Reach Energy

Reach Energy

Postby winston » Fri Oct 05, 2018 12:59 pm

noted

Stock With Momentum: Reach Energy

Last Friday, the oil and gas group’s producing asset in Kazakhstan, Emir-Oil LLP, obtained authorities’ approval to commence trial production of the North Kariman field in Kazakhstan for 15 months, starting yesterday until Dec 31, 2019.

The approval granted for the trial production allows Emir-Oil to put the North Kariman wells into production, and this is expected to increase current oil production levels substantially.

Reach Energy said the approval of the trial production provides a clear signal from the authorities to the company to proceed with the processes required to obtain a new production contract for the North Kariman field.


Source: The Edge Financial Daily

http://www.theedgemarkets.com/article/s ... h-energy-1
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Re: Reach

Postby winston » Fri Oct 05, 2018 1:04 pm

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Stock With Momentum: Reach Energy

September 03, 2018

For the second quarter ended June 30, 2018, the group’s revenue increased by 66.1% to RM67.67 million as compared with the revenue of RM 40.74 million in second quarter ended June 30, 2017.

The revenue increase was mainly attributed to the increase in production volume, higher world crude oil price and deferred revenue from the first quarter arising from congested oil export traffic in March 2018.

The company posted a net profit of RM4.58 million for the quarter compared to a net loss of RM21.25 million a year ago.

Source: The Edge Financial Daily

http://www.theedgemarkets.com/article/s ... h-energy-0
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Re: Reach

Postby winston » Fri Oct 05, 2018 1:18 pm

not vested

Sept 19, 2018

Reach Energy 'hold'

By HLIB Research
Hold (maintain)
Target price: RM0.35

Emir oil fields that are 60% owned by Reach are currently producing around 3,400 bbl per day, which is higher than average 2,900 bbl per day in the first half (1H18).

The management is targeting to increase the production to 5,000 bbl/day by year-end.

However, the company is still in need of external funding up to US$100mil (RM414mil) to repay its outstanding deferred consideration and discretionary capex.

Analysts calculated that Reach will achieve breakeven at more than 4,000 bbl/day level after stripping off forex fluctuations.

Source: The Star

https://www.thestar.com.my/business/bus ... lxJkM9U.99
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Re: Reach

Postby winston » Fri Oct 05, 2018 1:26 pm

We will be back in the black this year, says Reach Energy Syahirah Syed Jaafar

February 26, 2018


The cost rationalisation efforts came after Reach Energy took full control of Emir Oil, an 850.3 sq km onshore oil and gas exploration and production field located in Kazakhstan’s Mangsytau oblast.

The group was a special purpose acquisition company which subsequently graduated into a full-fledged one after making a qualifying acquisition in 2016.

It bought a 60% stake in Palaeontol BV, the owner of Emir-Oil, for US$175.9 million. Having secured approval from its shareholders for the buy, Reach Energy then assumed full control in May 2017.

We have been trying harder to get more institutional investors on board. We have a few, Lembaga Tabung Haji is one of them.

The share price performance had also affected the group’s rights issue plan which was aborted in August, 2017 due to the declining price.

The rights issue — which was intended to raise RM180 million to settle the remaining purchase consideration of the acquisition — will be reconsidered for another time, said Shahul Hamid, adding that the decision will not affect the acquisition, as the group was given the flexibility to settle the payment.

The group has 60 oil wells. Its oil production stands at around 3,000 barrels a day, which it aims to gradually increase past 5,000 this year.


Source: The Edge Financial Daily

http://www.theedgemarkets.com/article/w ... ach-energy
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