Yes you right, Reach using 2P for asset acquisition based on SPE/PRSM

Look at it this way.....

Proved Developed: Its like the Fish is in the boat. You have weighed him. You can smell him and you will eat him.

Proved Undeveloped: The fish is on your hook in the water by the boat and you are ready to net him. You can tell how big he looks (they always look bigger in the water).

Probable: There are fish in the lake. You may have caught some yesterday. You may even be able to see him, but you have not caught any today.

Possible: There is water in the lake. Someone may have told you there are fish in the lake. You have your boat on the trailer but you may go play golf instead.

So good luckj with your fishing.

martin555 put your glasses on! Rugi Lagi Laaaa.....
This is forever a loss making company

oceanstory....That's Akan Datang Laaa....

Thanks RichCiliPadi

So Proved developed Producing only 7 million barrels
Proved Non Producing 17.9 million.....
What's Buyer paid should only take these into account (getting 60% only and take into account royalties and taxes).

Most Reserves are in Probable and Possible Class. Requiring More money to be pumped in to get at them.

Placement could be for MTD Capital Bhd.....Bumi Family Company. Major shareholder Nik Hussein Former Deputy Minister and Kelantan UMNO Treasurer.

Indian Operation of APFT Gone....Indon Operation Next. Left only Kelantan....The Land of Wau Bulan and Budu!!

This is An "Akan Datang" Company......Until the money runs out!

martin555 stop spinning fairy tales....Go write children stories instead. There are no children here.

martin555....You great Poet. Should be writing poetry instead of buying stocks.

Everything is starting to be Conditional....

Wow! martin555 You Sure Very Highly Qualified! Too Bad You are stuck with MD's Toy.

Interesting to see how much stamina the coochypoo little investor will tahan the long wait to QA. Vendor will be restlessly waiting for their money whilst seeking other offerers.....

Loooong Waaaay To Go. This Deal is going to Take about one and the half (1 1/2) Years to Consummate....Can the China Group wait that long? This must be the Longest Exclusivity Granted on Earth.....Is the sale agreement tied to the oil price? If not.... someone is a fool! Oil Price bound to change in 1 1/2 years time!

Told You....Simon333 and Martin555 like Dr Jekyll and Mr Hyde!!

Hibiscus is also led by a person whose previous experience is mainly in the Service Provider Business (marine vessels) - Check his Resume. That's why Hibiscus is unable to gauge viability of undeveloped as well as mature oilfields.

Oops! Jatuh masuk longkang!

Main Concern with small ciput "oil company" is that they generally run out of funds before they can make any profit......The ASX Stock Graveyard is full of such "oil companies".

martin555 transformed into simon333....What Laaa. This APFT director tadak kerja.

Still a Long time to Come. Anything can happen in the Oil Business especially in Khazakstan between now and August Next Year....

Hibiscus is way past that now...That's why its share price will be languishing. But Reach is next in Line...Look at the transactions in play at Reach now!

Oceanstory...To Answer your Question:

If they actually understand the oil and gas upstream business they will not be betting on companies with very small marginal reserves such as these SPAC "oil companies".

They are in in it for the "Money Back Guarantee".

After Aborted Hydra Deal...Now main shareholder looking for anyone that they can unload their shares to.

How about MTD? They are currently interested in Reach...

Also Paleontol in which Reach is entering is a Subsidiary Guarantor to MIE Loans (substantial). No doubt due diligence will uncover this.

MTD will be voting with Reach Board.......Its Obvious: One of Reach Directors is on the Board of MTD. If Tabung Haji is coming in (!!??) a big way it will be a Done Deal.

Interesting that MIE which is a China Company is willing to give away 60% stake in the Block seeing that Normally China Companies go all out to control oil reserves in order to gurantee supplies for China. MIE also have other oilfields in China.

If Tabung Haji and other Malaysian government entities are shareholders, Reach must make sure that they do not overpay for their share of the assets.

martin555...You Funnyman. Are you sure you not one of APFT Directors?

coolinvestor
The 12.5 million barrels for 60% pertains to the whole block and not just the Emir Field. There are 5 Fields in the Block, one of which is Emir. Other Fields are Aksaz, Delanoe, Kariman and North Kariman and Borly. Total cumulative cash Flow (on proven producing) at 15% discount is about US$222 million. Estimated Asset value for 60% of that? US$133 million...How much is Reach Paying? Where info from? Go Read Russian.

When Investing Take Note that:

When Oil Price Drop Below US$50...Everywhere we see Small Time Chapcai "Oil Company" dying by the dozen...

Only the Big Boys (the likes of Esso, Shell, ENI etc ) will survive this round.

Dead is Dead....You Jesus Ke?

As of end 2013, the Emir Oilfield has PROVEN Reserves of only 781,000 Barrels of oil. Any Incremental reserves quoted are either Probable or Possible in nature and requires confirmation. Probable developed is 264,000 barrels. Non developed (i.e. non producing is about 3 million)...
All very small numbers. Even on long term basis not much to look forward to. To avoid confusion, SC should ask Reach Management to provide Reserves based on SPE or Canadian Resources Terminologies instead of the Russin Federation terms (ask Ryder Scott or Gaffney Cline etc.)

No Income...So all hibiscus can do now is shuffle paper...
Ping Petroleum must be desperate to accept payment in kind...Hibiscus Shares!

martin555 ...STOP Beating The Dead Horse Laaa

Interesting developments...Ping Petroleum now owns about 4.9% of Hibiscus..Ping Petroleum in turn now owned 30% by DNex (other Malaysians). If Hydra Comes in it would be interesting to see how Hibiscus MD will answer to the assortments of Mat Sallehs with REAL experience in the Oil Industry.

Wrong Musashi...The deal will go through.

Guess what happens when two drowning fellers frantically grab each other hoping that each will be rescued by the other?

Reach Buying 60% stake in the Field from China Company (MIE). Read Report by Consultant Chapman Petroleum Engineering Ltd for commercial knowledge on the Field in the deal.

The following Travel Advice from Britain:
Summary

Still current at:
28 April 2016
Updated:
14 December 2015
Latest update:

Safety and security section (Air travel) - removal of advice about restrictions on Air Astana fleet flying to/from the EU

There is a general threat from terrorism. See Terrorism

You can travel to most places in Kazakhstan, but travel to any closed area requires advance permission from the Kazakh government. Some military/restricted areas are not clearly marked. Take care when travelling away from normal routes. See Local travel

With the exception of Air Astana, all Kazakh airlines are refused permission to operate services to the EU because they do not comply with internationally accepted safety requirements. See Air Travel

British passport holders can travel to Kazakhstan without a visa, provided your stay does not exceed 15 days. If you wish to stay longer than 15 days, you’ll need a visa. See Entry Requirements

Most visits to Kazakhstan are trouble-free, but crime against foreigners does sometimes occur. See Crime

You must carry your original passport at all times. See Local Laws and Customs

The Overseas Business Risk service offers information and advice for British companies operating overseas on how to manage political, economic, and business security-related risks.

Take out comprehensive travel and medical insurance before you travel.


Goood Luucccck!!

SC should be alert now that SONA Management is deseprate to grab any rubbish offered to them in the next three months....

Now Everyone Talk Merapu....
STOP Beating the Dead Horse. Just ask for your money back!!

Ha Ha Martin if you think now price is lowest in APFT history you should wait and see it will go even lower ..ha ha how about 1sen?

Wonder how much they have to Pay Deposit to Santos on the Stag Acquisition Deal....
Could have been a substantial sum. Less that and amount used up to pay for the Hefty Director salaries and Poshe, is there enough money to pay up 0.48 sen? Maybe have to sell the Poshes.

Kesian Martin....Bought APFT at such a high price and too much of APFT shares he's gone maddd. APFT should pay for his mental tratment costs.

martin555 you should be MD / CEO of APFT. You have more committment to the company than all of them combined.

CLIQ and SONA have sunk...REACH will be next with their Khazakh DisneyDeal.

Hibiscus managed to fool people with its now defunct Aussie and Masera Deals but will nevertheless experience death by a thousand cuts...

SC Do Learn something from these fiascos.

Quite Natural for people to GO INTO DENIAL when they lose something....That does not exclude SONA Management. They think it is just a bad dream and when they wake up everything will be fine!

Listen Fellers everything IS NOT FINE...
FACE REALITY...Give back Investors their money!
After all people keep saying Heads Investors win, Tails Investors also win. Only management Loses for being incompetent...

Goes to Show how little the MD and The Board knows about the Oil Industry (errr... lets go get another oilfield in 3 months).

They think buying oilfield is like buying kasut!!

It takes a lot of study and evaluation before deciding on buying an existing oilfield especially when you are competing against old hands in the oil industry (not like those alibaba armchair fellers in Petronas ..Even THEY have not managed to take over ANY oilfields belonging to others!).

Face it Hamdan you lot have failed...give back investor's money that you have used to pay for your big fat salaries.

The Next Option Maybe Santos will give Stag to Sona FOC...Free.
So save $25 million to carry liability off Santos's back!

Sona Management now desperate to get another oilfield maybe in Timbuktu....Thinking shareholders don't know the meaning of NEGATIVE NPV.

Trader66...If follow what MONEY TALK said, just toss a coin...Heads you Win Tails you Also Wins!!
Haiyaaaaa What kind of advise is that!!

Aha! but subject to Conditions...Oil Price must always be above US$45 per Barrel
Platform Abandonment Cost not included...

Still cannot breach .20sen resistance level.
Waiting for Sona's "investors" to migrate here...
When only Hibiscus left in SPAC Pond.

rohan ...too early man. They having breakfast at Mamak Stall!

What happened to Australian West Seahorse Field? Spent so much money to buy the Field and get development approval from Aussie Government? Is it no longer viable to develop? If so what next?