This article first appeared in The Edge Financial Daily, on February 3, 2016.

CLIQ Energy Bhd (-ve)

SHARES of CLIQ (Fundamental: 1.35/3, Valuation: 0/3) declined by 0.72% to close at 69 sen yesterday with 6.18 million shares changing hands, compared with its 200-days average volume of 982,995 shares.

CLIQ is a special purpose acquisition company (SPAC) that specialises in the acquisition and development of oil and gas assets located in Asia and Oceania that focus on small- and medium-sized discovered oil gas fields with relatively low to moderate risks.

Last Friday, the group’s application for its qualifying acquisition (QA) was returned by Securities Commission Malaysia (SC), which said it was unable to proceed with its review due to required information and documents that have yet to be submitted.

The management responded by saying that all reasonable efforts have been taken but the company encountered unanticipated events such as the substantial drop in oil price and the depreciation of ringgit against the US dollar, resulting in shortfall of cash availability.