Posted by sheep > 2019-08-08 02:12 | Report Abuse

downtrend,,,,

Posted by Brutus121 > 2019-08-08 13:07 | Report Abuse

Hutang 300++ Million...Every year rugi. How to bayar hutang? Looks like in the end the old owner has to take back the company.

Posted by Brutus121 > 2019-08-08 13:08 | Report Abuse

This company Accounts Arithmetic easy to Read.....

Posted by SuperPanda > 2019-08-08 19:09 | Report Abuse

then wait qtr out and debt announce only top up more.. maybe can get below .15

Posted by 7300 > 2019-08-09 14:26 | Report Abuse

gold take a rest,....now move to play OnG resurrection again to reach above 20sen

Posted by Brutus121 > 2019-08-18 13:00 | Report Abuse

Yeehawww...Ride the Bronco...them wild horses and don't get thrown off. Heh heh

Posted by 943943 > 2019-08-19 20:36 | Report Abuse

I will slowly buy.....more negative view given means high chance rebound..

Posted by lambsauce > 2019-08-23 17:24 | Report Abuse

hahaha no black but red again

Posted by Gilastock > 2019-08-23 17:50 | Report Abuse

Useless company

Posted by sheep > 2019-08-23 21:56 | Report Abuse

going down to 0.15 next week

Posted by sheep > 2019-08-23 21:58 | Report Abuse

if next quarter still red, then down to 0.10.... how come production decrease? apa ini..

Posted by turbo8672 > 2019-08-23 22:54 | Report Abuse

Revenue drop and debts increased. Damn dissapointed

Posted by paktua73 > 2019-08-27 11:09 | Report Abuse

yes done to full out all ammo was provide here
after buying from yesterday n today at 0.18
now hold huge here avrge now at 0.18++
will hold a bit long..

tut tut
bye bye see when up back above 0.225

Posted by Run Bull > 2019-08-28 23:45 | Report Abuse

Reach to buy remaining 40% in Emir-Oil Concession

Tuesday, 27 Aug 2019

Funding from a private equity (PE) fund has been secured, with Reach having approved the dea is looking to acquire the remaining 40% of the Emir-Oil Concession it does not own from its vendor, MIE Holdings Corp, for some US$40mil (RM168mil) at a valuation of US$1.13 per barrel, which, according to sources, is a lot cheaper than the US$154.9mil (RM651mil) or US$3.28 per barrel it had paid for its original 60% stake back in 2016.

Funding from a private equity (PE) fund has been secured, with Reach having approved the deal, added the sources. Reach has been in negotiations with MIE Holdings for awhile now to acquire the remaining 40%.

“Reach sees huge benefits of owning 100% in the Emir-Oil asset. For one, it will enjoy 100% production revenue, besides seeing an overall improvement in its net tangible asset, ” said the source.

A funding requirement of up to US$110mil has been secured from a PE fund for three things. First, some US$40mil will be used to acquire the 40% stake in Emir-Oil.

Second, some US$50mil will be used to pay the deferred and remaining consideration owed to MIE Holdings.

Recall that during the qualifying acquisition (QA), Reach had to pay off dissenting shareholders who had voted against the QA some US$175.9mil.

MIE Holdings had bridged that gap, and this is the balance still owed to it.

Third, some US$20mil will be used to finance the capital expenditure (capex) for the drilling of new wells and field development.

“With the funding and capex requirement in place, Reach’s production volumes can finally move up. All this while, it was the limitation of funding that was capping its production, ” said the sources.Production-wise, Reach’s average production in 2019 dropped to 2,400 barrels of oil per day (bpd), compared to 2,900 bpd in 2018.

With funding, Reach will be able to double this production in 2020, before reaching its peak production of 19,762 bpd in 2021-2022.

Reach’s share price is down some 66% on a year-to-date basis at its current price of 18 sen. At this price, it only has a market capitalisation of RM236.34mil. Over the last 52 weeks, the stock has traded between 52 sen and 17 sen.

With oil prices sliding, value is starting to emerge. Bigger oil and gas (O&G) companies are acquiring smaller ones at bargain prices in the hope of benefitting once the upcycle in the O&G industry resumes.

Thus, smaller companies like Reach are starting to look attractive from a merger and acquisition (M&A) angle. M&As in the region are starting to take place.

In March this year, London-listed Ophir Energy Plc agreed to be bought by Indonesian O&G group Medco for a sweetened cash bid of £408.4mil (RM2.1bil) after previously agreeing to a lower offer. Ophir explores and produces O&G in Asia and Africa.
As part of its QA, Reach purchased a 60% stake in the Emir-Oil Concession block in Kazakhstan, via the purchase of equity in Palaeontol BV for US$154.9mil (RM638.2mil) on Nov 25,2016.

The vendor was Palaeontol’s parent company, Hong Kong-listed MIE Holdings, which kept the remaining 40%.

Reach has only one asset today, which is the Emir-Oil concession.

It is the assigned operator for this block, which also owns four producing oil blocks, along with two development fields and six prospects within the Emir-Oil Concession of over 850 sq km.

The Emir-Oil Concession has proven reserves of 89.4 million barrels of oil equivalent. Reach owns the exploration and production contracts up to 2036.

In its latest filing, Reach said the reserves assessor, Gaffney, Cline & Associates (GCA), had performed an assessment of the reserves of the Emir-Oil Concession Block as of Dec 31,2018. This follows a similar assessment made by GCA the previous year.

“The company’s probable (2P) reserves have increased from the previous year’s audit, as GCA has allocated 88 million barrels of oil equivalent of 2P O&G reserves as at end-2018. This represents a 9% increase from the previous year’s audit by GCA, ” said Reach.

For its second-quarter results to June 30, Reach fell into the red again with a net loss of RM11.39mil from a previous profit of RM11.23mil. Revenue also dropped to RM47.07mil from RM67.67mil in the same quarter of the previous year.

This decrease was attributed to lower production. The average production for the second quarter of 2019 was 2,400 bpd compared to 2,900 bpd for the second quarter of 2018. As a result of lower revenue with fixed overhead expenses, the group recorded net losses.

Thus, for the six-month period, its net loss widened to RM24.27mil from RM9.8mil prev

Posted by sheep > 2019-08-29 13:38 | Report Abuse

Still got money to buy 40%. Need to Borrow from ah long or kak long. Wakaka

Posted by Brutus121 > 2019-08-30 10:36 | Report Abuse

This company all the time good news never bad news yet share price dropping like nobody business.

Posted by Torreira > 2019-08-30 11:34 | Report Abuse

bcz company have the poor bottom line all the way...

Posted by Brutus121 > 2019-09-04 12:41 | Report Abuse

You mean Good News Not Good News? Or not Good Enough?

Posted by more_n_more > 2019-09-04 14:44 | Report Abuse

what happen to this company ?

did they true true dig dig oil in Kazan ?

orjust spend money enjoy enjoy in Kazan?

WTHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

Posted by firehawk > 2019-09-10 22:49 | Report Abuse

Reference is made to the article titled “Reach to buy remaining 40% in Emir-Oil Concession” which appeared in the Business News, The Star Online on 27 August 2019 (“the Article”), and to the Company’s announcements on 28 August 2019 and 29 August 2019.

Alleged acquisition of MIE Holdings Corporation’s 40% interest in Palaeontol B.V.

Whilst the Company is continuously exploring investment prospects, including potential corporate and asset acquisitions, the Board denies that, as at the date of this announcement, the Company has entered into any arrangements or negotiations with MIE Holdings Corporation (“MIE”) for the acquisition of MIE’s 40% interest in Palaeontol B.V. (“PBV”) which holds, via Emir-Oil LLP (“Emir-Oil”), the entire working interest in an approximately 850.3 square kilometres onshore contracted area located in the Mangystau Oblast in the southwestern region of the Republic of Kazakhstan (the “Emir-Oil Asset”).


Furthermore, the Company has not received any offer from MIE for any such acquisition of MIE’s interest in PBV, nor has any offer been made to MIE to acquire the same.

Posted by firehawk > 2019-09-10 22:50 | Report Abuse

Untrue statement that funding of up to US$110million has been secured from a PE Fund

The Article also alleges that the Company has secured funding of up to US$110 million from a private equity fund.

The Board wishes to clarify that whilst the Company is actively exploring funding and financing options to facilitate the administration of its investment portfolio and managing its debt obligations, to-date no financing facility or arrangement with any private equity fund has been secured by the Company or otherwise approved by the Board.

Posted by firehawk > 2019-09-10 22:51 | Report Abuse

What lah! DENIED ALL THE GOOD NEWS ! :-(

Posted by firehawk > 2019-09-10 22:52 | Report Abuse

The Board wishes to further clarify the following statements:

Original Acquisition Price: The Article reported that the Company had paid US$154.9 million (RM651million) or US$3.28 per barrel for its original 60% stake in PBV in 2016. The Board wishes to clarify that US$154.9 million was the purchase price prior to adjustments pursuant to the terms of the conditional sale and purchase agreement entered into between the Company and MIE. As was disclosed in page 17 of our Circular to Shareholders dated 13 October 2016, the final adjusted purchase consideration for the Company’s acquisition of its 60% interest in PBV and the Emir-Oil Asset in 2016 was US$175.9 million.

Posted by firehawk > 2019-09-10 22:54 | Report Abuse

The boards said, actually they bought more expensive, was US$175.9m NOT US$154.9m !

Posted by Kweycha > 2019-09-12 00:25 | Report Abuse

Still hve chances to short term profit.

Posted by Brutus121 > 2019-09-13 09:31 | Report Abuse

Hmmmm Does the Word Profit exist in their vocabulary?

Posted by paktua73 > 2019-09-17 09:12 | Report Abuse

done sold back 65% share on hand at 0.215,0.21
just secure back capital
lock big some profit..
its only tactical step for more abilities to fight soon

tut tut
just play with own style

Posted by James Ng > 2019-09-17 09:44 | Report Abuse

https://klse.i3investor.com/blogs/general/225168.jsp
[转贴] [REACH ENERGY BHD：计划开始钻探三口开发井和一口勘探井。作为当前勘探许可证将于2020年1月到期，延长勘探许可证的过程正在进行中，他们希望能够获得有关当局要求的批准] - James的股票投资James Share Investing

Posted by Kweycha > 2019-09-17 10:29 | Report Abuse

10% profit since friday is quite good. Even the company recorded no profit , we still have chance to make profit. Because we are trader. The investor should buy nestle, petronm, petdag or similar.

Posted by paktua73 > 2019-09-17 17:05 | Report Abuse

paktua n his army done fight here today..
bring back big some ammo to the main base..



tut tut
still hold 35% balance share avrrge at 0.18++
here

Posted by wilsonchan87 > 2019-09-17 18:03 | Report Abuse

wait WTI oil next year to hit usd 20-30 keep motioning

Posted by Orson Chin > 2019-09-20 15:20 | Report Abuse

Goreng

Posted by turbo8672 > 2019-09-20 16:05 | Report Abuse

Any good news?

Posted by sheep > 2019-09-21 15:36 | Report Abuse

By next qr, if funding still not acquired, sure licence not renew. Still no updates..how?

Posted by ckkhor0722 > 2019-09-23 00:53 | Report Abuse

change in boardroom ?

Posted by paktua73 > 2019-09-23 09:17 | Report Abuse

done sold back more 25% balance on hand at 0.225,0.22..
just secure more capital..
earn big some profit..
left only 10% balance share on hand avrrge at 0.18++


tut tut
swap all profit n capital to main base

Posted by 陈田丰 > 2019-09-23 09:36 | Report Abuse

Posible 0.25?

Posted by more_n_more > 2019-09-23 10:34 | Report Abuse

wake up !!!!

goreng goreng goreng ???

Posted by TheContrarian > 2019-09-23 18:11 | Report Abuse

Nice closing.

Posted by freddiehero > 2019-09-24 11:38 | Report Abuse

r u ready?

Posted by sirapito > 2019-09-24 15:20 | Report Abuse

reach looking good? or bad?

Posted by 陈田丰 > 2019-09-24 19:03 | Report Abuse

50 50

Posted by Will76 > 2019-09-25 23:14 | Report Abuse

Breaking News from CNBC

"Oil prices fell for a second day on worries that fuel demand could fall after U.S. President Donald Trump doused recent optimism over China-U.S. trade talks, at a time of rising U.S. crude oil stockpiles."

"Brent crude futures were down $1.72 to $61.38 a barrel on Wednesday, erasing all gains made after an attack on Saudi oil facilities sent the benchmark up around 20% last week."

"U.S. West Texas Intermediate crude dropped to $55.71 a barrel, down $1.58."

Posted by Machinecat > 2019-09-26 12:51 | Report Abuse

GG

Posted by sheep > 2019-09-27 09:22 | Report Abuse

Queue buy at 0.15. sure win..

Posted by wilsonchan87 > 2019-09-27 11:56 | Report Abuse

remember, last year 2018 oil is starting to drop from Oct to Dec, this time might hit 20-30 only the bottom.

Posted by jiunn > 2019-10-08 16:02 | Report Abuse

***BLACK GOLD IN SURGE BULLISH SOON.....




Once gold pricing down for correction later, all O&G counters to fly rocket high......BLACK GOLD is coming back.......start accumulating...currymee, uzmah, tayang already hit yearly high!!!!!!!

Posted by Book Soon Tan > 2019-10-10 11:17 | Report Abuse

But the useless Reach is hitting lower and lower!!!

Posted by Plantermen > 2019-10-10 13:19 | Report Abuse

Stagatned at 18 - 19 price range

Posted by jiunn > 2019-10-14 10:27 | Report Abuse

***GOLD TUMBLED, BLACK GOLD TO SURGE SOON.......




BUY BUY BUY!!!!! BUY CHEAP CHEAP REACH!!!!