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CITIC Resources Holdings ( (HK:1205) ) has issued an announcement.
CITIC Resources Holdings has announced that its subsidiary, Seram Energy, has initiated legal proceedings against SKK Migas, the Indonesian government agency responsible for upstream oil and gas activities. This action follows SKK Migas’s appointment of a ‘temporary operator’ for the Seram Block, which Seram Energy claims violates Indonesian laws and the Joint Operating Agreement (JOA) governing the block’s operations. The legal challenge seeks to suspend this appointment, emphasizing the company’s commitment to defending its operational rights and interests in the region.
The most recent analyst rating on (HK:1205) stock is a Hold with a HK$0.50 price target. To see the full list of analyst forecasts on CITIC Resources Holdings stock, see the HK:1205 Stock Forecast page.
More about CITIC Resources Holdings
CITIC Resources Holdings is involved in the upstream oil exploration industry, focusing on operations in regions such as eastern Indonesia. The company operates through its subsidiary, Seram Energy, which holds a significant interest in the Seram Block, a key oil exploration site.
YTD Price Performance: 15.62%
Average Trading Volume: 4,148,824
Technical Sentiment Signal: Buy
Current Market Cap: HK$2.99B
Learn more about 1205 stock on TipRanks’ Stock Analysis page.