Bangkok, 31 January 2019 ? The SEC has declined the request from Energy Earth Public Company Limited (EARTH) to extend the deadline for reporting the re-assessment results of the fair value of the mining property rights over two mines in Indonesia. The deadline was due on 31 December 2018.

Earlier, the SEC ordered EARTH to clarify two issues, as follows:
(1) the existence and the legal rights over the two Indonesian mines due to the fact that during July ? September 2017 EARTH had used the advanced payments, the payment for the right to purchase goods, and other assets in exchange for the mining property rights over EHM mine and JAB mine in Indonesia, at the total amount of USD731 million or approximately 24 billion baht. The deadline to clarify this issue was extended to within November 2018 and EARTH submitted the clarification to the SEC and disclosed it through the SET Information System on 30 November 2018;
(2) the report of the re-assessment results of the fair value of the mining property rights, which the SEC viewed to be questionable as to the appropriateness and the assumptions used in calculating the fair value of the mining property rights over the two Indonesian mines. The deadline to clarify this issue was extended to the end of December 2018.

Later, EARTH requested another extension for the deadline to submit the report of the re-assessment results of the fair value of the mining property rights, but the SEC declined such request because the matter was important and could have a material impact on EARTH's financial position and widespread impacts on the shareholders and investors. Besides, it became known to the SEC that EARTH had already received the re-assessment results from the assessor on 7 December 2018. It was thus within EARTH's ability to prepare and submit the report within the deadline. Instead, the SEC instructed EARTH and its directors to submit the report and disclose the information thereof through the SET Information System urgently.

In addition, the SEC found that the disclosure of the information regarding the existence and the mining property rights over the two mines on 30 November 2018 had failed to include the complete information received from the company's legal advisor, which contained certain facts that could materially affect EARTH's rights over the two mines. The SEC therefore instructed EARTH to fully disclose such information for the public's better understanding and acknowledgement.

In any case, failure to comply with the SEC's order above is liable to violation or failure to comply with Section 58(1) of the Securities and Exchange Act B.E. 2535 (1992)(SEA), which is subject to the punishments under Section 274 and liable to be the offence under Section 281/10 of the SEA. Additionally, the directors, managers or persons responsible for the company's operation shall be subject to the punishments under Section 300 of the SEA. In this regard, the SEC shall consider further legal action in due course.

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Related press releases:
1. SEC News No. 22/2018: SEC instructs EARTH to clarify the existence and the fair value of mining property rights, dated 16 March 2018.
2. SEC News No. 37/2018: SEC extends deadline for EARTH to clarify the existence and the fair value of mining property rights, dated 12 April 2018
3. SEC News No. 139/2018: SEC further extends the deadline for EARTH to clarify the existence and the fair value of mining property rights, dated 7 November 2018