Brooge Energy Ltd Postpones Filing of 2019 Annual Report
29 Abril 2020 - 4:38PM
Brooge Energy Limited (“Brooge Energy” or the “Company”) (NASDAQ:
BROG), a midstream oil storage and service provider strategically
located outside the Strait of Hormuz, adjacent to the Port of
Fujairah in the United Arab Emirates (“UAE”) through its
wholly-owned subsidiary Brooge Petroleum and Gas Investment Company
FZE (“BPGIC”), announced today it has filed a Form 6-K with the
Securities and Exchange Commission for an automatic 45-day
extension to file its Annual Report on Form 20-F for the year ended
December 31, 2019 as granted by the Securities and Exchange
Commission amidst the current global pandemic.
The Company anticipates filing the Annual Report
with the SEC on or before the new deadline of June 15, 2020. Upon
this filing, management will have its first earnings conference
call to discuss the financial results and business outlook. The
Company will issue a news release announcing the date for the
fiscal year ended December 31, 2019 conference call and earnings
news release as soon as feasible.
Although the COVID-19 global pandemic has caused little
interruption to the operation of the Company’s oil storage
facilities due to its highly automated and high-tech designs, it
has disrupted the operations of its management and corporate staff.
In addition to voluntary measures the Company has taken to protect
its staff, government authorities have at various recent times
implemented lockdown or other measures restricting the movement of
people, including staff, vendors and professionals. This has
impacted the Company’s and its Auditor’s ability to efficiently
perform work related to the financial statements and related
materials necessary for audit and, as a result, has delayed the
completion of the audited consolidated financial statements and
other information required to be included in the Annual Report. The
Company is working diligently to address these issues and fully
expects the Annual Report to be filed within the 45-day extension
period.
On April 29, 2020 the Company filed a Form 6-K
to have an extension for the filing of its Annual Report on Form
20-F, originally due on or before April 30, 2020, in light of the
COVID-19 pandemic and pursuant to the Order of the Securities and
Exchange Commission (the “SEC”), issued on March 25, 2020, pursuant
to Section 36 of the Securities Exchange Act of 1934 (the “Exchange
Act”), granting conditional exemptions from specified provisions of
the Exchange Act and certain rules thereunder (Release No.
34-88465) (the “Order”).
About Brooge Energy
LimitedBrooge Energy, formerly known as Brooge Holdings,
conducts all of its business and operations through its
wholly-owned subsidiary Brooge Petroleum and Gas Investment Company
FZE (“BPGIC”), a Fujairah Free Zone Entity. BPGIC is a midstream
oil storage and service provider strategically located outside the
Strait of Hormuz adjacent to the Port of Fujairah in the United
Arab Emirates. BPGIC’s oil storage business differentiates itself
from competitors by providing its customers with fast order
processing times, excellent customer service and high accuracy
blending services with low oil losses. For more information please
visit www.broogeholdings.com.
Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, that involve risks and
uncertainties concerning BPGIC’s and Brooge Energy’s expected
financial performance, as well as their strategic and operational
plans. The actual results may differ materially from expectations,
estimates and projections due to a number of risks and
uncertainties and, consequently, you should not rely on these
forward looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “would,” “could,”
“should,” “believes,” “predicts,” “potential,” “continue,” and
similar expressions are intended to identify such forward-looking
statements. These risks and uncertainties include, but are not
limited to: (1) the ultimate geographic spread, duration and
severity of the coronavirus outbreak and the effectiveness of
actions taken, or actions that may be taken, by governmental
authorities to contain the outbreak or ameliorate its effects; (2)
BPGIC’s ability to obtain financing for Phase III on commercially
reasonable terms; (3) BPGIC’s ability to negotiate and enter into
development and offtake agreements on commercially reasonable
terms; (4) the results of technical and design feasibility studies,
including the Phase III FEED study; (5) the loss of any end-users;
(6) changes in customer demand with respect to ancillary services
provided by BPGIC including throughput, blending, heating, and
intertank transfers; (7) BPGIC’s ability to effectively manage the
risks and expenses associated with the construction of Phase II,
Phase III and other growth and expansion projects; and (8) other
risks and uncertainties indicated from time to time in filings with
or submissions to the SEC by Brooge Energy. Readers are referred to
the most recent reports filed with or furnished to the SEC by
Brooge Energy. Readers are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made, and we undertake no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor ContactKCSA Strategic
CommunicationsValter Pinto / Elizabeth Barker+1 212-896-1254 or +1
212-896-1203BROG@kcsa.com
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