SINGAPORE: Oil prices fell on Monday after Washington said it may grant waivers to sanctions against Iran's oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.
KUALA LUMPUR (Oct 8): Reach Energy Bhd has drilled its first exploration well on its Emir-Oil asset in the Kariman field, Kazakhstan on Oct 6.
The well is expected to confirm the larger extent of the hydrocarbon resource being exploited in the Kariman structure.
"This exploration well will also augment the geological understanding of the prolific trend and support further exploration efforts," said Reach in a filing with Bursa Malaysia today.
According to Reach, the expected success of this exploration well would increase the group’s 2P (proved and probable) reserves by "a significant amount".
"One specific target is to confirm the maximum depth of the oil accumulation thus reducing uncertainty in resource calculations," it said.
The target total depth of the well is 3,937m. The total drilling duration is expected to be 120 days.
"Our advanced drilling programme will be undertaken by a mix of local and international reputable service providers such as Sinopec, AsiaPetroService, Drill-Lab Kazakhstan and KazPromGeofizika," said Reach.
Reach shares closed five sen or 10.53% lower at 42 sen today, giving it a market capitalisation of RM543.08 million.
you know why? bcoz tun m dont want public to relate any link with his gov to his children cmpny.. so as long as tun as pm, opcom cannot get gov contract again
Of course lah, Reach is not supporting its price at all. See Hibiscus, some or rather it is well defended. This fellow want to tipu ikan bilis. Don’t know what to say.
If 1989 is the year you were born, when 1997 asian crisis when tun m pegged ringgit at 3.8, you were 8 years old boy not understand why your mom watch titanic 3 times.
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http://www.theedgemarkets.com/article/reach-energy-spuds-first-exploration-well-kariman-field?type=malaysia