CHK Oil (HK:0632) has released an update.
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CHK Oil Limited has announced the termination of three of its oil and gas leases in Utah by the BLM, which had gone unreported to the company’s board until recently. The firm is now seeking legal counsel to understand any potential legal repercussions and is reassuring shareholders that this will not materially impact their operations, as they have shifted focus away from these fields in recent years. Trading of CHK Oil shares, which was halted, is set to resume following the announcement.
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