Malaysia's Reach Energy Closer to Completing Deal for Kazakhstan's Block

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.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petronas: LNG Train 9 in Sarawak Moves... (Jan 23)
 -  Xodus Wins Apache North Sea Well Contr... (Jan 23)
 -  FAR: SNE 5 Appraisal Well Spuds Offsho... (Jan 23)
 -  Shell to Reshuffle Head of Exploration... (Jan 23)
 -  Scottish Government Reveals New Subsea... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
 
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours