Don't run lah. Why want to run. Just sell on news only or what ever, temporary only. Velesto back on track. Things might be different after the 2nd qtr. Think in out of the box. 2nd qtr trust me will generate more income and strengthen their cash flow. Soon more institutional will join in..2c

😀

Velesto Net profit 14mil for 1st qtr. That's ok just a beginning. 2nd qtr expected to increased further since DCR rate also increased

Not officially announce yet to bursa. So we must ruled out this first. My 2c.

trade74
PTTEP work was not listed in Macgyver11 summary. Maybe an earlier contract kot

Qtr announcement maybe today or 2morrow...final countdown.

Cannot say like that also. Look at transaction before the last qtr announcement, volume very and price spiked up very fast but qtr turn out bad....boom! Price plunged from 0.26c to 0.19c.

https://youtu.be/9jK-NcRmVcw

reener

VELESTO is optimistic about the new contract
Sinchew Mon, May 22, 2023 09:03am - 7 hours




Xiao Chen from Kuala Lumpur asked: What is the latest business progress of VELESTO Energy (VELESTO, 5243, Main Board Energy Group)? How good is the prospect? Can I buy it?

Answer: VELESTO Energy recently announced that it has won the contract awarded by PETRONAS Carigali. Its three jack-up drilling rigs Nage3, 4 and 6 will be responsible for drilling up to 20 oil wells. The total value is US$128 million (approximately RM569.536 million), or equivalent to US$128,000 per day.

As the demand for jack-up drilling remains strong, analysts are optimistic that the utilization rate of VELESTO Energy's drilling rigs will exceed 80% this year and the daily rental fee will exceed expectations, so the financial forecast has been raised.

Don't forget that they received another contract from Petronas this year valued MYR 580mil. Overall they have order book around 1.3 to 1.5 bil in hand, correct me if I'm wrong. Just 2c

Let's review back Velesto contracts whether it can contribute to positive earning in up coming qtr rather than assuming....

1) 1/2/2023
Velesto awarded short terms contract from ROC oil sarawak.
Contract value: 14mil (about MR 64mil)
Rig deploy; Naga 2
Contract duration: 25/1/2023 to 25/2/2023

2) 7/11/2022
Contract from; Hess exploration Malaysia
Value: usd 135mil ( MR: 613mil)
Rig deploy: Naga 5
Duration; 2022 to 2024
Commencing date: Q4 2022 (September 2022 onward)
Area: North malay basin (14 well)

3) 25/8/2022
Contract from: Petronas- plug & abandonment integrated service for Tembungo A
Value: not mentioned
Duration: 21 months
Commencing date: May 2022 to January 2024
(Tembungo B - start January 2024 to December 2024)

4) 11/3/2022
Contract from: Drilling program from Petronas (on call-out basis)
Value: Not mentioned
Duration: 2 years
Commencing date: 1st qtr 2022

5) 22/2/2022
Contract from: ExxonMobil Malaysia
Value: Not mentioned
Rig deploy: GAIT 6
Duration: 1 year
Commencing date: third qtr 2022 (September 2022 onward)

Every contracts that they received last year might visible in this year earning especially the contract from Hess carigali, its value is huge...

Hope sin gor prediction might come true..

Looking at the price trend, I think most probably qtr will announce earlier

IB ckp tak serupa semua buaya. We wait for qtr result out first. If qtr result excellent then IB change tp again if not they put bad comments and downgrade it. Bottom line our fate depends on up coming qtr. I hope velesto return to black.

Be humble. Don't celebrate too quickly. Stock market unpredictable.

Bon888

I'm going to make big money in this counter soon. Are you jealous Dumb and old Bob?

Besok betul -betul engine start punya...

https://www.klsescreener.com/v2/announcements/view/4808419

Another contract from Petronas worth usd 128mill...caaaaaantik!

Hopefully.

Velesto so steady.

Auto cruising now. Expected great QR result by end of this month.

Later EPF also sapu. Buckle up and just enjoy the ride along with them.

2019 glory coming...

Non of the Velesto employees subscribe ESOS so Megat Zariman grab it all. Don't care what is his intention but bottom line is good coz Director buying.

OPEC output cut plus depleted in crude oil inventory will worsen more the situations. This can easily push up the oil price back to usd100.....

Crude oil inventories in the United States fell by big numbers again this week, shedding 4.346 million barrels, the American Petroleum Institute (API) data showed on Tueday, with analysts expecting a smaller 1.8 million barrel draw.

The total number of barrels of crude oil gained so far this year is still more than 49 million barrels.

This week, SPR inventory dropped for the first time in 12 weeks, losing 400,000 barrels to reach 371.2 million barrels—the lowest amount of crude oil in the SPR since December 1983.

success2628Walaoeh, Oil price spike up Like mad !
Brent closed at=> $84.93 +5.04 +6.31%

Waa! So long didn't hear from you success

Where is Calvin the syndicate. Calvin hide here kah...

Brent usd 84. OPEC makes another output cut next month onward..

Oil closed usd79.95/ barrel last week. Another plus point for velesto. Let see what's oil price performance on Monday.

PNB still the major shareholder. Unless PNB dumping then something wrong. Now no need to worried. Why don't you ask PNB boss to buy your solid counter(TSH)...hahaha!

So what. Of course they need to disposed some shares lah. Cannot be always buy mah or hold only, they also need to make some money to pay their shareholders. Amanah raya Malaysia under PNB lah..you don't know meh. Recently PNB announced dividend payout 1.64bil. Just change hand only, right to left or else who want to buy such hugh amount in open market. You don't know how to pull the crowd to tsh, now you create story to tarnish this counter. Come on lah remember you are pastor...you mind and soul must clean don't be dirty mindset.

Calvin, Either you're in wrong blog or just wake up from coma. If you want to talk about tsh go to tsh blog lah. Solid rock your head man.

More bullish factors have lined up for heavy crude prices, too, including the end of maintenance season in the United States, which would mean a rise in demand heavy crude grades. Another bullish factor is limited supply from Venezuela and Ecuador, according to Bloomberg’s sources.

Venezuela’s oil exports have shrunk considerably as the government investigated unpaid oil delivery bills and Ecuador recently had to reduce production amid anti-industry protests in several communities from oil-producing parts of the country.

The protests prompted state-owned Petroecuador to declare force majeure on production from these regions, reducing the available amount of heavy crude.

The new refinery, located in the southern Chinese province of Guangdong, is currently ramping up, after trial runs last year. At capacity, the refinery will be able to process 400,000 barrels of crude daily. It can run on heavy crude only.

Exxon is among the investors in the mega-refinery project as part of its strategy to expand its global chemicals manufacturing capacity.

https://oilprice.com/Energy/Energy-General/The-Price-Of-Heavy-Crude-Oil-Is-Climbing.html

It's time to refill the SPR. Once this guy start to refill the SPR, it will trigger the oil price higher. Selling SPR is the biggest mistake that Joe Biden done, Saudi already warned him...

There is a narrative that I hear from time to time that President Biden made billions of dollars for the country by selling oil from the Strategic Petroleum Reserve (SPR) last year at high prices and buying it back at low prices. The only problem is that the story is only half true.

The Biden Administration did indeed sell a lot of oil from the SPR last year. Further, oil prices in 2022 were the highest they had been in years, averaging nearly $95 a barrel — the highest level since 2013.

However, the Biden Administration hasn’t bought back any of the 266 million barrels of oil that have been removed from the SPR since his inauguration. If Biden wants to legitimately receive credit for successfully playing as an oil speculator, then he needs to put the oil back. Right now, all he has done is deplete oil reserves that were built up under several previous administrations (Democratic and Republican).

Previously, the Biden Administration had resisted calls to refill the SPR, citing high prices. In October, with oil prices still above $80, the administration announced it would set up a process to refill the SPR when oil was priced between $67 and $72 a barrel.

As Bloomberg energy and commodities columnist Javier Blas pointed out on Twitter, the entire futures curve for West Texas Intermediate (WTI) is now below that range:

“The whole WTI futures curve is now below the bottom range of $67-$72 a barrel given by the White House to buy crude for the SPR. That’s the **whole curve, including the contract for immediate delivery**. Let’s see if the Biden administration pulls the trigger.”

Of course, the public loves low oil prices. Last year’s massive SPR release probably helped arrest the spike in oil prices. The risk of buying back that oil is that oil prices may stop falling.

But, not refilling the SPR leaves the U.S. with a significantly lower insurance policy against any oil supply disruptions. This would seem to be an opportune time to put at least some oil back into the SPR, while claiming credit for selling high and buying low.

US14 bil deal signed in O&G?
See if oil future is uncertain, they won't invest such a hugh fund into o&g field. Yesterday Saudi Aramco said they will invest 10bil in Chinese refinery plant. Today Brookfield.

As oil sector deal-making starts to show signs of recovery, Brookfield Renewable Partners will acquire Australia’s Origin Energy utility for over $10 billion, while the Permian basin has scored another victory with a $1.45-billion asset sale.

On Monday, a consortium led by Brookfield said it had agreed to acquire Origin (OTCPK:OGFGF) in a $12.4-billion deal, including debt.

Wow! Brent usd77+. Couldn't believe it. Usd80 reachable.

I earned tons of money from velesto in previous trading...otherwise I wont here for what wasting time if there's no future in stock we hold...

Hahaha. Tq. Those not interested better leave I suggest. Why you wasting time here as I believed you are professional investor. Normally professional investor won't wasting time putting negative comments....bcoz time is gold. Data speak loud.



BobAxelrod33

MacG kena hit on his heat by Velesto rusty nails, anchor and rotting rubbish....cannot help himself anymore.

Sorry not bursa, refinitiv lipper fund award

Manulife one of the best fund manager that select carefully what they invest. They won't invest blindly unless there's good return in the stock that they holding. Let's hope for best..

Among five favourite stock for Manulife this year as below:-

The top five holdings of the fund were Dayang Enterprise Holdings Bhd (3.6%), Bank Islam Malaysia Bhd (3.1%), Padini Holdings Bhd (3.1%), Velesto Energy Bhd (3%) and Genetec Technology Bhd (2.9%).

Manulife wins most top categories in bursa award recently.....

Manulife Investment Management (M) Bhd had one of its best years at the Refinitiv Lipper Fund Awards 2023. The firm clinched three group awards — Best Equity Group (Malaysia), Best Mixed Assets Group (Islamic) and Best Bond Group (Provident) — and bagged five fund awards.

The winning funds were in Lipper’s Conventional universe and Islamic universe. The firm clinched the awards for Best Equity Malaysia in the three-year category, Best Equity Malaysia Small & Mid Cap in the three- and 10-year categories and Best Mixed Asset MYR Flexible in the 10-year category.

After a major decline that saw oil prices fall to multi-year lows, oil markets appear to have bottomed out and begun an encouraging ascent higher. Over the past two weeks, a general bearish and risk-off sentiment cut across asset markets and triggered a lengthy unwind of speculative positions in oil futures. A top commodity analyst blamed the unusually steep decline to significant selling by banks in response to gamma-effects as prices closed in a concentration of producer puts around USD 75/bbl for Brent and USD 70/bbl for WTI crude.

Luckily for the bulls, in the current week, oil prices have staged a remarkable turnaround, with Brent climbing from a two-year low around $70 per barrel on Monday to USD 77.20 per barrel on Thurday’s intraday session while WTI has recovered from around $63 per barrel to $71.20 over the timeframe. That’s a nearly 10% rally in the space of just three days.

And now commodity experts at Standard Chartered are saying that the path of least resistance for oil prices at this point is higher, not lower. Previously, the analysts had said that the unwinding of speculative length appears to be complete at this juncture, thus lowering selling pressure, but had warned that prices might retest the lows if the FOMC hikes its policy rate by more than the widely expected margin of 25bps.

Related: Spain Calls On Importers Not To Sign New LNG Deals With Russia

Thankfully, the markets have successfully scaled that wall of worry after the Fed’s hike on Wednesday came in-line with expectations. The Fed also indicated that the current rate hike cycle is nearing an end.

Fast Recovery

It gets better for the bulls: StanChart expects last week’s gamma effects to reverse course with banks buying back positions thus reinforcing the short-term rebound. Beyond that, StanChart says oil prices will largely be dictated by OPEC’s and consuming countries’ strategic inventory policy shifts.

Specifically, the experts have predicted the current surplus will persist till early Q2; however, they expect the rest of the year to be in a modest deficit.



Source: Standard Chartered Research

StanChart is not the only oil bull here.

Goldman Sachs' Jeffrey Currie has acknowledged that the unexpected banking crisis has soured the macroeconomic outlook significantly and weighed heavily on oil prices, calling the situation a "big, scarring event." Still, the analyst expects prices to rally from here, and has only lowered his 2023 end-of-year target from $100 to $94 a barrel.

According to Currie, fundamentals in the oil markets remain largely unchanged thus supporting the previous bull case. He has pointed out that key physical indicators, such as refining margins and time spreads, have remained stable, a positive sign that in-use demand remains strong and is likely to continue driving the physical market higher. Currie has also argued that the banking crisis will only have short-lived effects but very limited impact over the long-term, "I think the key message here is fundamentally we haven't seen a big significant shift," he said. "Physical markets are going to have to drive this market higher."

However, he has warned that the turmoil will result in a "... a longer path forward."

Hedge fund manager Pierre Andurand of Andurand Capital is not a mere bull but an ultra-bull: Andurand has predicted that crude will hit $140/bbl by the end of the year. Just like Currie, Andrurand argues that the recent oil price crash due to banking jitters was purely speculative. Further, he expects crude oil demand to peak around 2030, but "even when we peak, oil demand won't fall down so fast. We will reach peak demand towards 110M bbl/day and then a slow decline from there."

Oil and gas stocks have also been surging higher in tandem with the commodities they track: the energy sector’s benchmark, the Energy Select Sector SPDR Fund (NYSEARCA:XLE), is up 4.1% since the beginning of the week.

After posting record profits for two straight years amid high oil and gas prices, earnings for the energy sector are only expected to decline modestly in the current year compared to other market sectors. Late last year, a Moody's research report projected that industry earnings will stabilize overall in 2023, though they will come in slightly below levels reached by recent peaks. The analysts note that commodity prices have declined from very high levels earlier in 2022, but have predicted that prices are likely to remain cyclically strong through 2023. This, combined with modest growth in volumes, will support strong cash flow generation for oil and gas producers. Moody’s estimates that the U.S. energy sector’s EBITDA for 2023 will clock in at $585, good for a modest 6% decline from 2022 levels.

Valuations in the oil and gas sector also remain low despite two years of strong rallies with many energy and gas stocks trading at large discounts to the market.

I assumed velesto should return to black in 1st qtr after considering this...

1) Usd 135mil (RM 640mil) contract from Hess. This contract commenced on 4th qtr 2022 until 4th qtr 2024 ( 2 years contract). Velesto assigned Naga 5 to extract 14wells in North Malay Basin.

2) Short term contract for Sarawak ROC worth usd 14mil. Commencing date from 25 January until mid-June 2023. Naga 2 already assigned for this project.
3) Plug and abandonment (P&A) project for Petronas at Tembungo A and Tembungo B. This contract expected to contribute 60mil. Contract commenced on may 2022 until January 2024. Extension option for Tembungo B another 1 year (January 2024 to Dec 2024)

4) Contract for Exxon Mobil start 3rd qtr 2022 to 3rd qtr 2023. GAIT 6 deployed for this contract. Amount of this contract not declared as this contract based on call-off principles.

5) The rest of of rigs work for Petronas based on " on-call" basis.

Rigs utilisation for year 2022 - 62%
Rigs utilisation for year 2023 - exceeded 80%
DCR increased from usd65,000-usd70,000 to usd85,000 to usd 100,000.

Based on above if still can't make money...I'm also speechless like you all.

It will run side way for temporary until the 1st qtr out. 1st and 2nd qtr will decide Velesto fate. Let hope for better result in up coming qtr.

https://www.youtube.com/watch?v=Mm6bX_W6CCk
Some info about future oil market..seems more relevant. Good to listen.

All the manipulating guys who tried to tarnish this counter will go for hibernation temporary...

Wow! Oil back to usd 75. Pak tha loo!

Crucial moment for Velesto and brent..go up or go down. Entire i3 members waiting thrillingly. Hope for the best.

Someone keep on posting old news about oil price to tarnish the velesto credibility and reputation...come on guys, aren't you got better things to do.

Goldman Sachs has already revised its oil price forecast for the rest of the year. Previously expecting Brent to hit $100 in the second half, now the investment bank expects the international benchmark to only rise to $94 per barrel in the coming 12 months. For 2024, Goldman analysts see Brent crude at $97 per barrel.

“Oil prices have plunged despite the China demand boom given banking stress, recession fears, and an exodus of investor flows,” Goldman said in a note last week, as quoted by Bloomberg. “Historically, after such scarring events, positioning and prices recover only gradually, especially long-dated prices.”

Indeed, as far as events go, this one left a serious scar. Brent crude went from over $80 per barrel to less than $75 per barrel, and West Texas Intermediate slipped down close to $65 per barrel. And this happened while authoritative forecasters such as the IEA and OPEC recently said they expect stronger demand growth than supply growth.

Even though Goldman Sachs revised crude oil price yet it still at high side...usd 97. Anything (crude oil) above usd 60 already good enough to generate income for o&g counters. Usd 97 is excellent

Goldman Sachs has already revised its oil price forecast for the rest of the year. Previously expecting Brent to hit $100 in the second half, now the investment bank expects the international benchmark to only rise to $94 per barrel in the coming 12 months. For 2024, Goldman analysts see Brent crude at $97 per barrel.

“Oil prices have plunged despite the China demand boom given banking stress, recession fears, and an exodus of investor flows,” Goldman said in a note last week, as quoted by Bloomberg. “Historically, after such scarring events, positioning and prices recover only gradually, especially long-dated prices.”

Indeed, as far as events go, this one left a serious scar. Brent crude went from over $80 per barrel to less than $75 per barrel, and West Texas Intermediate slipped down close to $65 per barrel. And this happened while authoritative forecasters such as the IEA and OPEC recently said they expect stronger demand growth than supply growth.

Even though Goldman Sachs revised crude oil price yet it still at high side...usd 97. Anything (crude oil) above usd 60 already good enough to generate income for o&g counters. Usd 97 is excellent

Crude oil bounced strongly. I don't think tomorrow can drop further. If drop then good time to collect more. Banking crisis calmed down as per today news. But investors still worried the aftershock will put bursa remained at bottom for time being.