Ulaanbaatar, Mongolia – 25, March 2016. HBOil JSC (MSE: HBO; Bloomberg Code: HBO MO) a specialty oil recycling and an emerging E&P company, hereby refutes the South Korean publication known as “KOREA JOONGANG DAILY”, for irresponsible reporting and dissemination of erroneous news on 23 March 2016; asserting that HBOil JSC has withdrawn from its joint venture in the Democratic People’s Republic of Korea (“DPRK” or “North Korea”).
By way of this public announcement, HBOil JSC:
- Confirms that it remains fully committed to its joint venture with Korea Oil Exploration Corporation (“KOEC”) of the DPRK, and continues its tenacious efforts to progress the joint venture’s ambition for exploration and development of hydrocarbon resources onshore North Korea, including the [ongoing] creation of geological, geophysical, and technical data-room to support the international tendering of rights for certain basins that benefit from previous exploration successes by KOEC; and
- Affirms its resolute belief that its commercial objectives in the DPRK will not only prove to be an exceptional business opportunity, but also an important contribution to the welfare of the DPRK society.
HBOil JSC is reviewing the implications of the recently enacted United Nations sanctions against North Korea, with respect to any future potential business activities of HBOil JSC in the DPRK through its indirect joint venture with KOEC, and will analyze its corporate and strategic options regarding future North Korean business initiatives; following the analysis of such review.
For more information, contact:
Mr. Purevbaatar Bayarsaikhan
Board director and CFO of HBOil JSC