Reach Energy Berhad announced Monday that it has been notified by Hong Kong-headquartered MIE Holdings (MIEH) that the Ministry of Energy (MOE) in Kazakhstan has approved the transfer of the 60 percent issued share capital in Palaeontal B.V. -- a unit of MIE's subsidiary Palaeontol Cooperatif -- which holds a 100 percent working interest in an onshore block in Mangistau Oblast in southwest Kazakhstan through Emir-Oil LLP, to the Malaysian company.
"The Company has been notified by MIEH that it has procured the approval of the MOE for the transfer of 60 percent issued share capital of Palaeontol B.V. on June 29, 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 in a filing on local stock exchange Bursa Malaysia.
The completion of the transaction will give Reach Energy its first qualifying acquisition of an upstream asset as a special purpose acquisition company on Bursa Malaysia. The onshore block in Kazakhstan, spread over 328.3 square miles, is located around 24.9 miles northeast of Aktau and comprised four existing oil and gas producing fields of Aksaz, Dolinnoe, Emir and Kariman.
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