Tuesday, November 29, 2011

Sumatec picked for hydrocarbon project by Halim Saad company

KUALA LUMPUR (Nov 29): SUMATEC RESOURCES BHD [] has been picked by Markmore Energy (Labuan) Ltd (MELL), which is controlled by Tan Sri Halim Saad, for a production sharing contract at an oil field near the Caspian Sea.

Sumatec said on Tuesday it had entered into a framework agreement with MELL for the proposed award of the project by the latter's unit CaspiOilGas LLP.

CaspiOilGas is the concession holder and operator of the Shelly oil field which covers 354.45 sq km and is onshore next to Caspian Sea within the Mangyshlak peninsula in the south-western Manghystau province, Kazakhstan. Shelly oil field is a 25-year oil and gas concession awarded to CaspiOilGas by the Kazakhstan government on Aug 26,'' 2000.

SRK Consulting (Australasia) Pty Ltd, a mining consultant, estimated the Shelly oil field has proved plus probable hydrocarbon reserves of 122.3 million barrels of oil equivalent (mmboe) consisting 33.0 million barrels (mmbbl) of proved plus probable oil reserve and 89.3 million barrels of oil equivalent (mmboe) of proved plus probable gas resource.

'The proposed PSC is part of the company's initiative to restore Sumatec onto stronger financial footing via, amongst others, a balance sheet reCONSTRUCTION [], injection of new funds and settlement with the group's creditors,' said Sumatec.

Sumatec is finalising its regularisation plan under Practice Note 17 of Bursa Malaysia Securities Bhd'' Main Market Listing Requirements.

MELL is a unit of Markmore Sdn Bhd and the directors of Markmore are Halim and Abu Talib Abdul Rahman. Halim holds 99.99% equity stake in Markmore.


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