Barakah Offshore Petroleum Berhad, a Practice Note 17 company, experienced an 18% surge in its share price following news of a three-year license renewal from Petronas. The stock reached RM0.08 during morning trade before settling at RM0.065 at market close.
Barakah Offshore's subsidiary, PBJV Sdn Bhd, successfully secured a full reinstatement of standardized work and equipment categories code for all its 27 approved license categories.
Furthermore, Barakah Offshore submitted a proposed regularization plan, including a rights issue with warrants, to Bursa Malaysia for approval on June 1, 2023.