Geo Energy Resources (SGX:RE4
) announced that it has not received any official communication or directive in relation to Indonesia’s proposed plan to centralise control of commodity exports.
Geo Energy Resources’ board of directors note that the proposed plan by the Indonesia’s government reflects a broader policy direction aimed at strengthening state oversight and improving coordination across key resource sectors in the country.
“While the initiative may enhance regulatory efficiency and support national revenue objectives over the longer term, further clarity is expected regarding the implementation framework, administrative processes, and documentation requirements,” the company adds.
The Directors claims that the transition period on the proposed plan may take time to fully evolve and be implemented, as policies are refined and operationalised across the relevant agencies and industry stakeholders.
The company states that it will make further announcement on this matter if and when there are further developments.
Meanwhile, Geo Energy Resources shares that its current production, logistics, customer relationships, and export activities continue as normal.
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“We continue to make steady progress on our MBJ Integrated Infrastructure, with successful truck trials completed last week and on track to commence operations in the second half of this year. Coal prices remain strong, with ICI4 trading at US$64.43 per tonne as at May 22,” the company concludes.
As at 9.50am, shares of Geo Energy Resources are trading 2 cents lower, or 4% down at 48 cents.
