PETALING JAYA: Reach Energy Bhd is looking to acquire the remaining 40% of the Emir-Oil Concession it does not own from its vendor, MIE Holdings Corp, for some US$40mil (RM168mil) at a valuation of US$1.13 per barrel, which, according to sources, is a lot cheaper than the US$154.9mil (RM651mil) or US$3.28 per barrel it had paid for its original 60% stake back in 2016.
Funding from a private equity (PE) fund has been secured, with Reach having approved the deal, added the sources.
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