KUCHING: CLIQ Energy Bhd (CLIQ Energy) has revealed in its Annual Report 2014 its intention to acquire rights for discovered oil & gas (O&G) fields of small to medium size with relatively low to moderate risks.
Chairman Datuk Azmi Mohd Ali highlighted that equally, they intend to acquire such rights with the objective of CLIQ Energy having control or joint control in the development and production of the O&G fields.
“Although our immediate focus is the Asian and Oceania regions, we will consider other global markets that offer good prospects for oil & gas assets so long as they bring synergistic benefits, and add value to growth,” Azmi affirmed.
Generally, CLIQ Energy’s business approach is premised on its vision, and that is to be an independent O&G exploration and production (E&P) Company that focuses on O&G assets located in the Regions of Interest.
Azmi pointed out in the full report for the financial year ended March 31, 2014 that CLIQ Energy will continue to pursue the achievement of its vision through a sustainable business model that has five core aspects.
These five core aspects include that at its Qualifying Acquisition? (QA) stage, CLIQ Energy will focus on lower risk assets towards achieving faster financial results in terms of revenue and cash flow.
“We will augment the risk profile of subsequent assets to create a balanced portfolio,” Azmi said.
He added that CLIQ Energy will strengthen its human capital to support the growth of the company, strive to be efficient and profitable in ensuring stakeholders’ expectations and through efficiency in performance, delivered with integrity and transparency, it will ensure sustainability.
Lastly, CLIQ Energy will ensure that the operations do not have a significant adverse impact on the environment.
“With these key emphasis, we will be in a position to ensure that operations will be conducted with utmost professionalism and with due consideration,” Azmi said.
Touching on CLIQ Energy’s financial year under review, Azmi noted that the group had not generated any revenue other than income from deposit placements of RM11,466,988 (2013: RM103,601).
He further noted that the operating expenses and finance costs incurred during the financial year amounting to RM12,798,452 (2013: RM2,592,986) and RM12,430,649 (2013: RM Nil) respectively, had resulted in the company suffering a loss before tax of RM13,762,113.
Azmi added that the estimated tax expenses amounted to RM1,438,109 compared to RM19,684 in 2013.
That said, during the course of the financial year, CLIQ Energy had strengthened its foundation by bringing on board a team of professionals from various disciplines, that include human resources, legal, finance and accounting, petroleum engineering and investor relations.
“With all our primary building blocks in place, we are well prepared and strongly positioned to take CLIQ Energy to the next level of growth,” Azmi affirmed.
He remains optimistic that the untiring efforts, hard work, commitment and perseverance by both the Board and Management Team this past 12 months will be vindicated in the not too distant future when they “seal the deal” with their first QA.
“Simply put, I believe that CLIQ Energy stands on the cusp of a new era of growth,” Azmi said.