Management no nothing about o&g industry. They are good in toll collecting only. Waste money. Wrong counter

Only BN can lead better. The rest good talking only. But cannot do one lah

So much better than get RM30 cash wallet. Apa cerita...

Bossku terbaik lah.. This what we want. Next election let BN swept all lah.

Don't know what are they doing for last eight years. Never make profit except once. I guess the only winner is Credit Swiss. Pity us..

Though impossible oil price can go above 100usd/pbl. Then hoping this counter can move up. Now cursing Mr Chairman & their board for this tragic. Can go to h*ll all of them!

Really something wrong with Mr Chairman & management. Sleeping all the times. Oil price 200usd also useless for this counter. Too bad for us. Just watch others fly...

The chairman kayu, management batu. All useless. We are hopeless saja.. Huhuhu... :-(

Don't know what type of management laa.. Look like next sumatec in the making saja
..

The CEO are good at toll counter. Yes. Please unload to the expert laa

Ask Mr Chairman sell the company to Hibiscus laa..

RE chairman robot ka?? No feeling at all:-(

Agreed..!!

Apa ini counter.! Lain naik, dia pun x mau naik.. Adoii..

Dear chairman,

Please look for someone who are understand & capable of o&g industry. Atleast just like Gérard Pereira...

Agreed.. sapng & others oil counter doing good today

Let's burn the black stupid donkey CEO alive as they burn our money

Picture CEO face then will know QR result

CEO fit to sell recycle oil saja

Calm already for so long. Even to heard Shahul Hamid name also fed up..

For real ask dr Shahul Hamid Ismail as mastermind & very very passionate chairman...

This counter tak laku already because Donkey CEO made it

Talking rubbish. If no show good qr result will never for RE

They all in red together

All o&g counter green.. RE..

Where is surewin....:-)

Some investors sell condo and car for this counter. CEO still enjoying with fat salary and sweet promises but no result delivered. That for real

Yeahh.. 2nd sumatec in the making. Due to donkey CEO but act like a tiger .

If trump still there oil price will never get improve. Forget about this counter. Move on

CEO enjoying with full salary for last 5 years to bring down the price further. His job inject some sweet news but no result. Well done CEO

Since day 1, all about the same sh*t story. Just show the f**king positive result. No words already to CEO

Hibiscus in 5 years at the top worr.. REB and the MD Mr ir Shahul Hamid Bin Haji Ismail.???

Aiseyyy....:'-( seem like 2nd sumatec in the making? Well done to the management especially dedicated to Mr ir Shahul Hamid, 4 thunb up for u lah!!!

The fact that this counter talk cork delivered nothing since day 1..

Surewin168 must be one the REB marketing staff..:-)

Congrats!!! Waiting with high hope.. Since a day 1 all the way good news and new price too..

Tak tau lah company apa macam lead by ini CEO. Getting lower & lower.... aisyyhhh...

Yeah.. Agreed Mr Tan,, he burned everybody's money. Now LET'S BURN this DONKEY CEO Cakap tak serupa bikin!!

REB Management always had good news since day 1 but never delivered good result. So what a surprise fellas

Forget about this counter. Director and the boards are lousy and stupid. They talk c**k all the time perhaps to bring up price. But another way round. No one believe him already.

Look at Carimin. No news, no nothing just show profit as a result.

Dear donkey reach director, just keep your mouth shup up and deliver to show profit qtr result!!!!

Reach to buy remaining 40% in Emir-Oil Concession

Tuesday, 27 Aug 2019

Funding from a private equity (PE) fund has been secured, with Reach having approved the dea is looking to acquire the remaining 40% of the Emir-Oil Concession it does not own from its vendor, MIE Holdings Corp, for some US$40mil (RM168mil) at a valuation of US$1.13 per barrel, which, according to sources, is a lot cheaper than the US$154.9mil (RM651mil) or US$3.28 per barrel it had paid for its original 60% stake back in 2016.

Funding from a private equity (PE) fund has been secured, with Reach having approved the deal, added the sources. Reach has been in negotiations with MIE Holdings for awhile now to acquire the remaining 40%.

“Reach sees huge benefits of owning 100% in the Emir-Oil asset. For one, it will enjoy 100% production revenue, besides seeing an overall improvement in its net tangible asset, ” said the source.

A funding requirement of up to US$110mil has been secured from a PE fund for three things. First, some US$40mil will be used to acquire the 40% stake in Emir-Oil.

Second, some US$50mil will be used to pay the deferred and remaining consideration owed to MIE Holdings.

Recall that during the qualifying acquisition (QA), Reach had to pay off dissenting shareholders who had voted against the QA some US$175.9mil.

MIE Holdings had bridged that gap, and this is the balance still owed to it.

Third, some US$20mil will be used to finance the capital expenditure (capex) for the drilling of new wells and field development.

“With the funding and capex requirement in place, Reach’s production volumes can finally move up. All this while, it was the limitation of funding that was capping its production, ” said the sources.Production-wise, Reach’s average production in 2019 dropped to 2,400 barrels of oil per day (bpd), compared to 2,900 bpd in 2018.

With funding, Reach will be able to double this production in 2020, before reaching its peak production of 19,762 bpd in 2021-2022.

Reach’s share price is down some 66% on a year-to-date basis at its current price of 18 sen. At this price, it only has a market capitalisation of RM236.34mil. Over the last 52 weeks, the stock has traded between 52 sen and 17 sen.

With oil prices sliding, value is starting to emerge. Bigger oil and gas (O&G) companies are acquiring smaller ones at bargain prices in the hope of benefitting once the upcycle in the O&G industry resumes.

Thus, smaller companies like Reach are starting to look attractive from a merger and acquisition (M&A) angle. M&As in the region are starting to take place.

In March this year, London-listed Ophir Energy Plc agreed to be bought by Indonesian O&G group Medco for a sweetened cash bid of £408.4mil (RM2.1bil) after previously agreeing to a lower offer. Ophir explores and produces O&G in Asia and Africa.
As part of its QA, Reach purchased a 60% stake in the Emir-Oil Concession block in Kazakhstan, via the purchase of equity in Palaeontol BV for US$154.9mil (RM638.2mil) on Nov 25,2016.

The vendor was Palaeontol’s parent company, Hong Kong-listed MIE Holdings, which kept the remaining 40%.

Reach has only one asset today, which is the Emir-Oil concession.

It is the assigned operator for this block, which also owns four producing oil blocks, along with two development fields and six prospects within the Emir-Oil Concession of over 850 sq km.

The Emir-Oil Concession has proven reserves of 89.4 million barrels of oil equivalent. Reach owns the exploration and production contracts up to 2036.

In its latest filing, Reach said the reserves assessor, Gaffney, Cline & Associates (GCA), had performed an assessment of the reserves of the Emir-Oil Concession Block as of Dec 31,2018. This follows a similar assessment made by GCA the previous year.

“The company’s probable (2P) reserves have increased from the previous year’s audit, as GCA has allocated 88 million barrels of oil equivalent of 2P O&G reserves as at end-2018. This represents a 9% increase from the previous year’s audit by GCA, ” said Reach.

For its second-quarter results to June 30, Reach fell into the red again with a net loss of RM11.39mil from a previous profit of RM11.23mil. Revenue also dropped to RM47.07mil from RM67.67mil in the same quarter of the previous year.

This decrease was attributed to lower production. The average production for the second quarter of 2019 was 2,400 bpd compared to 2,900 bpd for the second quarter of 2018. As a result of lower revenue with fixed overhead expenses, the group recorded net losses.

Thus, for the six-month period, its net loss widened to RM24.27mil from RM9.8mil prev

Adoii.... Macam macam ada sikalang.. Huhuhu

Ya still gilastock

Ya. Please share some..,If anyone knows about the outcome agm yesterday

Please..., 26th June 2019 (Wednesday) 10.00am, Atlanta West, Level 3, Armada Hotel, 46200 P. J, Selangor

Really ka.. Sorry Mr ceo I over look..

Useless ceo, convinced people, promised people then disposed... What the f**k

Don't worry ceo said in black maaaa... Upstream and down stream...

Don't believe kaa??

Find this genius CEO and ask him true or not..

2nd sumatec, hantam kuat2 this coming 26th june. Talk cock

So speechless,, just feel like to curse donkey CEO a million times saja..