Malaysia's Reach Energy Berhad took another step towards closing its $154.9 million acquisition of a 60 percent interest in Palaeontol B.V. -- a unit of MIE Holdings' (MIEH) subsidiary Palaeontol Cooperatif -- which owns full working stake in an onshore block in Mangistau Oblast in southwest Kazakhstan through Emir-Oil LLP, the firm said Monday in a filing on Bursa Malaysia.
"The Company has been notified by MIEH that it has today obtained the approval of its shareholders for the disposal of 60 percent equity interest in Palaeontol B.V. and the assignment and transfer of the Shareholder Loans in proportion to the Relevant Percentage by MIEH to Reach Energy, being one of the conditions precedent to be fulfilled by MIEH on or before the Longstop Date under the SPA (sale and purchase agreement)," Reach Energy said.
The transaction, which will enable Reach Energy to complete its first qualifying acquisition of an upstream asset as a special purpose acquisition company on Bursa Malaysia, will give it ownership of a 328.3 square mile block, located around 24.9 miles northeast of Aktau, comprising four existing oil and gas producing fields of Aksaz, Dolinnoe, Emir and Kariman.
Reach Energy indicated earlier that exploration, development and production of hydrocarbons will continue in the remaining 349.3 square miles of the block, including two discovered fields and six drillable prospects.
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