News

14 November 2016

Update

As previously announced the Company’s shares have been suspended and are no longer traded following the litigation which, although successful, denuded the Company of its cash reserves.  In respect of the two remaining underlying investments, Strata Oilfield Services Inc. was affected by the oil market crash in Alberta, where the oil sands were the most expensive onshore production fields and when the oil price fell there was a dramatic reduction in demand for drilling services. Strata Oilfield Services Inc. went into administration last year and there was no recovery for IOGT.  Crest Energy Services Ltd remains in operation and there are ongoing discussions with potential vendors but the directors must caution that the possibility of any ultimate recovery for shareholders remains remote.

 

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