KUALA LUMPUR: REACH ENERGY BHD
rose almost 9% in early trade Wednesday, after the company secured production contracts for North Kariman, Yessen fields in Kazakhstan.
The counter, one of the most active on Bursa Malaysia, rose 8.82%, or 1.5 sen to 18.5 sen with over 15 million shares traded.
Reach Energy’s subsidiary in Kazakhstan has obtained production contracts for the North Kariman and Yessen fields there, for the respective periods of 16 and 25 years, starting Jan 1 this year.
The production contracts were obtained by Emir-Oil LLP, in which Reach Energy controls a 60% stake via Palaeontol BV. Emir-Oil holds the entire 100% working interest in the 850.3 sq km Emir-Oil Concession Block in Kazakhstan.
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