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Reach Energy

Description

Reach Energy Berhad is an Oil and Gas Exploration & Production (“E&P”) Company that was incorporated in Malaysia on 7 February 2013 and listed on the Main Board of Bursa Malaysia Securities Berhad. Reach Energy is headquartered in Kuala Lumpur.

On 25th November 2016, Reach Energy completed the transaction to acquire 60% equity interest in Palaeontol B.V. (a wholly-owned subsidiary of Palaeontol Cooperatief U.A. which in turn is an indirect wholly-owned subsidiary of MIE Holdings Corporation which is listed on the Main Board of the Stock Exchange of Hong Kong Limited) with a final transaction consideration of USD175.9 million. Palaeontol B.V. is an investment holding company and is the sole interest holder of Emir-Oil LLP (“Emir-Oil”) which holds the entire subsoil use rights in the Emir-Oil Concession Block located in the Mangystau Oblast in the southwestern region of the Republic of Kazakhstan with a total concession contract area of 850 km². Reach Energy is the operator of Emir-Oil Concession Block with awarded Exploration and Production Contracts up to year 2036.

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