Show-cause notices issued to two energy companies
The Directorate General of Petroleum Concessions (DGPC) under the Ministry of Energy (Petroleum Division) has issued show-cause notices to two petroleum companies, Spud Energy Pty Ltd (SEPL) and Frontier Holdings Ltd (FHL), for failing to disclose recent changes in their ownership structures. The Petroleum Division emphasised that any change in a company’s ownership or board must receive prior approval from the division, as well as from relevant regulatory authorities. The companies were warned that their operational licences could be revoked if they did not respond to the notices by Aug 18. According to the notice, both SEPL and FHL are subsidiaries of Jura Energy Corporation (JEC). It was reported that 73.3 per cent of JEC’s controlling shares were transferred from Phoenix Exploration to IDL Investments Ltd, a company registered in the British Virgin Islands.