Malaysia: Reach Energy Reaches For 5,000 Barrels Of Oil Per Day By Year's End

Malaysia: Reach Energy Reaches For 5,000 Barrels Of Oil Per Day By Year's
End

Reach Energy Bhd (Reach Energy) aims to increase its oil production of
between 4,000 barrels per day to 5,000 barrels per day by the end of 2017.

Its chief executive officer, Shahul Hamid, said its Emir-Oil oilfield has 14
producing wells which in 2016 produced an average of 3,301 barrels per day
and 5.6 million standard cubic feet of gas per day (MSCFD).

"We anticipate that oil price dynamics will continue to remain uncertain and
volatile. However, most projections indicate that oil price is recovering.
We believe our investment in Kazakhstan will prove beneficial.

"In the long run, we will look at how the country's exports will likely
increase in the near future following the commencement of production at the
Kashagan field and expansions at the Tengiz and Karachaganak fields," Shahul
said after Reach Energy's 4th annual general meeting held today.

Reach Energy recorded revenue of RM44.63 million in its first quarter of the
financial year ending Dec 31, 2017, derived entirely from the sale of crude
oil and gas.

"Our objectives for 2017 are very clear. We will continue to maintain a
robust balance sheet, while maximising our existing operational efficiency
to establish a solid foundation of strong cash flow.

"However, our attention and resources are focused on developing our oil and
gas producing asset, Emir-Oil, to (realise) its full potential," Shahul
added.

Recently, Maybank Investment Bank said Malaysia's first quarter 2017 oil and
gas results are in line with predictions, and that the industry is expected
to pick up momentum in the second quarter of this year.

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Link to Original Article:
http://www.malaysiandigest.com/business/683548-reach-energy-reaches-for-5-00
0-barrels-of-oil-per-day-by-year-s-end.html

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com