<article><a style="color: #000080;" href="http://reachenergy.com.my/" target="_blank">Reach Energy Bhd</a> is acquiring a 60 per cent stake in Kazakhstan&#8217;s <a style="color: #000080;" href="http://www.mienergy.com.cn/en/emir_oil_llc.htm" target="_blank">Emir-Oil Fields </a>for $154.9 million, to be its first hydrocarbon asset.</article>

<a style="color: #000080;" href="http://reachenergy.com.my/" target="_blank">Reach Energy Bhd</a> is acquiring a 60 per cent stake in Kazakhstan&#8217;s <a style="color: #000080;" href="http://www.mienergy.com.cn/en/emir_oil_llc.htm" target="_blank">Emir-Oil Fields </a>for $154.9 million, to be its first hydrocarbon asset.
In a filing with the local stock exchange on Monday, Reach Energy said the acquisition was done through the purchase of a 60 per cent stake in Netherlands-based Palaeontol BV, which wholly owns Emir-Oil.
Palaeontol BV is wholly-owned by Palaeontol Cooperatief UA (Palaeontol COOP), which in turn is a wholly-owned subsidiary of Hong Kong-listed <a style="color: #000080;" href="http://www.mienergy.com.cn/en/" target="_blank">MIE Holdings Corp</a> (MIEH).
Reach Energy will use its initial public offering proceeds to finance the Palaeontol BV stake acquisition, and intends to issue new shares to raise money as well.
Reach Energy chief executive officer Shahul Hamid Mohd Ismail said Emir-Oil&#8217;s producing fields and exploration area provide an unique opportunity for Reach Energy to invest and operate a balanced oil and gas portfolio covering upstream production, development and further exploration activities.
&#8220;The producing fields are in their early and prime stage of production and the development fields are currently under pilot production. We believe that there is significant upside potential through further planned efforts, techniques and schemes,&#8221; he said.
The special purpose acquisition company (SPAC) also noted that since the producing fields within the Emir-Oil Fields are already in production and with established infrastructure of gas pipeline, gas processing plant, oil processing, oil storage and transportation facilities in place, the proposed acquisition is expected to immediately contribute positively to the revenue of Reach Energy.
Under the acquisition, Reach Energy will also assume 60 per cent of Palaeontol BV&#8217;s outstanding shareholder loan, of $288.5 million as at September 30, 2015.
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<a style="color: #ff0000;" title="EPF, KWAP, Credit Suisse buying into Reach Energy" href="http://www.dealstreetasia.com/stories/epf-kwap-credit-suisse-buying-into-reach-energy-1420/" rel="bookmark">EPF, KWAP, Credit Suisse buying into Reach Energy</a>
<a style="color: #ff0000;" title="New buyers, cash-rich energy firms driving Asia-Pacific oil and gas M&amp;As" href="http://www.dealstreetasia.com/stories/new-buyers-cash-rich-energy-firms-driving-asia-pacific-oil-and-gas-mas-18398/" rel="bookmark">New buyers, cash-rich energy firms driving Asia-Pacific oil and gas M&amp;As</a>

Malaysian O&G SPAC Reach Energy acquires 60% in Emir-Oil for $155m

Malaysian O&G SPAC Reach Energy acquires 60% in Emir-Oil for $155m

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Malaysian O&G SPAC Reach Energy acquires 60% in Emir-Oil for $155m

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