United Energy Group Limited - HKExnews

UNITED ENERGY GROUP LIMITED
Notes to the Financial Statements
For the nine months ended 31 December 2009
35. EVENTS AFTER REPORTING PERIOD
(a)
On 26 January 2010, United Petroleum has issued an irrevocable performance bond of approximately
HK$468 million (equivalent to approximately US$60 million) in favour of PetroChina Company Limited,
a state-owned limited liability company established in the PRC, for guarantee of United Petroleum’s
performance of its obligations in the development period of the enhancing oil recovery contract. The
performance bond is pledged by the Group’s bank and cash balances of approximately HK$468 million
(equivalent to approximately US$60 million). Details of the transaction are set out in the Company’s
announcement dated 26 January 2010.
(b)
In prior year, the Group was pursuing legal proceedings with Transmeridian Exploration Incorporated
(“Transmeridian”) in respect of the acquisition of oil production equipment amounting to approximately
HK$93,639,000 (equivalent to US$12,000,000) for which Transmeridian had failed to make delivery
according to the contract terms and full allowance was made against the inventories accordingly. On 3
February 2010, the Company received a distribution amount of approximately HK$24,960,000 (equivalent
to US$3,200,000) from the liquidator of Transmeridian in relation to the claim of the equipment.
36. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by the Board of Directors on 26 April 2010.
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