  a wholly-owned subsidiary of Maybnak Bhd. Republic has some SING$ 100 million under management, and at least part of that money could have been invested in Malaysia's oil and gas SPACs, allowing them to do exactly what Elk is doing,and proposes to do.

Instead, given the SC's near criminal management of the SPAC market, these companies have been sent to the wall, and not allowed to pursue oil and gas opportunities around the world. Institutional investors in Malaysia interested in such opportunities are forced to look at Australia and other markets, depriving the Malaysian market of their capital.
The SC is to to blame for this sorry state of affairs.
END 

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