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
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