Sumatec aims to be top independent oil and gas firm in five years Posted on June 22, 2013, Saturday KUALA LUMPUR: Sumatec Resources Bhd (Sumatec) aims to be the country’s largest independent oil and gas company in five years by diversifying its business to include upstream oil and gas activities in the Rakushechnoye Oil Field in Kazakhstan. “Our vision is to be a leading oil and gas counter in Malaysia in the next five years,” Chief Executive Officer Chris Dalton said, adding the company has invested an initial US$95 million and expects operations to commence by October this year. The company signed a Joint Investment Agreement (JIA) with Markmore Energy Labuan Ltd and CaspiOilGas LLP in March last year, to enable Sumatec to participate in the development and production of oil and gas in Kazakhstan until 2025. Speaking to reporters after the extraordinary general meeting (EGM) today, Dalton said there are 47 wells drilled in the oil field and five are operational and producing oil. He said the production from the field is capable of reaching 8,000 to 10,000 barrels per day based on putting 23 to 35 wells into production. Sumatec Resources is looking forward to exit PN17 status in the second quarter of 2014. This came as shareholders passed the resolutions at its EGM today. The entire regularisation plan is to be completed by September this year for the operation to take place by October. Major shareholder Tan Sri Halim Saad said the company would be debt-free following the completion of its restructuring exercise. It had announced earlier the sale of its 51 per cent stake in Semua International Sdn Bhd (Semua) to Hoe Leong Corp Ltd and Setinggi Holdings Ltd to make inroads into the upstream segment of the industry. “With the disposal of Semua, combined with the completion of the regularisation plan, all Sumatec’s debts would be eliminated from its balance sheet, enabling it to start afresh on the upstream O&G business without any legacy issues,” it said. — Bernama Read more: theborneopost/2013/06/22/sumatec-
Posted on: Sun, 23 Jun 2013 08:23:55 +0000
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