What the use of all these news, Reach equipment is not efficient, they are not able to increase production, do you think it’s going to increase their revenue even oil traded above USD100?
2036, the concession to DIG oil expires. So have 13 years to go full swing. To do that must invest lots of money, but company and shareholders have no money. BIG rights issue coming?
Except for 2016, the company has delivered negative ROE every since despite the high crude oil prices. So will it make money when oil prices comes down?
another mismanaged O&G. Quote from NST 2023 "The company's financial situation deteriorated due to falling oil prices and the high costs of exploration and development in Kazakhstan.". Even the price of oil above which is way above USD70 also no money to be made. Kazakhstan oil concession is onshore, cost to extract is USD15 or lower. Reach Energy made the new discovery in the Emir Oil block through the drilling of the North Kariman-3, This suggests that NK-3 would be a highly productive well once we commence production. Still need exploration?
no matter how fancy the news or juicy opportunity. the opportunity does sums up with years of losses incur even with the seductive oil prices. what went wrong and where went wrong. be sober
my former boss was the former CEO of the company before the Chinese investor took over. Unfortunately, the oil fields and investments are situated in one of the most corrupted (but developing) region of the world.... if you dont pay pay pay your way business will stop.... or if you pay wrong ppl even worse. Today their partner in this land locked nation is the government, and same time they are also suing the same government for claim of unpaid taxes..... haish until when this continuous bleeding will go on..... :-) peace & happy hunting
@raymondroy I wonder your former boss who was the former CEO of the company before the Chinese investor took over didn't do due diligence before buying?
So, what is the take on this stock ? Caught my attention recently. Near all time high, I notice. I guess using chinese management to improve project in Kazakhstan is not always working out. Still lossess are adding up. What is the case to buy it ?
The Chinese owns the Kazakhstan oil concession directly 40% while Reach Energy owns the balance 60%. The oil is plentiful there but the problem is extracting the oil. Huge impairment has already been made to write down the cost of plant and equipment. Now we need to wait for the turnaround or disposal of the whole concession.
The Board of Directors of REB wishes to announce that Crowe Malaysia PLT (LLP0018817-LCA) & AF1018, having given their consent to act as external auditors of the Company for the financial year ending 31 December 2024, be appointed as external auditors of the Company on 23 July 2024 and shall hold office until the conclusion of the next Annual General Meeting of the Company.
This announcement is dated 23 July 2024.
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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....
Chong3710
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Posted by Chong3710 > 2023-09-28 23:20 | Report Abuse
What the use of all these news, Reach equipment is not efficient, they are not able to increase production, do you think it’s going to increase their revenue even oil traded above USD100?