(Reuters) - Malaysian upstream oil and gas company Sumatec Resources Bhd has agreed to buy Borneo Energy Oil And Gas in a cash and share deal worth $250 million, Sumatec said on Friday.

Sumatec signed a framework agreement with Borneo Energy's owners Abu Talib Abdul Rahman and Murat Safin for the purchase. Borneo Energy owns Kazahk upstream oil and gas firm Buzachi Neft LLP, according to a local stock exchange filing.

Shares in Sumatec closed up 21 percent at 37.5 sen on Friday.

Buzachi has two 25-year contracts, valid until November 2026, to explore for and produce oil and gas in Karaturun Vostochnyi and Karaturun Morskoi fields, the filing showed.

"Since the fields are already in production, the proposed acquisition is expected to immediately contribute to the revenue of the company," Sumatec said in the filing.

The fields comprise 26 wells, of which five are in production. The additional reserves in the fields will provide stable recurring income to the company, said Sumatec.

The fields have been producing between 400 and 600 barrels of oil per day, it added.

Sumatec counts Ahmad Johari Razak, younger brother to Malaysian Prime Minister Najib Razak, as an independent non-executive director. (Reporting By Yantoultra Ngui; editing by Tom Pfeiffer)

Will continue to fly? Errmm...

the thing that concerned me about homer is that the next quarter result. next quarter will be the deciding factor whether homer can shoot pass rm1.20 or not

either will be a full enjoyable ride or a real disappointment

buy 2.35. sell 2.5. TP 2.55

trading buy, not a long term investment. FA is bad, but play according chart, maybe can earn some few piece of KFC, hopefully

Sure ah?

Nanti you become yet another mangsa!!!

I think not the same thinking.

When you buy in batch....

the first batch.... you buy say 20% of your available capital.
Why?

Cos basically you are unsure if the stock could fall somemore........
so you buy in batches....

which basically means...
you are UNSURE if your first buying in price is correct or not.................

if unsure....
then why waste the bullet and buy in the first place? 

Of course you could.

But if you have really followed my comments since World Cup finished...

I have stated more than a couple of times that the market is generally fairly valued.

Prices weren't cheap.

And that there was an extreme bull in many punting stocks.

Add it all in.....
with the negative market sentiments....
everything is perfectly cooked for this correction/consolidation (which I think is perfectly healthy! )

Anyway....
if anyone has followed my comments in general...
I have always warned against buying early in a falling stock.

In that sense, it's in my opinion, not to simply buy.
And therefore, I do not agree using the buy in batches.

Just my opinion and it's fine with me if you do not agree.