Mirach Energy

Mirach Energy: Recent oil discovery at KM-607 well produces an average 220 barrels of oil per day (bpd), bringing total production at Kampung Minyak (KM) oil field to 360 bpd. The report was delayed by one-month due to the need to obtain approval from PT Pertamina, its joint operation partner at KM, to enhance surface facilities including the procurement and installation of a new wellhead. The KM-607 well was first uncovered on 9 Aug below an old production oil layer. The surprisingly high pressured well was touted as a potential "game-changer", which was anticipated to produce an additional 100 bpd. Voyage Research is the only house that covers the stock; it rates Mirach as a potential gem with a sum-of-the-parts valuation of $0.75.