REACH ENERGY BHD
KLSE (MYR): REACH (5256)
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Ezreen85
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Posted by Ezreen85 > 2020-01-22 08:44 | Report Abuse
This announcement is made by Reach Energy Berhad (“REB” or the “Company”, together
with its subsidiaries, the “Group”) on its Emir-Oil Asset in Kazakhstan.
Emir-Oil has successfully obtained Production Contracts for North Kariman and Yessen
fields, which would allow for commercial production of oil and gas from these fields for a
period of 16 years and 25 years respectively starting from 01 January 2020. This is a
testament to Emir-Oil’s strong relationship with the Republic of Kazakhstan’s Ministry of
Energy (MoE), coupled with the observed commercial attractiveness of both fields from
previous well tests. This achievement is significant to Emir-Oil’s Master Development Plan
to integrate the Kariman and North Kariman fields as one large hydrocarbon bearing
structure in the near future. Yessen has also shown good productivity in its wells from past
well tests, and the Company plans to exploit this new commercial field with best-in-class
reservoir management practices.
As Emir-Oil’s previous Exploration Contract-482 period is until 9 January 2020, the Company
is pleased to announce that a 3-year extension to the 791.01 km2 Exploration Contract has
been awarded by MoE. The extension of this Exploration Contract is until 31 December 2022.
This extension consists of 8 Exploration Projects that cover the entire Exploration acreage,
and Emir-Oil has strategically selected 3 low-risk exploration well targets as part of EmirOil’s commitment to this extension. In addition, Emir-Oil plans to conduct further seismic reinterpretation that would improve geological understanding of the acreage and further
unearth additional prospects for discovery. The Company is confident that this extension
represents a great opportunity to increase the Reserves of the Company within the next 3
years.
Lastly, the Company is pleased to announce that MoE signed the Amendments with Work
Programs for 3 years. Emir-Oil has successfully defended and obtained approval for Analysis
of Development (AoD) documents for Aksaz, Dolinnoe and Kariman fields. These AoDs are
key Technical Regulatory Documents that underline the respective fields’ development plan
and production targets over a 3-year period (2019 – 2021). This is a key development as
Emir-Oil has included plans to start gas and water injection pilot, specifically at the Kariman
field that underlines our commitment to improve production and hydrocarbon recovery from
this field.
This announcement is dated 21 January 2020.