Sumatec: Sumatec Resources confident of business outlook despite PN 17 status

KUALA LUMPUR: Sumatec Resources Bhd is confident of its business operations despite falling into Practice Note 17 (PN17) status, said its vice chairman Tan Sri Halim Saad."We are very confident of Sumatec's future based on our share price, oil price and the product that we have," he told reporters at its AGM today.He said the group is working on a regularisation plan that would address its PN17 status, legacy debt and its future business operations, and expects to submit it to Bursa Malaysia "very soon".He said the plan is being drafted based on the assumption of oil price at US$64 per barrel.Earlier in March, Sumatec had received an offer from Markmore Energy (Labuan) Ltd (MELL) for the development of a condensate extraction plant, as well as an offer from a contractor for the development and financing of the oil field for up to US$20 million.