Reach Energy's Kazakhstan oil and gas fields buy is cash flow positive

Good show: Counsellor of the Kazakhstan embassy Dr Serik Amerov (left) and Shahul at the QA presentation.

KUALA LUMPUR: The planned maiden acquisition by Reach Energy Bhd involving onshore oil and gas (O&G)-producing fields in Kazakhstan three times the size of Penang, is cash flow positive and in the early stages of production, said managing director and chief executive officer Shahul Hamid Mohd Ismail.

Reach is the fourth and largest special-purpose acquisition company or SPAC on Bursa Malaysia today and had raised the largest amount of money at RM750mil. Shahul was speaking at a briefing yesterday for media, analysts and fund managers.