Malaysia's Reach Energy Closes in on Acquisition of Kazakh Onshore Block

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.



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
 -  SapuraKencana: Short-Term Industry Out... (Dec 8)
 -  Oil Flows From Otakikpo Marginal Field... (Dec 8)
 -  Plexus: More Cuts Expected (Dec 8)
 -  OPITO: UK Energy Sector Apprenticeship... (Dec 8)
 -  Doosan Babcock to Cut Almost 500 UK Jo... (Dec 7)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Project Management
Location: Houston, TX
 
GIS Intern Job
Expertise: Cartography / Mapping|Landman|Modeling
Location: Eau Claire, WI
 
Mechanical Quality Assurance (QA) Specialist
Expertise: QA / QC / Inspection|Regulatory Compliance
Location: Anchorage, AK
 
search for more jobs

Brent Crude Oil : $53.89/BBL 1.67%
Light Crude Oil : $50.84/BBL 2.14%
Natural Gas : $3.7/MMBtu 2.77%
Updated in last 24 hours