Malaysia's Reach Energy Moves Nearer to its First Upstream Asset Purchase

Malaysia's Reach Energy Berhad announced Tuesday that its wholly-owned subsidiary Reach Energy Ventures Sdn Bhd has received approval of the authorities in Kazakhstan for its acquisition of a 60 percent interest 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.

Reach Energy Ventures received July 18 the approval of the Committee on Regulation of Natural Monopolies and Protection of Competition of Kazakhstan's Ministry of National Economy for the acquisition of the equity stake.

"Such approval constitutes one of the conditions precedent to be fulfilled by the Company on or before the Longstop Date under the SPA (sale and purchase agreement), the firm said in a filing on local stock exchange Bursa Malaysia.

When completed, the deal will be Reach Energy's 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
GIS Intern Job
Expertise: Cartography / Mapping|Landman|Modeling
Location: Eau Claire, WI
 
Chemicals, Sales Account Manager, Oil & Gas - Midland - Odessa TX
Expertise: Business Development|Marketing|Sales
Location: Midland, TX
 
Regional Sales Manager
Expertise: Business Development|Sales
Location: Houston
 
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