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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  Reach Energy Bhd    RESE   MYL5256OO002

REACH ENERGY BHD (RESE)
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Reach Energy Bhd : makes oil discovery in Kazakhstans North Kariman Field

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12/07/2018 | 11:52am CET

Malaysian firm Reach Energy has reported an oil discovery in the North Kariman Field located in the onshore Emir Oil Concession Block in Kazakhstan.

Reach Energy made the new discovery in the Emir Oil block through the drilling of the North Kariman-3 (NK-3) exploration well, which penetrated the Mid-Triassic carbonate reservoirs at a total depth of 4,140m.

The company said that the NK-3 well has produced positive results during the initial testing phase.

Drilling on the NK-3 well began in early February 2018 and it is the first of six wells agreed by the Malaysian firm under the current exploration contract with the Kazakhstan Ministry of Energy.

Reach Energy revealed its plans to seek a test production license to ascertain the commercial viability of the exploration well further.

Located in the Mangystau Oblast, the Emir Oil block already has four producing fields in the form of Aksaz condensate-rich gas field, Dolinnoe oil field, Emir oil field and Kariman oil field. In addition to that, the onshore block contains the North Kariman and Yessen oil fields that have been under pilot production, along with six prospects.

According to Reach Energy, the 2P reserves of Emir-Oil is at 81 million barrels of oil equivalent (mmboe).

The new discovery in the North Kariman field comes less than two months after the companys discovery of up to 34m of oil in the Yessen field.

Reach Energy CEO Shahul Hamid bin Mohd Ismail said: We are happy to announce another discovery after Yessen-3. This development further highlights the vast exploration upsides that the Emir-Oil Concession Block has.

Not only that, we have also discovered that reservoir pressure from the NK-3 well was determined to be relatively high as compared to surrounding wells. This suggests that NK-3 would be a highly productive well once we commence production.

Ismail said that as the NK-3 well is in close proximity to the producing Kariman field, it would allow the company to integrate the new discovery into commercial production once the production license for the North Kariman field is obtained.

(c) 2018 MediaQuest Corp. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (MYR)
Sales 2018 318 M
EBIT 2018 9,90 M
Net income 2018 -35,9 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
Capi. / Sales 2018 1,05x
Capi. / Sales 2019 0,90x
Capitalization 334 M
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Mean consensus HOLD
Number of Analysts 1
Average target price 0,34  MYR
Spread / Average Target 11%
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Managers
NameTitle
Shahul Hamid bin Mohd Ismail Chief Executive Officer & Executive Director
Azmil Khalili bin Khalid Non-Executive Chairman
Syed Salim bin Syed Abu Bakar Vice President-Operations
Siew Chaing Tan Director-Finance, Investment & Planning
Izlan bin Izhab Senior Independent Non-Executive Director
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