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Last Price Today's Change   Day's Range   Trading Volume
0.155   +0.005 (3.33%)  0.145 - 0.155  20,654,900
19,640 comment(s). Last comment by Macgyver11 at May 6, 2021 3:57 PM
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bullmarket1628
506 posts

Posted by bullmarket1628 > May 5, 2021 5:53 AM | Report Abuse

Oh my goodness, oil price continue to spike up to sky high!‬
Brent closed at $6‪9.45 +1.89 +2.8%‬

‪Huat ah, Heng ah, Ong ah !‬


SleepingForest
229 posts

Posted by SleepingForest > May 5, 2021 7:54 AM | Report Abuse

Reliable info

1. The rig is covered by insurance. Regardless of the underlying cause as long as the setting was validated by safety manager .

2. The rig responsibility is under ConocoPhillips once the agreement was signed .

3. Velesto will write off naga7 , the loan will be set-off by insurance.

4. Velesto likely to lose on maintenance fee only . The rig rental agreement still need to be bourne by ConocoPhillips until the settlement of loan or write off by insurance agency .


pestariang
14 posts

Posted by pestariang > May 5, 2021 8:46 AM | Report Abuse

minyak hit kaw kaw: Goldman: Oil To Hit $80 On Largest Ever Demand Jump


JJchan
6891 posts

Posted by JJchan > May 5, 2021 9:20 AM | Report Abuse

Saving private Ryan movie----This what IB is doing today. Maybe under PNB instruction


pestariang
14 posts

Posted by pestariang > May 5, 2021 10:02 AM | Report Abuse

will the price would be sunk to 0.11 as maybank forecast?


JuliusCeasar
693 posts

Posted by JuliusCeasar > May 5, 2021 10:57 AM | Report Abuse

Brent oil already hit usd 70 but MOST O&G share price is not moving up..... Maybe higher oil price is not the key factor.... Positive Qr is the main fundamental.
Higher oil price currently fail to stimulate O&G share price.


JuliusCeasar
693 posts

Posted by JuliusCeasar > May 5, 2021 12:58 PM | Report Abuse

I think if hit USD 80 also these O&G stocks are still not going to moving up a lot.... If going up its around 0.005 to 0.01 cents.

BIG PLAYERS ARE NOT EAGER TO PUSH UP THE PRICE NOW...... ITS REALLY FOR LONG TERM INVESTMENT....... THE PRICE ONLY CAN SEE CLEAR MOVING AFTER 6 MONTHS FROM NOW....


Jjkcl
702 posts

Posted by Jjkcl > May 5, 2021 12:58 PM | Report Abuse

KUALA LUMPUR (May 5): The sinking of Velesto Energy Bhd’s Naga 7 rig offshore Sarawak yesterday has prompted CGS-CIMB to upgrade the company to "add" while raising its target price to 19.5 sen from 17 sen prior.

Calling it a possible “blessing in disguise”, analyst Raymond Yap said the valuation impact of the sunk rig may be positive as its insurance claims may exceed the written-off net book value (NBV) which is estimated at RM400 million.

“First, the Naga 7 is fully insured and the insurance value is pegged to the outstanding debt secured on the rig,” he said.

He believes that the insurance claims are conservatively worth RM350 million, but could exceed the NBV of the rig.


JJchan
6891 posts

Posted by JJchan > May 5, 2021 1:10 PM | Report Abuse

This cgs-cimb valuation is really walking on the dark side...anyway even Titanic can be raised.
If a Old car get into an accident, saving it is just a waste of time and money


Rateofreturn75
227 posts

Posted by Rateofreturn75 > May 5, 2021 1:16 PM | Report Abuse

Bad luck for velesto, even can cover by insurance claim but it will take sometime to be back in business. Difficult to predict now.


SBHeng
27 posts

Posted by SBHeng > May 5, 2021 1:30 PM | Report Abuse

Omg... Sink... :o


DreamHunter
10003 posts

Posted by DreamHunter > May 5, 2021 1:33 PM | Report Abuse

yah kah


DreamHunter
10003 posts

Posted by DreamHunter > May 5, 2021 1:33 PM | Report Abuse

impacted little bit only la


DreamHunter
10003 posts

Posted by DreamHunter > May 5, 2021 1:34 PM | Report Abuse

soon recover la


DreamHunter
10003 posts

Posted by DreamHunter > May 5, 2021 1:34 PM | Report Abuse

hopefully


JJchan
6891 posts

Posted by JJchan > May 5, 2021 2:04 PM | Report Abuse

Really no big Deal....Sapnrg had many jack-up (seadrill ) sitting ideal around Sabah area---
Brother and Sister Deal and Same father too (PNB)


AlsvinChangan
77 posts

Posted by AlsvinChangan > May 5, 2021 2:21 PM | Report Abuse

Rig already sinks in South China Sea to how earn profit?


JJchan
6891 posts

Posted by JJchan > May 5, 2021 2:32 PM | Report Abuse

If Velesto secured more contracts in 2021, they have to rent Jack-Up Rig too. Maybe can get
a better Deal from Sapnrg (Seadrill )


pestariang
14 posts

Posted by pestariang > May 5, 2021 4:02 PM | Report Abuse

the price now tilt by -0.01 degree


pestariang
14 posts

Posted by pestariang > May 5, 2021 4:36 PM | Report Abuse

wow this counter really kesayangan PNB till now only drop liltle


Macgyver11
875 posts

Posted by Macgyver11 > May 5, 2021 4:37 PM | Report Abuse

PNB darling counter lerr


Macgyver11
875 posts

Posted by Macgyver11 > May 5, 2021 4:38 PM | Report Abuse

Tak ada hal le..Velesto boleh bangun balik.


pestariang
14 posts

Posted by pestariang > May 5, 2021 6:49 PM | Report Abuse

PN17 for what reason?


Rateofreturn75
227 posts

Posted by Rateofreturn75 > May 5, 2021 8:07 PM | Report Abuse

Uncertainties for this counter, should stay away until everything more clearer.


Jjkcl
702 posts

Posted by Jjkcl > May 5, 2021 8:27 PM | Report Abuse

Steady no worries


SleepingForest
229 posts

Posted by SleepingForest > May 5, 2021 9:30 PM | Report Abuse

Won't fall much . Velesto is very heavy . Will change +- 0.005 to 0.05 only . Nothing to worry . Of drop should have dropped yesterday or today when the news broke out .

Investors are not selling because the rig is insured more than the write off value . Anyhow velestowull not be in loss .

ConocoPhillips is the one Will be in loss


mamatede
3612 posts

Posted by mamatede > May 6, 2021 8:30 AM | Report Abuse

CGS-CIMB really thinks like a shark. But then again the penalty, investigation and reputation is something that is hard to quantify.


mamatede
3612 posts

Posted by mamatede > May 6, 2021 8:31 AM | Report Abuse

I donno how conocophillips will be at a lose? when the fault is not with the client and why client must be responsible with your mishap?


mamatede
3612 posts

Posted by mamatede > May 6, 2021 8:32 AM | Report Abuse

and the rig is also not operated by conocophillips. since agreement has been signed. Velesto need to compensate conocophillips for not delivering their service. really bad situation.


pestariang
14 posts

Posted by pestariang > May 6, 2021 8:58 AM | Report Abuse

how to do the drilling when the site is declare as catastrophic area.


obakh222
313 posts

Posted by obakh222 > May 6, 2021 9:23 AM | Report Abuse

Stu pid donno how to work. No wonder price is cheap.


driller71
109 posts

Posted by driller71 > May 6, 2021 9:53 AM | Report Abuse

if Conoco Phillips still wants to drill to the target depth, they can position a new rig at a different location and do a directional drilling.


bullmarket1628
506 posts

Posted by bullmarket1628 > May 6, 2021 9:57 AM | Report Abuse

Wow, oil price continue it's uptrend !‬
‪Brent now at‬ $69.06 ‪ +0.41 +0.60%‬

‪Huat ah, Heng ah, Ong ah !‬


pestariang
14 posts

Posted by pestariang > May 6, 2021 10:14 AM | Report Abuse

i belived there are 7 rig by velesto. can velesto use the other to do the drilling? if can that mean the income still continue right and supposely no shriking on the income due this incident right?


driller71
109 posts

Posted by driller71 > May 6, 2021 11:18 AM | Report Abuse

...
some Velesto's rigs are already contracted to Petronas & other operators...some are cold stacked and will take time to reactivate... will have impact on the income from Conoco Phillips & future revenue for sure, it's not a plug & play situation. Only Velesto can clarify this.


MamakKutty
237 posts

Posted by MamakKutty > May 6, 2021 11:35 AM | Report Abuse

just wondering did conoco specially require Naga7/certain classification to do the job? if replaced by other cold stacked rigs need to re-certify with the classification?


driller71
109 posts

Posted by driller71 > May 6, 2021 11:54 AM | Report Abuse

...
Naga-7 is a premium rig, built in 2015. No idea of Conoco's justifications of hiring Naga-7. Sister rig to Naga-7 is Naga-6 which was built in the same year. Naga-6 was warm or cold stacked before...no idea what's going on now. Will take time to reactivate. Or maybe somebody already hire Naga-6. No news in the industry yet i.e no contract awarded to anybody. As of now, Naga-6 is warm / cold stacked.

Only Velesto can answer this, if you have insider info.


MamakKutty
237 posts

Posted by MamakKutty > May 6, 2021 12:14 PM | Report Abuse

you think if using a b-class rig the outcome will be different?


driller71
109 posts

Posted by driller71 > May 6, 2021 12:38 PM | Report Abuse

...
Keppel FELS B Class in Velesto's fleet can be used...to drill wise...but are there any available right now ready to go in....contractually & rig-readiness I mean.

Also, not sure what Naga-7's additional capability that Conoco requires such as MPD pipework ready or offline capability ready... no idea.


Macgyver11
875 posts

Posted by Macgyver11 > May 6, 2021 3:57 PM | Report Abuse

Not bad ha...

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