CLIQ Energy targets markets beyond Asian within 2 years

KUALA LUMPUR: CLIQ Energy Bhd,
a special purpose acquisition company (SPAC) targets to penetrate
regions outside Asia within two years of being listed on the Main
Market of Bursa Malaysia.
Its Chief Executive Officer Ziyad Elias
said the company now has passed three weeks of its exposure prospectus
and is currently awaiting the Security Commission's approval.
"We
hope to get the approval by end of this month or early October so we
can be listed before end of this year," he told Bernama in an interview.
At
the start-up phase, which is the Qualifying Asset phase, he said CLIQ
is limiting its focus within the Asia-Oceania region, with current
unsolicited opportunities coming from Indonesia, Papua New Guinea and
Vietnam.
"There are also opportunities in other regions, such as
the Middle East and South America, but we want to work in areas that we
are really familiar with first and where we have a lot of networking.
"We
plan to penetrate other regions after having developed assets in this
region, have our cash flow coming in, and then we will start looking
elsewhere," he said.
Ziyad said CLIQ hoped to nail the
qualifying assets in Asia within one year after its listing and hope to
bring these assets on stream within two to three years after that.
"We
are set to be an independent exploration and production company. So,
upon listing, we are looking for assets, oil and gas assets, within the
Asian region," he added.
Ziyad has more than 30 years of
experience as a geophysicist, engineer and entrepreneur in the oil and
gas exploration and production sector, according to the prospectus.
He
also founded and helmed the Orogenic group of companies, which deals in
the upstream oil and gas industry for a good 17 years before he took on
the task with CLIQ.
CLIQ aims to raise between RM150 million and
RM500 million, and 90 per cent of the money eventually raised from the
initial public offering would be held by a custodian, Deutsche Trustees Malaysia Bhd. - Bernama