We aim to be a leading Malaysia-based independent oil and gas company that creates value and contributes to the wellbeing of the people in the countries we operate in. The foundation of our company is our people, comprising our Board of Directors, our management team and our employees. We are determinedly passionate to be successful in our business and to work together with all our stakeholders to achieve sustainable and robust value creation. In conducting our business, it is important that we always stay true to our core values of:
• Promoting Passion for Success – Performance excellence and continuous improvement
• Acting with Honesty and Integrity – Highest standard of ethics and governance
• Fostering Care and Share – Good corporate citizen
We believe that having clear and carefully crafted business strategy is key to our success. With this in mind, we have adopted and implemented a Business Strategy that embraces four vital business elements, namely, Human Capital Development, Management Systems, Operational Excellence and Business Growth. Our business philosophy is depicted in the diagram below.
Reach Energy’s near term business goal is to expeditiously complete the Qualifying Acquisition (QA) by leveraging the technical expertise, knowledge, network and experience of our staff and the Board of Directors. In this respect, and consistent with what we communicated in our IPO Prospectus dated 24 July 2014, for the QA, Reach Energy is targeting oil and/or gas brownfields in the production phase, and fields in the proximity of existing producing areas that are either in development phase or in advanced stages of development planning i.e. with Field Development Plan (FDP) in progress or approved but where production has not commenced. Such assets would hold proved and probable (2P) reserves for commercial production as well as with upside (production and reserves) potential which will allow us to enhance production and add reserves to the fields through further appraisal and re-development activities.
In the longer term, Reach Energy aspires to be a leading independent Malaysian based oil and gas company and hence its QA strategy is aimed at acquiring producing (and/or development) assets to fuel the company’s future growth. Reach Energy will redeploy the cash flow generated from the asset(s) acquired under QA to expand its operations in the full arena of exploration and production (E&P) activities, both locally and globally. Future expansion after QA would be through partnerships, joint ventures, or direct sole interest in a portfolio of production, development and exploration assets.
To this end and to ensure the company continues to keep in sight operational integrity, growth, profitability and business continuity, Reach Energy has adopted and implemented a Four-Pronged Business Strategy that nurtures I) Human Capital Development, II) Robust Management Systems, III) Operational Excellence and IV) Sustained Business Growth, as depicted in the diagram to drive the company towards achieving its business goals.
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