Reach Energy wants to be a serious contender
Emmanuel Samarathisa | 02 Nov 2018 00:30
Reach Energy Bhd wants to prove it is a serious player in the oil and gas industry. Founded in 2013, the company is the “new kid on the block,” but it has been making headlines after securing approval for a 15-month trial production run in the North Kariman field in Kazakhstan through its producing asset Emir Oil.
More recently, Reach Energy announced that an exploration well in the Yessen field, also in Kazakhstan and one of the discovered oilfields that is part of the Emir Oil contract block, has yielded positive results during the initial testing phase.
This development is expected to positively impact Reach Energy’s reserves, which currently stand at 81 million barrels.
But despite the good tidings, coupled with a surge in share price, Reach Energy CEO Shahul Hamid Mohd Ismail is adopting a cautious approach to future acquisitions and expansion.
“I don’t want to go to the market saying that I have signed a deal in the North Sea or Gulf of Mexico with some (offshore) exploration firm because this is not good for a smaller company (like Reach Energy),” he tells FocusM.
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