LONDON, Sept. 30, 2024 /PRNewswire/ -- HARTA GLOBAL ENERGY SDN.BHD., an Exploration & Production Company headquartered in Kuala Lumpur, reached a circa. USD3bln in valuation, following a 49% equity participation and corresponding USD1.2bln investment commitment by TOUCHSTONE CAPITAL GROUP HOLDINGS LTD. and AM CAPITAL PARTNERS SDN.BHD.
HARTA GLOBAL ENERGY SDN.BHD., aims to start development & production activities of its Production Sharing Contract (PSC) with PETRONAS and its partner PETRONAS CARIGALI SDN.BHD., targeting an early production and monetization of its discovered gas fields. The block was awarded to SKYE-UMDP EXPLORATION BERHAD in February 2023, a subsidiary of HARTA GLOBAL ENERGY SDN.BHD., following the Malaysia Bid Round MBR2022.
HARTA GLOBAL ENERGY SDN.BHD., has secured funding commitments of USD1.2bln for the Production Sharing Contract (PSC) in Block PM340 located in the east coast of Peninsular Malaysia. The prolific Malay Basin acreage, covering 16,404 square kilometers in PM340 Block is deemed as one of the largest blocks in Peninsular Malaysia. It has reached a significant milestone, achieving a valuation of just under USD3.0bln billion following the multi-tranches firm commitment of USD$1.2bln investment from TOUCHSTONE CAPITAL GROUP HOLDING LTD, a UK based investment platform firm and a Malaysian/ Indonesian private investment group AM CAPITAL PARTNERS SDN.BHD. This substantial investment highlights the growing confidence in the oil & gas sector and solidifies HARTA GLOBAL ENERGY SDN.BHD. vis-à-vis SKYE-UMDP EXPLORATION BERHAD's position as a leading player in the oil & gas industry.
The first tranche of USD200mln is set to be disbursed according to the agreed business plan in 2024. With the investment in place, the Executive Management Team are confident of timely delivery & monetization of early production in one of the DRO's (Discovered Resources Opportunity) Ular Gas Field where first gas is expected in year 2027 to meet the Malaysian Domestic gas demand.
Current studies based on processed 3D seismic data & surrounding wells confirms ca.100 MMBOE of discovered resources in PM340 Block. Additionally, some 5.0 Tscf of contingent resources have also been estimated in various identified prospects within PSC Block. The HARTA GLOBAL ENERGY SDN.BHD.'s Management Team is very excited with these latest findings, the planned development and the exploration-appraisal programs.
HARTA GLOBAL ENERGY SDN.BHD., through its subsidiary SKYE-UMDP EXPLORATION BERHAD intends to develop the smaller gas discoveries in several phases sequentially, ensuring a long-term gas supply forecast.
HARTA GLOBAL ENERGY SDN.BHD. has appointed Dato' Dr. Ir. Mohd Ghazali Bin Haji Kamaruzaman as Executive Chairman and En.Ir.Ramlan Hamzah as President & Group Managing Director, both being the shareholders of SUNGAI TIANG DEVELOPMENT SDN.BHD. Meanwhile Mr. Kenney Song, Chairman of TOUCHSTONE CAPITAL GROUP HOLDING LTD and Mr. Azhan Muhammad, founder of AM CAPITAL PARTNERS SDN.BHD. shall join as Directors of HARTA GLOBAL ENERGY SDN.BHD.'s board of management.
Dato' Dr Ir. Mohd Ghazali Bin Haji Kamaruzaman, Executive Chairman of HARTA GLOBAL ENERGY SDN.BHD. commented on the investment, stating: "The management team is very excited with this development and both TOUCHSTONE CAPITAL & AM CAPITAL PARTNERS have shared their aspirations of turning HARTA GLOBAL ENERGY SDN.BHD. into a full-fledged Exploration & Production (E&P) company of choice in this region, with eyes on the potential opportunities in Sabah Oil & Gas industry among others.
The investment aligns with the Malaysian Government's goals for economic growth, with Mr. Kenny Song, Chairman of TOUCHSTONE CAPITAL GROUP HOLDINGS highlighting the importance of Block PM340 in driving the country's gas demand. He stated, "HARTA GLOBAL ENERGY SDN.BHD. is exactly the kind of forward-looking enterprise that will play its part and contribute to Malaysia's economic growth. Their commitment showcases the diversity and strength of our oil and gas sector. I am committed to fostering an environment where companies like HARTA GLOBAL ENERGY SDN.BHD. can thrive, creating job opportunities, driving innovation and new technology applications".
AM CAPITAL PARTNERS investment signals strong belief in HARTA GLOBAL ENERGY SDN.BHD.'s growth potential. The private investment firm's founder Mr. Azhan Muhammad, who is also the Co-founder of the UK based asset management firm, VEMI VENTURES remarked, "We are excited about HARTA GLOBAL ENERGY SDN.BHD. and SKYE-UMDP EXPLORATION BERHAD's growth trajectory and confident in their core business proposition that the company is focused on especially in the "new and green energy" economy. The technical and commercial team at HARTA GLOBAL ENERGY SDN.BHD. and SKYE-UMDP EXPLORATION BERHAD are of the highest calibre, and we are joining hands together to bring a successful outcome from multiple objectives that the Harta Global team are working tirelessly to deliver."
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