KUALA LUMPUR (July 3): Trading volume of Practice Note 17 (PN17) company Sumatec Resources Bhd’s shares spiked to 536.6 million shares today, making it the most active counter on Bursa Malaysia.

At 2.52pm, the stock was up two sen or 200% to three sen. The trading volume today far exceeds its 200-day average volume of 10.79 million shares.

The current price level brings its market capitalisation to RM127.58 million. Since end August 2016, the stock has been hovering at 10 sen and below.

Yesterday, Sumatec told the stock exchange in a filing that it had received a letter from CaspiOilGas LLP (COG), owned by its executive vice chairman Tan Sri Halim Saad, stating COG had successfully defended against its creditors’ claims at the Supreme Court of the Republic of Kazakhstan.

“With this favourable court decision, COG, now without unproductive distractions, has proceeded with the oil production front with its 2019 well workovers programme, involving a total of eight wells,” Sumatec said, adding that the decision was final and binding and not subject to further appeal.

Sumatec also said COG was in an advance stages of developing its investment plan for the proposed gas-condensate processing plant.

In March 2018, Sumatec won the rights from Markmore Energy (Labuan) Ltd (MELL) to build a condensate extraction plant for the Rakushechnoye oil and gas (O&G) field in Kazakhstan.

COG, which is wholly-owned by MELL, in which Halim has interests, is the concession owner and operator of the Rakushechnoye O&G field.