LINC Energy on Thursday morning said in its reply to the stock exchange's trading query that it is in compliance with listing rules, and is not aware of any information not previously announced that has to do with the group which might explain the trading in its shares.
Shares of the energy company had been on the rise for three consecutive days from Monday at S$0.125, to close on Wednesday at S$0.155.
In the group's response to the Singapore Exchange (SGX), it said it has entered into a confidentiality, due diligence and exclusivity agreement with an Australian company on Nov 11, in relation to its SAPEX assets.
Under the agreement, the counterparty has 30 days of exclusivity from the date of execution to undertake due diligence on the company's South Australian shale oil assets (SAPEX), it said, adding that the counterparty has commenced due diligence in accordance with the agreement.
"No formal negotiations regarding the sale of the SAPEX have been held at this time. Commencement of formal negotiations is subject to satisfaction of due diligence," said Linc Energy.
It also referred to the Business Wire media article published on Nov 18 that said the group had signed an agreement for the sale of SAPEX, and said the market was informed of the inaccuracies in the article.