Oil Search resumes trading on PNGX
Oil Search Limited has obtained an interim injunction against orders suspending the trading of the company’s shares on the Papua New Guinea National Stock Exchange (PNGX).
The injunction against the orders of the Securities Commission of PNG now allows for the recommencement of trading of its shares on PNGX.
On June 2nd, the Securities Commission of PNG issued orders suspending the trading of Oil Search Shares on PNGX, allegations that Oil Search breached the PNG Capital Market Act by failing to obtain approval from the Securities Commission for the PNG Retail component of its recent capital raising.
In a statement, the company said proceedings have commenced in the National Court seeking orders to confirm the validity of the approvals it received from the Executive Chairman of the Securities Commission of PNG.