Inikaliok

Inikaliok | Joined since 2015-11-04

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Stock

2015-12-28 10:14 | Report Abuse

Ha! Ha! Ha! Let the games begin. Now we are talking!!! You sue me, I sue you and TELL THE TRUTH IN COURT!! At least got a slight chance the slimy guy will be forced to tell the truth under oath. Ha! Ha! Ha!

2 months past and lots of activities exposed - still they have no money to pay for the dry well in Australia. Nice drama unfolding with shareholders money, the winners still the same, now extra participant - the lawyers who win at any cost. NICE!

Stock

2015-12-24 12:32 | Report Abuse

December 2015 presentation conveniently left out their prize possession which they have been blowing trumpet past 2 years - billion barrels in Oman and oil discovery in Oman - well now that Rex has bought them out - they quietly left this information out hoping shareholders will not notice

http://www.hibiscuspetroleum.com/download/pdf/media/news/Investor%20Presentation_December%202015%2020151211.pdf

For ease of comparison - I post the October presentation below.


http://www.hibiscuspetroleum.com/download/pdf/media/news/Investor%20Presentation_October%202015%20R1%2020151002.pdf

See how the billion barrels of oil reserves dissaper? Poof!!! And no explanation provided in the December presentation. Pity the shareholders.

Stock

2015-12-23 21:48 | Report Abuse

And please don't stoop so low by calling names - if you have substance to write - by all means - I have said before - these guys worked for me before and I know them well. You are not my league so I ale I'll forgive you this time for you abusive nature.

Stock

2015-12-23 21:46 | Report Abuse

Myob - I wish you all the best. Never get emotions overcloud your judgment - I have no control over price. If I do, then I would be on a buying frenzy of all stocks now. On the contrary - I have been out of the market for a long time now as all the signs are pointing otherwise. Market is ripe for a huge correction worldwide.

I write here only because I know these people and I Know this is a scam. Good luck to you. Hope Your 3 cents up works, lets not think

Stock

2015-12-23 19:53 | Report Abuse

The great Polo - loss USD 61.2 million last year - a loss making company buying a loss making company - a good Christmas joke. Read and weep

http://www.proactiveinvestors.co.uk/companies/news/120682/resources-sector-challenges-take-toll-on-polo-120682.html

Wow! Wow! Wow!!

Stock

2015-12-23 19:52 | Report Abuse

And the best and juicy news..


"This month Polo took an 8.4% stake in Hibiscus Petroleum, a Malaysia listed oil firm, whose assets, it says, are set for a step-jump on completion of two recent acquisitions.

Its current development assets are in Australia with an estimated 8 million barrels of 2P/2C reserves/resources but that's set to jump to around 47million barrels with the completion of the Hydra and Anasuria acquisitions.

Polo shares slipped 13.58% to 1.75p each in early deals."

Walao - buy Hibiscus alone - Polo share price tanked 13.58%.

AND PEOPLE HERE STILL THINK THIS IS A GOOD PRICE TO BUY.

Happy holidays - the truth will slowly come out - and it has been flowing for the past two months.

Stock

2015-12-23 19:49 | Report Abuse

"Releasing final results for the year to end June, Polo revealed the loss after tax had widened to US$61.2 million (loss of US$19.1 million in 2014), mainly due to a write-down of US$54.6 million against GCM Resources (LON:GCM), Signet Petroleum, Ironstone Resources and Equus Petroleum.

There was also a US$3.5mln hit on the assets at its 90% owned Nimini Gold project in Sierra Leone."

Stock

2015-12-21 10:40 | Report Abuse

clp72 - I feel for you but you have to take everything that has been published the past 2 months into account and coupled with the very weak oil price - you will have to be brave to accept the facts that there is no future remaining.

Painful as it may be - chances of it dropping futher far outweighs its going up. The fact that a company has repeatedly failed and continue Togo for capital injection via private placement no matter how low the share price is already a tell tale sign the end is near.

Stock

2015-12-15 15:24 | Report Abuse

clp72 / seanteoh / skybursa - you are on the right track.

Sometime the bitter pill is the hardest to swallow but it is the best to cure your pain.

Why is this guy always giving dodgy answers and not giving straight answers. REX has given facts and figures. Very slimy guy - always running away with non-committal answers. This is how you hood winked gullible innocent victims.

I do feel really sorry for those who fall into the trap. As clp72 has rightly states, if you think you are being screwed, why not take the battle to court and make your shareholders comfortable that you have a case rather than just stating a cloudy meatball answer.

More to come!

Stock

2015-12-15 13:24 | Report Abuse

http://rex.listedcompany.com/newsroom/20151214_120237_5WH_1S9EJOZ8P65S5D0Z.1.pdf


Hibiscus shares in Lime Petroleum is now only a mere 1.23% from original 35%. What a great shame for a company that boasted this for past 4 years as a achievement.

Please read attached and below.

Oman has already been reduced significantly to 2.2% from 22.4%. A real disaster.

Any other proof needed to show how the company is heading for bankruptcy and got no money. RM100 million owing now for the last failed Australia drill is just another big hole yet to be filled. This is the money they are desperately trying to find by placing shares to Polo and others at cheap sale prices now. One can only wonder how Botak is selling his darken soul convincing others that is a good price when he was doing the same to investors at RM1.80 and RM1.50 and RM0.75 cents. Now the inevitable is happening and he cannot control irony that his partner is taking him out of business because of his non-performance.

Trust 1 cent stock and this is what you get. Greed kills.


"The Board of Directors (the “Board”) of Rex International Holding Limited (the “Company” or “Rex”, and together with its subsidiaries, the “Group”) wishes to inform that Lime Petroleum Norway AS (“LPN”) has completed a restructuring exercise (“Restructuring”) of its share capital on 10 December 2015. The Group’s effective interest in LPN before the Restructuring was 74.16%. The Restructuring was approved by LPN’s shareholders at an extraordinary meeting (“EGM”) held on 12 October 2015.
At the EGM, shareholders of LPN passed several resolutions for the Restructuring of LPN’s share capital. The resolutions included certain capital reduction exercises (“Capital Reduction”) and a subsequent increase in share capital through a new share issue. Following regulatory approval of the Capital Reduction, LPN’s share capital was restructured to NOK 80,320,000 (approximately USD 9.27 million based on an exchange rate of USD 1 : NOK 8.6603 as at 11 December 2015) from a share capital of NOK 382,000,000 (approximately USD 44.11 million) by catering for uncovered losses of NOK 30.9 million (approximately USD 3.57 million) and transferring NOK 270.8 million (approximately USD 31.27 million) to other equity. The exercise included cancellation of 900,000 LPN shares held by Rex International Investments Pte. Ltd. (“RII”), a wholly-owned subsidiary of the Company, and NOK 77.4 million (approximately USD 8.94 million) was repaid to RII. RII then reinvested the NOK 77.4 million into LPN’s subsequent share capital increase.
Pursuant to the completion of the Restructuring and the issuance of new LPN shares, RII’s direct interest in LPN had increased from 26.18% to 96.49%, as RII has subscribed to the entire new share issue of LPN for NOK 77.4 million which was fully satisfied in cash on 4 December 2015. The investment of NOK 77.4 million into LPN was arrived at after taking into consideration LPN’s unaudited net tangible asset value and net asset value of NOK 331.01 million (approximately USD 38.92 million based on an exchange rate of USD 1 : NOK 8.5049 as at 30 September 2015) as at 30 September 2015 and its growth potential, given its stakes in 19 licences in the Norwegian Continental Shelf and its plan to drill at least three more wells in 2015 and 2016. Lime Petroleum Plc (“Lime Plc”), in which Rex has a 65% interest, holds the remaining 3.51% interest in LPN. The Group’s effective interest in LPN had increased from 74.16% to 98.77%. "

A sad-sad ending indeed.

Stock

2015-12-12 15:58 | Report Abuse

Gents - since you talk about cost - I am obliged to provide input - shale oil has really gone lean. They can now produce at very cheap cost even USD25 per barrel. Look at the EIA weekly numbers and you will be amazed at the efficiency they have achieved.

If they can do that - oil is going to stay low for a very long time and if you are not a big player in this industry - you will buckle

Stock

2015-12-12 15:52 | Report Abuse

http://www.marketwatch.com/story/4-reasons-crude-oil-prices-are-in-a-nasty-death-spiralagain-2015-12-10

Based on current drilling costs, Perry estimates that a break-even price for shale-oil production would be at “something less than $40 a barrel because there is still a lot of drilling going on at this price.”

The “’drop dead’ price when it gets low enough to stop all significant drilling is probably down at $25 to $30 a barrel,” he said. Even then, drilling will merely “taper off as it approaches the absolute break-even.”

Stock

2015-12-12 08:15 | Report Abuse

Victor - oil price at USD20 is happening and is around the corner. The Arab war between Saudi and Iran for market control is about to kick-off.

Iran has 100 million of oil stored away waiting to be unleased coming January and this will flood the already saturated oil market. Saudi will react big time and give more discount to maintain their market shares. The big Arab boys cost is below USD10 per barrel to produce - so they have lots of room to manouvre

Stock

2015-12-12 08:06 | Report Abuse

Ha! Ha! Ha! Myob - you are so desperate now. I have to disappoint you. Non-SYARIAH shares are not my cup of tea and I shy away from the financial markets since February due to the deteriorating RM. You need to be more mature and to be sensitive to the ongoing world events and not just be blind sided by emotions.

I write here to expose the scam as I know the clowns in this company very well as they worked for my organization before. It's a chess game and I can predict their next move, soon they will be check mate themselves. Caught in their own web of lies and deception.

If you are now a "reluctant" investor and blinded by your view even when oil price has slid to USD37 And will go even Lower by end January 2016, facts will remain facts.

Just enjoy the show as I enjoy exposing the wrongdoings: if anything I write is far from it, I am responsible for it.

And never buy something just because it is cheap: cheap stuff not good, and good stuff not cheap!

Enjoy your weekend! You need it!! Hahahahahhaha

Stock

2015-12-11 20:58 | Report Abuse

Oil is slipping - just be aware things will get worst coming January. Bottom is not seen yet

Stock

2015-12-11 20:57 | Report Abuse

Oil is slipping - just be aware things will get worst coming January

Stock

2015-12-11 20:24 | Report Abuse

And by the way - Another factor accelerating Botak ambition to cash in quick irrespective of what price the share he does the placement - the deterioration of oil price. Scammer must be thinking better to get whatever money now before too late as oil prices are crashing and as they have portrait to be an oil EnP company - they are the direct line of fire, in other words - the most severely hit by the falling oil prices as compared to other oil and gas service provider companies.

It also tells you the HYDRA deal is a SCAM - as they will have no more shares to offer for the deal. Botak think he is smart - as he think people will forget over time what he has said. Nice to see how this whole scam slowly falls apart.

Oil is already on its way down. And that is one thing Botak has no control over and can't pull his scam on. Hahahahahhaha!

Stock

2015-12-11 20:14 | Report Abuse

Ha!Ha!Ha! Really no money - so desperate to do placement even at this price. Announce today

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4949209

Pity those investors who took placement at RM1.50 and above. The way they keep issuing more kacang Putih shares, now already over 1 billion shares with zero revenue, I won't be surprise the auditors will flag a growing concern soon. This is not the way business is run, ie you Keep diluting shareholders and raising funds just to keep the company floating to pay debts and salaries / overheads etc. My bet is this time is to get money in to pay some of the Australia failed drilling owing before they default and get sued.

Stock

2015-12-11 09:41 | Report Abuse

Murali - if you look at their accounts - you will see they spend USD1 million a month paying salaries to all their happy staff and overheads and call this operating expenses. What a joke! A company that has no revenue how come spend so much and pay so much and claim it is operating expenses?

Hahahahaha! Also that Alone is US12 million losses a year - and US60 million for 5 years or RM250 million losses accumulated in 5 years - fat pay cheque and office expenses including business class travel fine dining etc.

So - if you are prudently running a loss making company - will you do that?

Rex is having friction with them because they never paid their portion of shareholding and hence Rex had to take up and dilute their shares. Hibiscus used the money elsewhere, and into their own pockets.

Lastly - RM100 million burn on last dry hole and they issue private placement of 90 million shares that raised RM20 mil just to cover their operating expenses. Soon this money will run out and with oil price at current levels, they have very serious issues at hand.

Stock

2015-12-11 08:45 | Report Abuse

Ask him why his salary is RM195,000 per month. And ask the Chairman why he got no shame allowing such things to go on when no revenue for 5 years. What a scam.

Stock

2015-12-10 12:22 | Report Abuse

Yes right!!! Investor money - they decide.

1. Investors took up millions of CRPS at RM1.80 - they decided
2. Investors took up millions of private placements from RM1.50 right down to RM0.67 cents - they decided
3. Management share at 1 cents - they no need to decide - always on the winning side.

What a joke !!! Already rock bottom? You have a crystal ball? Those investors who bought at all those placement thought what - they buying sky high price or rock bottom?? Those high net worth people or investors were fools?? And you now a genious???

When you have cheated so many investors and ran out of high net worth investors to scam, you get caught. Now at 23.5 cents - new 42 year old investor found with oversea fund - let's see how long he decide.

What happened to all the millions of money pumped into the company - all gone to waste. To date more that RM650 million pumped in and the company still got no money to operate.

5 years now no revenue and now owe RM100 million for the last dry hole. How they got to pay with current low oil prices? With the latest friction with REX - it's a matter of time when the real truth will come out. The hiding and deception will end.

RM2.74 right down to RM0.245cents and what have they done. Increase more shares in the market just to stay alive buy issueing more shares to pump money to pay their salaries and overheads. If you don't know business - then I feel sorry for you.
10/12/2015 12:18

Stock

2015-12-08 23:19 | Report Abuse

Hibiscus is NON SYARIAH compliant - BABE kan pandai semua. Dia kan pandai invent - opps.

Judi Itu Haram Dan invest in non SYARIAH counter - tau aje lah!

Stock

2015-12-08 20:20 | Report Abuse

Very true indeed! There is a very big difference between investing and speculating.

Babe- Judi aka gambling Itu haram and adalah dosa besar. Before you write here trying to preach absolutely nothing, stop gambling.

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2015-12-08 14:12 | Report Abuse

I already warn you guys on November 30. See below.



Stock: [HIBISCS]: HIBISCUS PETROLEUM BHD
Nov 30, 2015 09:40 PM | Report Abuse

On November 16, 2016 - this is what REX announce

http://rex.listedcompany.com/newsroom/20151116_061249_5WH_0BLRU663PLODQZQ9.1.pdf


Pursuant to the completion of the Capital Injection, Rex Oman now holds 5,760 MOL shares, representing approximately 57.60% direct interest in the enlarged issued and paid-up share capital of MOL. Lime and Petroci hold the remaining 6.4% and 36% interest in the enlarged issued and paid-up share capital of MOL, respectively. Accordingly, the Group’s effective interest in MOL has increased from approximately 41.60% to 61.76%.

And.......now they not interested in Oman - hahahahahaha


mushashi Another lie trying to hide - BOTAK really desperate trying to hide all the real news...Wakakakakakakakakka

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=189714&name=EA_FR_ATTACHMENTS

See page 8

"On 2 December 2014, Masirah announced that it had commissioned a new 3D seismic survey in Block 50 Oman. The seismic survey commenced data acquisition activities in November 2014 and this is now completed. Data processing of the seismic data, including analysis with RVD has been completed and several prospects were identified by Masirah for further exploration drilling. Based on independent, conventional analysis, the sub-surface team of Hibiscus Petroleum does not believe that these are the best prospects to be considered for further exploration capital investment and unless mutually acceptable drilling locations can be agreed, Hibiscus Petroleum may not participate in the proposed drilling programme. In such circumstances, it is possible that our interests in Masirah may change. However, the Company will safeguard its rights and interests accordingly in this regard."


They will not participate because NO more shares lah!! Last time 22.4 % stake in Oman - now diluted to 2.2 % only - no more money and no more shares. koyak King!!

Stock

2015-12-08 14:10 | Report Abuse

Siapa pergi AGM - panas ! Panas! After AGM - collapse. End is near.

Stock

2015-12-08 14:08 | Report Abuse

Wah! Drama - now Rex will sue Habiskut and Habiskut buat apa? Very little shares in both lime and Norway - all kena diluted because no money. Last drill Australia how to pay? RM100 million burned. Anyone here can give or not?

Stock

2015-12-02 20:53 | Report Abuse

Wah! Esok below 23 cents.

Stock

2015-12-01 22:00 | Report Abuse

Kenen - revenue so low and profits higher than revenue ---- ahem! Ahem! They never teach you? Learn from the great botak how to invent new accounting that will revolutionize the world -

He also lend money to make sure the company had positive bank balance of RM600,000. Otherwise - bank negative 400k lor



Stock: [HIBISCS]: HIBISCUS PETROLEUM BHD
Nov 30, 2015 08:09 PM | Report Abuse

Cash advances from a director - RM1 million - see page 15 - feel like crying Lah. One hand he rip company off -next he lend money to rip more -

Stock

2015-12-01 21:54 | Report Abuse

Even counter drop to 10 cents they will still issue shares for private placement and raise funds - just watch they clean everyone dry BEFORE file for bankruptcy. PN17 is out of the question now.

Stock

2015-12-01 21:51 | Report Abuse

Hahahaha strategist - you are spot on!!! They have lots of overhanging overdue expenses that have not been paid yet - and they have no revenue to pay for this and no local financial institution is giving them any money - so they Lelong the shares!!

REMEMBER THEIR SHARES ARE ONLY 1 cent!! Only 1 cent! And they don't give a shit how many shares they keep issuing as long as they can keep feeding themselves. The botsk salary is Rm195k per month. If no revenue - who going to pay?

Stock

2015-12-01 19:37 | Report Abuse

Opps sorry - placement at 23.5 cents - those bought higher than these better buy tissue paper

Stock

2015-12-01 19:36 | Report Abuse

Fuyoh!!! Company reallŷ no money

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4939593


"On behalf of Hibiscus Petroleum, we wish to announce that the Company had on 1 December 2015 (“Price Fixing Date”) fixed the issue price at RM0.235 per Placement Share (“Issue Price”).

The Issue Price represents a discount of approximately 4.6% to the 5-day volume weighted average market price of Hibiscus Petroleum Shares up to and including 30 November 2015, being the market day immediately prior to the Price Fixing Date, of RM0.2463."

Die standing!!!!!


If they can issue at 0.24 cents - all those who took private placements at 75 cents and 80 cents all koyak.

The company really no money and because of that even at such low price can do placement - THIS MONEY STILL WILL NOT BE ENOUGH TO PAY FOR THE AUSTRALIA LOSS OF RM100 million.

Bankruptcy sooner than I thought!!

Stock

2015-12-01 16:01 | Report Abuse

Sharks trying very hard to exit - so much churning going on - this already over goreng but struggling to exit. Once they give up, kaboom!!! Drop like no tomorrow! Beware!

Stock

2015-12-01 15:57 | Report Abuse

Nice show - so much volume - left hand right hand left hand right hand - nice trap.

Later in the week new low. More reluctant investor incoming for this soon to be bankrupt company

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2015-11-30 22:26 | Report Abuse

Thanks - I take it as a compliment

Stock

2015-11-30 22:16 | Report Abuse

Thanks strategisst - mind sharing others that I missed out

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2015-11-30 21:50 | Report Abuse

Strategisst - mind sharing what is the most glaring points to you?

Stock

2015-11-30 21:46 | Report Abuse

Twinkle twinkle all you will see later is stars!! When all your money gone - wakakakakakakakakakaka!!,

Stock

2015-11-30 21:43 | Report Abuse

See how cleverly worded the snake tongue " is possible that our interest in Masirah may change" .... Oooooooooooiiiii thamby botak why not tell the truth Lah and stop lying!!!! Really forked tongue snake - kakakakakakakakakakakakaakkak

Stock

2015-11-30 21:40 | Report Abuse

On November 16, 2016 - this is what REX announce

http://rex.listedcompany.com/newsroom/20151116_061249_5WH_0BLRU663PLODQZQ9.1.pdf


Pursuant to the completion of the Capital Injection, Rex Oman now holds 5,760 MOL shares, representing approximately 57.60% direct interest in the enlarged issued and paid-up share capital of MOL. Lime and Petroci hold the remaining 6.4% and 36% interest in the enlarged issued and paid-up share capital of MOL, respectively. Accordingly, the Group’s effective interest in MOL has increased from approximately 41.60% to 61.76%.

And.......now they not interested in Oman - hahahahahaha


mushashi Another lie trying to hide - BOTAK really desperate trying to hide all the real news...Wakakakakakakakakka

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=189714&name=EA_FR_ATTACHMENTS

See page 8

"On 2 December 2014, Masirah announced that it had commissioned a new 3D seismic survey in Block 50 Oman. The seismic survey commenced data acquisition activities in November 2014 and this is now completed. Data processing of the seismic data, including analysis with RVD has been completed and several prospects were identified by Masirah for further exploration drilling. Based on independent, conventional analysis, the sub-surface team of Hibiscus Petroleum does not believe that these are the best prospects to be considered for further exploration capital investment and unless mutually acceptable drilling locations can be agreed, Hibiscus Petroleum may not participate in the proposed drilling programme. In such circumstances, it is possible that our interests in Masirah may change. However, the Company will safeguard its rights and interests accordingly in this regard."


They will not participate because NO more shares lah!! Last time 22.4 % stake in Oman - now diluted to 2.2 % only - no more money and no more shares. koyak King!!

Stock

2015-11-30 21:33 | Report Abuse

Strategisst - not may - will face!! They have no way to recover the huge loss of RM100 million on dry hole in Australia - that is why they are not reporting it this time - plus they are just silent on why Oman where they have oil flowing they cannot fund it- this is all because the have no money. And too much debts now - with current share price - there is no way they can do any share placement to cover any losses

Stock

2015-11-30 21:19 | Report Abuse

Ha! Ha! Ha! Look also at the material commitments at page 14 - RM136 mil - this was Mostly the money for the well drill in Australia - now where to find money to pay for this commitment - bankrupt soon -

Stock

2015-11-30 20:22 | Report Abuse

And this is for fun, guess how much cash in the bank since they declare so much profits..

They only have cash in bank of RM668,000 - see page 4 - unbelievable!!! How they lie and lie and manipulate the numbers and been getting away for the past 4 years!!!

Amazing! Even Spider-Man lose!

Stock

2015-11-30 20:19 | Report Abuse

And I save the best for last....... The profits are from net gain in foreign exchange - what a joke!!! Note that they have no operations gains.

Now I tell you how they PLUCKTHE NUMBERS. One of these is - They place USD13 mil in escrow account and this they now assume to be at 3.10 . So for this quarter reporting - they magically said they have taken an exchange rate gain as now ringgit is at RM4.26.


BUT THE VERY SAD NEWS...SOB! SOB! - the money is still not theirs yet and they have yet to account for the USD22.5 million losses. Next month they to find RM worth for USD22.5 million. This is what you call VERY CLEVER ACCOUNTING.


"THE MOST POISONOUS SNAKES IN THE WORLD ARE BLACK COLORED SNAKES"


PERFORMANCE REVIEW
The Group recorded a profit before taxation for the current financial quarter (“current quarter”) of RM4.8 million as compared to a loss before taxation of RM10.0 million in the corresponding financial quarter (“corresponding quarter”).
The profit before taxation in the current quarter is primarily due to net gain on foreign exchange of RM26.4 million arising from the appreciation of the USD against the Ringgit, which positively impacted the Group’s available USD-denominated balances and funds.
This is partially offset by expenses incurred for the Britannia Rig during the quarter amounting to RM6.4 million. Depreciation for the Britannia Rig commenced in December 2014 following its completion of works in ensuring its readiness for its intended use. A depreciation charge amounting to RM3.1 million was recognised during the current quarter. Any costs subsequent to this completion are maintenance in nature which would not enhance the value of the asset, and thus expenses off. Such costs amounted to RM3.3 million.
During the current quarter, the Group recorded revenue of RM0.2 million, a decrease of RM2.0 million as compared to RM2.2 million in the corresponding quarter. Such decrease is mainly due to lower revenue earned from project management, technical and other services from Lime and HIREX.

Stock

2015-11-30 20:09 | Report Abuse

Cash advances from a director - RM1 million - see page 15 - feel like crying Lah. One hand he rip company off -next he lend money to rip more -

Stock

2015-11-30 20:03 | Report Abuse

Company really no money - even took cash advance from DIRECTOR - the Botak who is very rich

Stock

2015-11-30 20:01 | Report Abuse

2. Fail to announce losses of RM100 million ( see page 11) - last line say will announce end December - hahaha

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=189713&name=EA_FR_ATTACHMENTS



6 MATERIAL EVENTS SUBSEQUENT TO THE END OF THE FINANCIAL QUARTER (CONT’D)
(ii) On 11 November 2015, the Company announced that its wholly-owned subsidiary, CHPL advised that wireline evaluation and sampling of formation fluids over the 6 zones of interest identified on preliminary Sea Lion-1 data have been completed. This work has confirmed that no zones of commercial hydrocarbons were encountered in the Sea Lion-1 well. The well was plugged and abandoned and that operations at the drilling location are complete.
Please refer to our announcements dated 11 November 2015 and 16 November 2015 and to Part C, Item 1 of this Quarterly Report for further details.
Although there were no zones of commercial hydrocarbons encountered in the Sea Lion-1 well, as the Group plans to continuously explore other potential prospects within the permit, at this stage, we believe that it is too premature to conclude on potential impairment, if any. The impact of the Sea Lion-1 well results on the impairment assessment will be fully evaluated by the Group and the results will be disclosed in our Quarterly Report the financial period ending 31 December 2015

Stock

2015-11-30 19:58 | Report Abuse

What went wrong - lets digest - this is what I do best

1. Dilution of their interest in LIME NORWAY

SIGNIFICANT/UNUSUAL ITEMS (CONT’D)
(ii) Dilution of effective interest in Lime Petroleum Norway AS (“Lime Norway”)
Lime Petroleum Plc (“Lime”) is a shareholder in Lime Norway. Hibiscus Petroleum Berhad (“Hibiscus Petroleum” or the “Company”), via its wholly-owned subsidiary company, Gulf Hibiscus Limited (“Gulf Hibiscus”), holds a 35% equity stake in Lime.
Rex International Investments Pte. Ltd. (“RII”), a wholly-owned subsidiary of Rex International Holding Limited, had on 28 September 2015, entered into a subscription agreement with Lime Norway to subscribe for 1,000,000 new Lime Norway shares at a nominal value of NOK100 per share for a total transfer price of NOK100 million as capital injection into Lime Norway. Upon completion of the capital injection, RII will hold 1,000,000 Lime Norway shares, representing approximately 26.18% direct interest in the enlarged issued and paid-up share capital of Lime Norway, with Lime holding the remaining 73.82% direct interest in the enlarged issued and paid-up share capital of Lime Norway. Accordingly, the Group’s effective interest in Lime Norway decreased from approximately 35.00% to 25.84% upon completion of the capital injection.

Stock

2015-11-29 21:56 | Report Abuse

Mushashi - noted. I plan to go to AGM. I haven't watch Tamil drama for a long time now so live drama would be good. Lies after lies but for how long. The counter will be 10 cents soon.

I will ask 1 question - how long will they take to make RM100 million profits - this is just to cover losses of last drill. No need to ask about the other 3 failed drills as this counter is doomed.

Then I want to enjoy free lunch - sure got good parpu curry and thosai. Long time never eat such food.