Four years ago, the US oil rig count was about 1600 oil rigs. Today, the actual oil rigs count is only 873 which is about halved as compared to the period of Oct 2014. The global demand for oil is reported to hit 100 M bpd as early as next year 2019. This will surely support oil price if not going for US 100 pb. Reach Energy has the added advantage because of plentiful oil reserves. The recent success in oil exploration in the Yessen Oil Fields augurs well for the company. As to date Reach scores a 100% success in Y-1,2,and 3 oil Wells.
Depleting matured oil fields and lack of oil exploration is one of the main concern for any oil companies. However, Reach has increased the number of producing wells from 17 in May 2017 to 25 in May 2018. That means Reach will has new oil wells and have a long life span rather than many other companies that has matured oil wells. It is important for EP companies like Reach Energy to keep on searching for new wells. Since Emir-Oil has and area slightly bigger than Singapore, this company has ample opportunities to look for new wells in the future.
WTI Oil price from 76.60 drop until 66.30 is 10usd,REACH 76.60 time price 0.525 now 0.385,this announcement push up how much dont know yet.. but oil price shooting back 70 above confirm REACH price 0.500 above..
Brent price is still profitable. The last Qtr result reported a maiden profit and Average Brent price was only 65 pb. Now, the brent range is 70 pb and above which is even better. Next coming Qtr will be even better, estimated Revenue is RM 77m and Profit estimated is RM 15 m
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
SuperPanda
11,431 posts
Posted by SuperPanda > 2018-10-25 04:37 | Report Abuse
Wallanweh.. early morning check forum kena flag lagi. Ha ha. Idiot.
You think by flagging can help to support the price. Dumb ass.
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SuperPanda Post removed. Why?
24/10/2018 19:17