Hope he can join us here...

The fact that RE had Terrible ceo...Talking star & sunshine but show nothing

dragonofdark,,,, I supported & agreed with your fact!! Atleast CEO need transparency with his statement for investors. Not twist & turn then simply blamed like sell minyak angin

Funny ppl run the company

“I really am disappointed that the market does not appreciate the value of our acquisition,” said Shahul Hamid. “It’s (Emir Oil) is a very good asset but somehow the market does not seem to appreciate that.”

What kind of statement is that??..

Show profit 'Mr Don'..!!

Not losses!! Crazy CEO

Useless CEO. Donkey still better!

When others down, reach follow, when others fly, reach cannot. That's why not understand....

Wait for agm. Cane the donkey hard..

I’m a hands-on boss. I’m not really a tie-and-suit CEO (chief executive officer),” said Shahul Hamid. “I know the business and I now know why regulators expect us to be on the ground because there is a lot to do and I do make sure to be present to see the progress.”


Means,, he don’t know how to run the business I guess...

Go & ask from Kenneth Pereira ‘Mr CEO Hand On’...

Mean,, still loss??

KUALA LUMPUR: Reach Energy Bhd, whose losses have been narrowing by the quarter thanks to recent cost rationalisation efforts, is confident it would return to profitability in the current financial year ending Dec 31, 2018 (FY18).

In FY17, the group reported a net loss of RM12.31 million in the third quarter, narrowing from a net loss of RM14.53 million in the second quarter and RM17.76 million in the first quarter. There were no year-on-year comparative figures as the group had changed its financial year end.

The cost rationalisation efforts came after Reach Energy took full control of Emir Oil, an 850.3 sq km onshore oil and gas exploration and production field located in Kazakhstan’s Mangsytau oblast.

The group was a special purpose acquisition company which subsequently graduated into a full-fledged one after making a qualifying acquisition in 2016. It bought a 60% stake in Palaeontol BV, the owner of Emir-Oil, for US$175.9 million. Having secured approval from its shareholders for the buy, Reach Energy then assumed full control in May 2017.

“We are cutting down wastages in the company and streamlining processes — anything from too many staff to redundant activity,” said chief executive officer Shahul Hamid Mohd Ismail. “This has been our focus for the past several months and it’s showing improvement in the financials.”

“We have even managed to trim some of our capital expenditure. This year we will be spending about US$20 million (RM78.4 million),” Shahul Hamid told The Edge Financial Daily.

“I’m also focused on improving logistical costs. The cost of sending our oil to customers is currently handled in multiple ways which erodes margins. Now we have found alternatives which will eliminate margin leakages,” he added.

It, however, remains to be seen whether this would help boost the group’s share price, which has been falling on the back of declining retail investor interest.

The stock closed at 36.5 sen last Friday, down 28 sen or 43.41% from its one-year high of 64.5 sen. At the current level, the group’s market capitalisation is RM400.19 million.

“I really am disappointed that the market does not appreciate the value of our acquisition,” said Shahul Hamid. “It’s (Emir Oil) is a very good asset but somehow the market does not seem to appreciate that.”

The share price has been going downhill since November 2016, after the group secured shareholders’ approval for the acquisition of a 60% stake in Emir-Oil. From 74 sen on Nov 9, 2016, the stock came down to 29 sen on Aug 30, 2017. It recovered later to reach 49 sen on Nov 10, which Shahul Hamid thinks was due to the recent uptick in oil prices.

He is adamant that investors buying into Reach Energy would have to give it time before reaping the rewards and has concurred that its value would therefore not be seen by retail investors.

“This stock is not meant for speculators or short-term investors. It’s meant for those who appreciate the long-term value of the asset. That’s why we have been trying harder to get more institutional investors on board. We have a few, Lembaga Tabung Haji is one of them. We’re trying to get a few more,” he said.

The share price performance had also affected the group’s rights issue plan which was aborted in August, 2017 due to the declining price.

The rights issue — which was intended to raise RM180 million to settle the remaining purchase consideration of the acquisition — will be reconsidered for another time, said Shahul Hamid, adding that the decision will not affect the acquisition, as the group was given the flexibility to settle the payment.

With that, Reach Energy remains focused on its main task of turning around the group.

“I’m a hands-on boss. I’m not really a tie-and-suit CEO (chief executive officer),” said Shahul Hamid. “I know the business and I now know why regulators expect us to be on the ground because there is a lot to do and I do make sure to be present to see the progress.”

Plans for its next acquisition have been accounted for but will not be a focus for the time being, he added.

“We are not looking at any new acquisition at this stage. We want to focus on the current one. I know that no oil company can just live with one asset but we need to take some time to make this asset deliver and then move on. Delivering on the asset would take something like two years,” said Shahul Hamid.

The group has 60 oil wells. Its oil production stands at around 3,000 barrels a day, which it aims to gradually increase past 5,000 this year.

“Last year’s oil production was below 3,000 barrels per day. After we took over, we found a lot of wells had been kept idle for too long due to the oil price scenario, therefore they had dried up. So we have been rejuvenating them and those activities can’t be done overnight,” said Shahul Hamid.

Till no eyes to see lorr..

Andra KD..?? Open or CLOSED RE Investor haha....

So,,, RE management what's next????

Patient again????

OPEC-Russia Oil Output Deal Adjustment Possible In Q2 2018:

ReutersFebruary 9, 2018

MOSCOW (Reuters) - Gazprom Neft Chief Executive Alexander Dyukov said on Friday that an adjustment of the global oil production cut deal between OPEC and some non-OPEC members, including Russia, was possible in the second quarter of 2018.

Dyukov also said that the global oil market was close to the balancing point and hoped that the countries would rather agree to increase production, not to cut more. Russia has cut its oil production by over 300,000 barrels per day under the deal.

(Reporting by Denis Pinchuk; writing by Polina Nikolskaya; Editing by Jane Merriman)

I don't know about others .... but all of us concerned here is price performance. Getting worsen, oil price better than before!!. Where others show some thick. Even sumatec..

So what management team want to say for next QR?? Any better explaination than unfavorable weather conditions??

Basically they makes wrong investment I suspect..

Cheers to all.. we need patient... and patient.. till don't know when.. ?? Even Oil price at US120 still can't promise... where others fly out from the outer space.. ahh pity all of us here..

Dear Mr. EngineeringProfit,, I suspect u must be 1 of the management or some kind related partie from RE.. hahaha..

Any comments or predicted result for coming QR report?

Wait for QR4 report, perhaps better reason but not unfavorable weather please..

Reach can't deliver for what they said ..!! "Talk is Cheap". I'm fully agreed. That why from RM0.76 to RM0.32 now. Even global oil price is improving.. I think,, it's not good sign for new graduated company when they talk different & it walk different & show different...

I don't really know what is happening with this counter ... very upset...!!

Cheers....

Can fall easily,, but hardly to move up.. even oil price is improving. What happen to company actually???

We need all your patient.. thank you..

Dear valuable shareholder, the Q4 result performance due to unfavorable managing & wrongly foreseen ...

Can buy more now, & sure happy accumulating .. I got no bullet & getting dried up for patient

Forget it about this useless counter!! Really kuku management!! They shok sendiri saja.. they eat out our money , earning good salary, eat popcorn & watch kuku only

Reach get con already.. buying wrong asset.. I suspect the only reason why they can't be transparent

Next QR is not good... too genius management, read & predicts wrongly.... hibiscus .40ct now 1.00, sumatec .05ct now .10ct. REACH ENERGY..?? Reach underground & no energy!!

Tomollow and another tomollow will be the same.... Up 1ct., then 2ct down... Yaa. Up & down leech...

Boring counter as management... killing my patient!! Not clear what they r doing.. Sumatec, speakup warned us earlier, but we trust ......... until no energy

Some more want to be agent in Kazakhstan for Malaysian investor...I don't know...!! I'm not well educated .. but I don't see any point there for what they try to prove.. sometimes my small brain was thinking,, maybe Mr Sharul Hamid should plant palm oil tree for better revenue & less headache ...

True enough..!! That what I mean... management talk, doesn't tally with previous QR report & support by share price performance... are these 2 keys people being fool by Kazakhstan or what..?? Oppa is deeply hope... I worried they are ready get con,, for being too genius.. then everybody kena here..

Great..!! For so long had been quiet.. Atleast we makes something here today..!! Some of us loss patient, including me.. with Boring counter at stagnant price, where others making their way to sky... p/s: we need speakup to be here often..!! I like his style.. cheers speak up..!! Even u make some at sumatec..

Thanks for comfort us, we will wait & see how it look like within that period.. if not I wont forget Mr Sharul Hamid & his unique asset statement.. haha...

I wish another way round & just a false statement too.. there is reason way the price being stuck & don't move much...

Just felt speakup also got a point there just for thought.. since Mr sharul hamid so speechless..

We will wait & see how the next QR report will look like.. I also wish kura-kura can turn into leopard. As everyone wish.. I heard next QR not so impressive.. so hold while we can..

Hahaha... oppa & Andra I like your style.. Good to have very positive projection.. I want that too.. but for now I don't think so... REACH energy.. ? I just left little energy.. they just like kura- kura, maybe sick kura-kura.. need to pump in more energy for patient...

My guess,, This week, next week & week,, after, week about the same momentum ..Seem like have to wait another year.. don't know how much more patients left.. aiyoo.. heart sick. Felt like no more energy... keep waiting & still cannot REACH.... Mr Sharul Hamid,,.. Mr Sharul Hamid...;-((

Show us how genius Mr Sharul Hamid & TS Khalili please...

Please REACH... what is wrong with u????

Today, hibiscus is green, sumatec start walking.. but REACH keep pressing down.. maybe genius Mr Shahrul Hamid & TS Khalili should come out with something to sweeten the market momentum.. I don't know ... just my naive opinion for everyone good...

Thanks stockraider,..appreciated ...

We wait & see windcloud,, Yaa. I hope that too... & have a great weekend to u...

Very good & positive view windcloud,, I hope that too,.. just wondering why hibiscus like rocket, sumatec start walking but REACH... so hard to move.. cacat or what..?

Again .. haha Sharul

Shahru

Aiyoo.. I felt, Mr Sharif Hamid want us to wait till all of us dry up..

I'm so naive, why they have to do that newbie..?? The higher it goes the better for everyone..

Brent near 70, tp 0.50 also hard to reach.. Haihh .. reach,, reach ...