History
Sagalio Energy built an oil interest in Kyrgyzstan, then faced repeated ASX queries and suspensions, and by April 2026 had new leadership and waived director fees.
2015-2017: Oil in Kyrgyzstan
Sagalio Energy, a Bermuda-incorporated company with a Hong Kong office, acquired its interest in the Marleysu East Yizbaskent oilfield in Kyrgyzstan in May 2015. It holds the interest through a wholly owned subsidiary under a Co-Investment Agreement with partner Kyrgyzneftegaz (KNG).
In September 2015 consultant MHA reported on the first eight development wells. Seven found oil in a rock layer called Layer III, and five were producing by 30 May 2015. Sagalio held 60% of these wells and KNG 40%. Two deeper layers, V and VII, were untested.
The early promise was followed by trouble. In October 2017 ASX questioned Sagalio over a qualified audit opinion on its FY2017 accounts: the auditor could not confirm that all Kyrgyz cash payments and expenses were recorded. ASX asked whether the company's financial condition still justified its listing. No reply is included in the record.
2018-2026: Suspensions and a change at the top
The record for 2018 to 2019 is thin. In September 2020 ASX suspended Sagalio's securities pending a response to a price and volume query. Further price queries followed in January and February 2021. A late FY23 annual report caused another suspension in October 2023, lifted on 3 October 2023.
On 12 November 2025 ASX suspended the company again, saying it was unable to respond adequately to ASX queries. The suspension was to last until ASX was satisfied of compliance with the Listing Rules, including rules 3.1 and 12.6. It was later lifted after the company responded.
On 23 April 2026 executive director Zhang Baoliang resigned. He and Louis Yang waived unpaid director fees of US$182,901 and US$2,687,500, which the company said improved its balance sheet. Cao Yuqi began signing as Executive Director and Chairman.
By the June 2026 quarter the oilfield produced 443 tons, with sales resumed and revenue of US$125,318. Cash was US$24k, and a US$400k loan facility had US$27k drawn. The FY25 report mentioned a potential breach of the Co-Investment Agreement, with details not seen. In August 2026 the registered office moved to Hamilton, Bermuda.
Written from the 5 story beats below (2015 to 24 Apr 2026), which come from the company's own announcements and filings.