Newly listed Reach Energy Bhd, is in the midst of evaluating 10 potential assets to acquire within one to three years.
Managing Director Shahul Hamid Mohd Ismail said the special purpose acquisition company (SPAC) would focus on hydrocarbon fields in the development and production phases, with reserve calculations of at least in the 2P reserve category.
2P category denotes proven and probable oil and gas reserves.
"We are also looking into mature brownfield acquisition, which can produce oil and gas very quickly in order to generate revenue within the first two years from the date of completion of qualifying acquisition," Shahul told reporters here after the listing ceremony on the Main Market of Bursa Malaysia today.
He added that Reach Energy would continue to focus on seven countries in Asia Pacific, namely Malaysia, Indonesia, Australia, the Philippines, Myanmar, Thailand and Vietnam.
"We are doing 'window shopping' and priority are given to the seven countries, due to attractive concession and tax regimes. The geological aspect is also attractive, as Indonesia have a lots of remaining reserves and brownfield areas," he added.
The company was the most actively traded counter on Bursa Malaysia as of this morning.
At 11.26 am, the counter slipped 5.0 sen to 70 sen with 219.99 million shares changing hands.
It opened at 72.5 sen, for a discount of 2.5 sen, with 11.3 million shares changing hands.
Its warrants opened at 28.5 sen compared to its reference price of 0.5 sen. with 27.28 million shares traded.
The counter ended the day at 70.5 sen, with 294.83 million shares changing hands, after opening at 72.5 sen, for a discount of 2.5 sen.
Its warrants, which opened at 28.5 sen compared to its reference price of 0.5 sen, closed at 22.5 sen with 556.975 million shares traded.
Reach Energy aimed to raise RM779.17 million from initial public offering, out of which RM710.62 million will be used to acquire a target company or assets.
It plans to utilise RM42.54 million for working capital and RM26 million for listing expenses.
-- BERNAMA
Managing Director Shahul Hamid Mohd Ismail said the special purpose acquisition company (SPAC) would focus on hydrocarbon fields in the development and production phases, with reserve calculations of at least in the 2P reserve category.
2P category denotes proven and probable oil and gas reserves.
"We are also looking into mature brownfield acquisition, which can produce oil and gas very quickly in order to generate revenue within the first two years from the date of completion of qualifying acquisition," Shahul told reporters here after the listing ceremony on the Main Market of Bursa Malaysia today.
He added that Reach Energy would continue to focus on seven countries in Asia Pacific, namely Malaysia, Indonesia, Australia, the Philippines, Myanmar, Thailand and Vietnam.
"We are doing 'window shopping' and priority are given to the seven countries, due to attractive concession and tax regimes. The geological aspect is also attractive, as Indonesia have a lots of remaining reserves and brownfield areas," he added.
The company was the most actively traded counter on Bursa Malaysia as of this morning.
At 11.26 am, the counter slipped 5.0 sen to 70 sen with 219.99 million shares changing hands.
It opened at 72.5 sen, for a discount of 2.5 sen, with 11.3 million shares changing hands.
Its warrants opened at 28.5 sen compared to its reference price of 0.5 sen. with 27.28 million shares traded.
The counter ended the day at 70.5 sen, with 294.83 million shares changing hands, after opening at 72.5 sen, for a discount of 2.5 sen.
Its warrants, which opened at 28.5 sen compared to its reference price of 0.5 sen, closed at 22.5 sen with 556.975 million shares traded.
Reach Energy aimed to raise RM779.17 million from initial public offering, out of which RM710.62 million will be used to acquire a target company or assets.
It plans to utilise RM42.54 million for working capital and RM26 million for listing expenses.
-- BERNAMA
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