Reach Energy Berhad (Malaysia)

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. The company is headquartered in Kuala Lumpur and aims to establish itself as an independent Malaysia-based oil and gas E&P company with domestic and global operations. On 25th November 2016, Reach Energy completed the transaction to acquire 60% equity interest in Palaeontol B.V., an investment holding company that holds the entire subsoil use rights in the Emir-Oil Concession Block located in the Republic of Kazakhstan. Reach Energy is the operator of the Emir-Oil Concession Block with awarded Exploration and Production Contracts up to year 2036. Reach Energy was incorporated in Malaysia on 7 February 2013 and converted into a public company on 2 August 2013. It is the 4th and the biggest Special Purpose Acquisition Company (SPAC) IPO in Malaysia, raised RM750 million and listed on the Main Market of Bursa Malaysia Securities Berhad since 15th August 2014. Reach Energy's securities have been classified as Shariah-compliant securities. The company has been given three years to find a qualifying asset with a stringent criteria set by the Securities Commission Malaysia. After screening over 50 assets, Reach Energy entered into a conditional Sale and Purchase Agreement for the Proposed Acquisition of Palaeontol B.V. On 25th November 2016, Reach Energy completed the transaction to acquire 60% equity interest in Palaeontol B.V. with a final transaction consideration of USD175.9 million. With this acquisition, Reach Energy became the second Independent Oil & Gas Exploration & Production company to be listed on the Main Market of Bursa Malaysia.