Home » News » Business » BSE axes Serowe bound Australian gas explorer

BSE axes Serowe bound Australian gas explorer

Publishing Date : 19 August, 2019

Author : TSAONE SEGAETSHO

Primarily listed on the Australian Securities Exchange (ASX) and having prospects to develop gas exploration and production projects for Serowe Coal Seam Gas Project in Botswana, Gasfields Limited will be kicked out of the Botswana Stock Exchange (BSE).


Fresh information received by BusinessPost is that the Australian coal and gas explorer has been keeping BSE on the dark about any information regarding the entity, like change of name or company directors. However the Australian media has been awash with all the latest developments about the company which has been going through transition in February this year.


Gasfields Limited is engaged in developing gas exploration and production projects for Serowe Coal Seam Gas Project in Botswana. Gasfields operates a portfolio of projects, including coal bed methane and petroleum in Botswana and coal steam gas in Australia. Gasfields is primary listed on the Australian Stock Exchange (ASX) and secondary listed on the BSE Foreign Venture Capital Board. The BSE Foreign Venture Capital Board houses small foreign companies with small business operations. For a company to be listed in the Venture Capital Board it has to have P500 000 as capital. It should also have at least 1 million shares even though it does not show any profit history.


BSE was on the dark as to the Australian explorer changing its name as it was previously known as Raven. The Australian media and investors knew about this change of name, but not the local bourse. A communication by ASX on 28 February 2019 notified the change of name by the company from Raven Energy Limited to Gasfieds Limited which is also the current name being used and incorporated in the Australian companies register. The new name was approved on 22 February 2019 in the company’s Annual General Meeting according to a communication by the company secretary Kar Chua.


Information reaching this publication is that Gasfield is planning to disinvest on BSE amidst venturing into a big US energy acquisition. According to recent communication by Raven Energy Limited, now Gasfields Limited, executive chairman Nathan Featherby Gasfield has been suspended on the ASX. “The company will remain in voluntary suspension pending an announcement in respect of the corporate activities relating to divestments in Botswana and finalization of its ongoing negotiations with respect to a potentially significant and strategic US domiciled energy acquisition,” said Featherby.


Keeping company information from BSE infringes BSE Equity Listings Requirements as it is the case of Gasfield Limited, hence the local bourse suspension of the company’s shares last week. “The market is hereby informed of the BSE intention to delist Gasfields (previously known as Raven) shares from the Foreign Venture Capital Board as per section 13.3 of the BSE Equity Listings Requirements (the Requirements),” said a communication from BSE.


According to BSE, Gasfields has failed to remedy various non-compliances with the Requirements and there are no efforts from the company to remedy the contraventions hence the BSE’s intention to delist the Company’s shares. Non-compliance being failure to release important information to BSE while a lot has been published on the ASX.


“Stakeholders are given twenty one (21) days from the date of the notice to make representation to the BSE on the proposed delisting for consideration. If no representations are brought forth by the stipulated time period, the BSE will issue a delisting order. The trading of Gasfields shares is currently halted on both ASX and the BSE,” says last week communication from BSE.


According to Bloomberg, Gasfield which was founded on 23 January 2004 belongs to the energy sector and performs on the oil, gas and coal industries. It is categorized on the exploration and production sub-industries. According to the BSE Listings and Trading Department a lot of information has been emerging about Raven change of name to Gasfield, but the local bourse was not formally informed.


Despite making its announcements of disinvesting from Botswana, the company never bothered to inform the BSE. The local stock exchange format wrote to Gasfield after seeing lack of compliance by the company but no response has been made so far. After seeing the ASX suspending Gasfield shares, BSE followed suit and further threatened to delist the company after 21 days.

Cartoon

Polls

Do you think the courts will help put the UDC, BMD impasse within reasonable time ahead of the 2019 General Election?

banner_14.jpg
banner_12.jpg

POPULER BRANDS