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CHK Oil Announces Financial Restatements Amid Challenges

CHK Oil (HK:0632) has released an update.

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CHK Oil Limited has announced a restatement of its financial results for the fiscal years 2022, 2023, and the first half of 2023 due to previously unreported lease terminations of oil and gas fields in Utah. The adjustments will affect the company’s reported losses and net assets but will not impact cash flow statements. These developments follow challenges such as COVID-19, service provider restructuring, and geopolitical tensions which have halted the company’s revenue from US oil and gas sales.

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