KUCHING: Reservoir Link Energy Bhd’s (RLEB) 60 per cent-owned subsidiary, Reservoir Link Solutions Sdn Bhd (RLS), has been appointed by Petroliam Nasional Bhd (PETRONAS) as a panel contractor for the provision of integrated discovered resource assessment for PETRONAS for Package 2 — carbon capture utilisation storage (CCUS) and contaminant.
The appointment is from May 14, 2026 for five years until May 13, 2031.
The scope of works under the appointment includes, amongst others, (1) data consolidation and management, (2) geological and geophysical evaluation, (3) subsurface development planning, (4) surface development planning, (5) economic analysis and (6) preparation and submission of final report.
“The participating Petronas operating plant unit (OPU) shall be PETRONAS and PETRONAS Carigali Sdn Bhd,” RLEB said in a filing with Bursa Malaysia. RLEB said the appointment does not constitute a guarantee of works for RLS from PETRONAS.
“Any works, if any, shall be awarded through mini-bidding and/or direct award exercises throughout the tenure of the panel appointment.”
If work orders are awarded, RLEB said the appointment is expected to contribute positively to the company and group’s earnings for financial year ending June 30, 2027 and throughout the appointment period.
“The appointment is subject to normal risks, including but not limited to the availability of skilled manpower and materials, fluctuations in manpower and material costs as well as changes in political, economic and regulatory conditions.
“Nevertheless, the group has an established track record and possesses the requisite expertise and experience to undertake the works under the appointment.
Accordingly, the group is of the view that it is well-positioned to manage and mitigate the above-mentioned risks,” added the company.
Meanwhile, RLEB is giving out about 62 million bonus warrants on the basis of one Warrant B for every six existing ordinary shares in RLEB held by shareholders on July 10, 2026.
The amount of proceeds to be raised from the exercise of Warrants B would depend on the final exercise price and actual number of Warrants B exercised during the exercise period.
Assuming that all the Warrants B are exercised under the maximum scenario at the illustrative exercise price of 25sen each, the company will raise gross proceeds of about RM15.5 million which will be utilised to fund the group’s business expansion and working capital.
