buka 250 workers position Specialist in Surface Debris Remover, aka Janitor. Lol

Reach Energy’s coming IPO to raise funds for O&G assets acquisition

Posted on May 14, 2014, Wednesday


KUCHING: Reach Energy Bhd (Reach Energy) will invest most of the funds it raises from its upcoming initial public offering (IPO) exercise to acquire oil and gas production assets as its qualifying acquisition (QA).

The special purpose acquisition company (SPAC) in its initial prospectus exposure released on Monday outlined that the company will be investing 70 per cent of its investment cost in oil and gas production assets while the remaining 30 per cent in exploration assets.

SPACs are companies which have no operations or income generating business at the point of IPO but undertake an IPO for the purposes of raising money to acquire operating companies or businesses, otherwise known as QA.

Reach Energy which is en route to a listing on Bursa Malaysia soon plans to raise some RM750 million through a public issue of one billion new ordinary shares of 1 sen each together with one billion free detachable warrants representing approximately 78.26 per cent of the company’s enlarged issued and paid-up share capital at an issue price of 75 sen per share.

The company said 980 million shares out of the one billion shares, together with 980 million warrants, will be offered to selected investors by private placement while 20 million shares together with 20 million warrants will be made available to the public by balloting.

Upon listing, based on the issue price of 75 sen per share offered, Reach Energy says it will have a market capitalisation of RM958.37 million.

It will also place 94.75 per cent of the gross proceeds raised from the IPO in an Islamic Trust account immediately upon receipt of all the IPO proceeds.

“Our vision to list on the main market is to establish ourselves as an independent Malaysia-based exploration and production company with global and domestic operation.

“There are favourable environment and market conditions for its QA assets to be in the oil and gas industry in the region,” it noted in its prospectus.

Reach Energy says it will focus on relatively low-risk development or production assets with an objective to produce oil and gas and generate early revenue within two years from the date of completion of the QA.

Post QA, the company intends to eventually own a balanced portfolio of exploration and production assets with the objective of growing its reserves.

Reach Energy will focus on brownfields in the production phase and fields in the proximity of existing producing areas within the Asia Pacific region, it added.

Furthermore, Reach Energy said it shall complete a QA that enables the company to secure a controlling equity stake which is ownership of more than 33 per cent of the target company or asset with management control where it will control the strategic and financial decisions of the target company or asset.

On another note, the company disclosed that on July 26, 2013, another listed company Daya Materials Bhd (Daya Materials) had entered into a separate subscription agreement and suplemental subscription agreement respectively with the company.

Subsequently this year, Daya Materials and Reach Energy entered into a novation agreement with a supplemental to the novation agreement for the subscription of reedemable convertible preference shares (RCPS).

Reach Energy observed that the subscription by its initial investor, Daya Materials will raise a total proceeds of RM10 million before its IPO.

Its managing director Shahul Hamid Mohd Ismail has more than 30 years of experience in the oil and gas industry having previously led Daya Materials group of companies to develop a portfolio of core oilfield services covering Malaysia, Myanmar, Indonesia, Sri Lanka and Papua New Guinea.

The moratorium period on the securities of the company held by its holdings company will be effective from the date of its listing until the company has start commercial production and generated one full financial year of audited operating revenue.


Read more: http://www.theborneopost.com/2014/05/14/re.../#ixzz32E7dnMDP

I'm not a sifu. Just giving my opinion here. You can start with sub-contractors such as Innovative Oilfield Service, High Base and etc. Why? You'll learn from A to Z, technically and commercially. Sorry to say, you'll learn less with client type of companies since most of the time you'll do a lot in management.

Just to share, last time when I was in sub-con, I was seeking projects for the company, doing proposals (commercial
and technical), gathering sources (men power, equipments/materials and logistic), negotiating with clients to accept the proposal, mobilize my crew to offshore, doing progress reports, doing the 'rough-neck' tasks like your technicians, demobilize crew and the equipments (have to negotiate some more with Radio Operator (RO) either you'll going home early or not, by chopper or Fast Crew Boat (FCB)), doing final report for the clients (might have to deal with shitty clients who asked for bribes. There's some cases they'll not sign your documents until they'll get what they want to), doing follow-ups with the client for the payment, have to involve with the production and at the same time have to do company's assessment for the crew.

'Kira you keje sub-con mmg jadi buruh kasar'. Most of the time you'll feel under paid, but it's a good start anyway. Your CEO will promise here and there, but he'll f**ked all of his promises. And then, once you get a job in any client type of company, you'll appreciate more your contractors and become a wiser person. Good luck 

recently few IPO utk kompeni OnG bukak...good for investment, buying at low starting price (utk rookie), hehe

(^__^)

My advice, be careful when buying IPO from SPAC related Co. The prospectus booklet might be glory but with the current volatile energy market, anything can happen. Invest wisely.

eh. All this while, I tot keje je.. Kawan talked about investment tapi I brush them off. Lol.
Ajar mcmna?

go open account first at any investment bank, then u can start buying and selling on your own, through online, haha

(^__^)

I believe many of you has been called by Petrofac for graduate programme and I have been bombarded by email and PM asking about question to be asked during interview.

For info there is three different Petrofac's subsidiary in Malaysia.

Petrofac Malaysia Ltd (PML) focus on E&P located at Tower 3 KLCC, Petrofac Engineering & Construction (PEC) located at G-Tower focus on offshore & onshore O&G construction, and Petrofac Engineering Services (PES) located at Menara Great Eastern which bought over RNZ last time focus on engineering design & consultancy services.

PML, PES & PEC are different business entity in nature and offering different salaries & benefits as well. I am employed by PML and I dont know much about PES & PEC. Of course PML having the most generous offer compared to PES & PEC (statement riak sedikit lulz)

If PML called you anyway, I have no idea about structured interview for fresh graduate. I am experienced personnel so my interview were directly with the Hiring Manager. My interview last time was very specific about my past experience, particularly on onshore & offshore construction and fabrication, hook-up & commissioning, offshore transportation and installation etc. I think for fresh grad maybe a bit different.

Sorry guys cant help you much lulz.

i wonder if this safety guy still there. Previously he was a Safety Officer on the jack up rig (STC). Last time I heard, Seadrill offered him 100% more than what he got in Petrofac.

Orang safety kat sini pun aku tak sempat kenal semua bro lulz currently aku spent most of my time interacting with CP2 project team only, orang drilling pun aku tak kenal gak huhuhuhu

Kerja kuat sangat tu.. 8pm pon masih kat Level21 

Inilah lumrah saya bro sebagai kuli kasar 

Kah kah kah. Adoi jgn sentap sentap.
Nak Habitat or Casing Cutter murah murah, boleh PM yer.
Kah kah kah 

Hi guys,

The recruitment executive at Onyx IES requested my CV today.

Its stated at its website its a manpower and energy solutions company. But frankly, Im vague what are its operations as its not a familiar company to me although in its website it does advertize for drilling engineers and such. I also suspect its a consultancy company.

Can someone provide some info of this company if you dont mind? Thanks

Please check which Onyx? Onyx UK or Onyx SG or Onyx Malaysia? Ask if your CV being used for tender submission to Client. If yes, ask for LOU (letter of undertaking) or LOC (letter of consent) from Onyx.