Empyrean Energy PLC (AIM:EME) said it commenced legal proceedings in the Singapore courts against the company believed to have committed cyber fraud against it.
The oil and gas development company has obtained an injunction order against the company believed to have committed the fraud to freeze its assets and obtain further banking information, Empyrean said in a statement.
The company announced in December last year that the deposit of US$1.98mln it sent to drilling contractor COSL to start work on the Jade prospect in China did not arrive.
READ: Empyrean Energy to progress Jade programme despite poor weather
In today's statement, Empyrean said it will take the necessary steps and is taking legal advice for the purpose of pursuing recovery of the funds involved in the fraud.
It added that it will continue to cooperate with the Singapore police investigation into the fraud and has begun legal action in order to escalate the recovery process.