wolf in sheep's clothing.... ;) . One thing is for sure with Reach, it will be a tough get for IPO shares, and you can assure it'll be goreng up from the start.

Reach using a very good tactic, limit the share in the mkt...20M share will be grab by a lot of buyer in the first day pushing up the price....but then guess what....the warrant can sell. Their strategy is to make the warrant attractive, so when they announce QA, they hope ppl will convert the warrant ASAP placing more cash in their hands - might not need to borrow like sona.

doesnt seems to be open beyond today's limit up...i thought it was possible to limit up again in the afternoon session....seems not..

afternoon session can trade again right? or if limit up in the morning, means done for the day....I thought before it'll open....anyone know the rules?

AMMB just published a new TP of $2.5

Since my BjFood boom today....will start accumulating PanPage....:) Bj Food I held for almost 5 months now, same trend as Panpage....slow slow.....today 2x liao, tmrw will up again....I expect after park at PP, my investment will 10x by this time nx year....:) hahahahah

Wah..warrant underpriced...can potentially trade 10% premium easily worth 1.7-1.8. at RM2.80 it could be $2.20... :O

jackpot....sure RM2.8....double my $... been accumulating since 3 mths back...laughing to the bank now. Next time to accumulate Panpage before Alibaba's IPO. The wave coming soon...:)

Opening cambodia KRR biz, gonna have some announcement soon, more expansions....more income.....going strong

bones bro..I rather read something well written with substance than trust here-say and rumors from the blogs. If you can defend the stock pick, its up to the reader to make his own judgement. All I can say is that its a free world, but one full of greed as well. There is no free lunch and everyone should know that. So js keep doing what you do best.

don't need to blame bones or any blogger or analyst for that matter. Its all the same, you buy the Edge weekly, read a good piece and boom on Monday/Tuesday you get trapped...yoyo a few days and then down by end of the week.

Just need to be smart and patient. They are not wrong in the outlook, counters are good long term. So just wait for the big fish to stop biting, then after a few days buy and collect for long term gains.

Basically this is Malaysia...if its not something to do with O&G, someone's son buying a stake or privatisation, it would only be a 1 - 2 day show.

warrant in the money...seems lagging

ST $1.85 possible

extending the SPA is a good move as the Ringgit will continue to strengthen against the USD pending the outcome of BNM's OPR meeting. If there is a rate adjustment and a favourable fx to USD, it might be equal to a 3-4% gain vs 1 mth ago.

Bones - Any update on CBSA? I know you had a good article a while back. I have been following their progress, seems everything is moving per plan..Ay further insight?

Johnnytensai - CBSA is alibaba's partner for SEA. They help manage customer interface and setup - client management.. GDExp is another of Alibaba's partner but on the logistics support - see how GDExp share price has risen as a result of that partnership. Not many know of what CBSA does but they will soon...

Watch for announcements these few days & AGM on Thursday.

price should be moving back to RM2 range soon..

KUALA LUMPUR: Hibiscus Petroleum Bhd is buying Talisman Pty Ltd which includes a 25% stake in the Kitan producing oil field for US$18mil.

It said on Monday Kitan oil field would contribute significant net cash to the company in the second half of 2014. At current oil prices, this will allow Hibiscus to book its first operating profit in 2014.


Hibiscus Petroleum said the Kitan field was discovered in 2008 and started production in 2011. Wood Mackenzie estimates 17 million barrels of remaining reserves on Jan 1, 2014 (4.25 million barrels net to Hibiscus).


The average production rate in 2014 is expected to be 10,000 barrels of oil per day of which 2,500 barrels of oil per day would be net to Hibiscus due to its 25% stake in Talisman Pty Ltd which was acquired from Talisman Energy Inc.


"The acquisition is being funded using the equity capital raised through the conversion of Hibiscus warrants which are due for conversion by July 2014," it said.



To recap, the Kitan oil field is operated by Italian integrated energy company Eni. The field is in the Bonaparte Basin within the Australia-Timor Leste Joint Petroleum Development Area (JPDA) about 550km north east of Darwin, Australia.



The field is developed by a subsea production system with three subsea wells tied back to the Glas Dowr Floating Production Storage Offloading Unit (FPSO).



Eni owns a 40% stake in the asset while the remaining 35% is held by Japanese oil and gas Exploration & Production (E&P) company, Inpex Corporation.


Under the deal, Hibiscus Petroleum will acquire Talisman's stake of the oil field with an effective date of Jan 1, 2014 with all existing assets and liabilities as well as absorb the risk of well projects to be executed post-agreement, upon completion of the transaction.

CLIQMGT > Your calculation close....1) Salamander has a contracted price for crude...might not be USD110...lets say its 103/barrel. 2) Drilling cost might be USD23 + additional expenditure allowable eg. environmental relief reserves, maint contracts + reinvestment expenditure...let's say USD30. 3) Mgt expendire, base cost, EHS, ...USD5, interest allowable ? so petroleum tax = 50%*(103-30-5- interest allowed) = 34USD max or min could be 30USD. About USD33-38 left as profit.
Let's take a low of 30..x 4,800bopd x 350 days (less planned outages) = MYR163.8MM profit, at 3.25 FX.

There will be a few analyst and fund managers present at the meeting tomorrow, go around and mingle, listen to the questions and feel the energy after. Make your decision once you feel comfortable. Be prepared to stick in for the long term for more rewards.

Some of you guys have been here from the start and have cheap entry. For the newbies this is not a lottery, even if you think it is ,try predicting your 4D number and win the first prize tonight. If you do then maybe lady luck is on your side and sone might hit $1 tomorrow after AGM....hahahha, else be patient.

Fauzan > bingo....now with the latest technology in FSPO can pull in more production. The gulf of Thailand is not risky....50-80M depth, so production cost is abt $16-18/Barrel. Profit abt $25 -30/barrel not an issue after other cost, petroleum tax and royalty.

so if buy son at this level...even hold for 1 year can cash out min 3x...seems ok.

iizani - first call target price abt $0.75. Upon exploration of the next block and if the JV hits hydrocarbon deposits in 2 out of 3 drillings, target will be raised to $1.10. Confirmaton of reserves and award of FPSO easily $1.50 as analyst will know the full potential of cost, and BOPD production. This is abt 9 months away at the quickest.

Yes agree KOS....water levels rise, good time for big sharks to swim...hahah....tmrw 2x volume...

Thanks Ryei...good read.....SapKenchana Loan $4.99b share price fly....Sona only loan $140MM ppl cry and make so much noise. Asset will self generate funds, cash and pay expense. See...if the asset is so bad and no potential, which bank so stupid want to loan the money.

Like I said...2 more trading days for big action....after AGM all facts and figures can be published and analyst will start issuing calls and target price. watch for it folks....

Last chance....else miss the boat..2 more trading days...

3 more trading days before big action...;) will see if this salamander deal turn out to be a chameleon, iguana or maybe a buaya....these few days feel like chameleon - color change green, black, red, green...etc. Iguana = big and green. ....if turn out to be buaya then all die lor....shark will also swim away..

Already incoroprate Thai / BVI subsidiary...over the next days would have some further clarity. Analyst told me won't publish any calls until further announcement by mgt. However they acknowledge that it looks positive and we should see some shift out from hibiscus, TgOff and cliq into Sona. I like the son as it is more firm and can buy more. Unlike hibiscus, sona-war can track at a premium as it has both production and exploration asset. ;)

Sona deal cheaper than sapkenchana's newfield...which need drilling investment. Also better than hibiscus as they have a production and exploration block with 1 in 3 chance of success. Hibiscus failed in one oman well. Only problem Is that the heads of agreement is non binding until SPA signed. Equity funds want to get in but they are seeking further clarification. They dont want to get caught but with a slight drop from current levels they might peg a neutral risk call and start accumulating. Buy to hold ok...no contra until SPA.

The report if from 2011....they surely have a latest one...G4/50 is a bigger area, more potential but they need a drilling strategy.

http://www.searchanddiscovery.com/pdfz/documents/2013/20189khanna/ndx_khanna.pdf.html

This is the full report....

I cant predict what happens nx week but all I know is they are not buying rubbish. Acquisition price fair and I believe your initial investment is not flushed down the toilet. Pls take a quick glance at all our bursa O&G counters. Tell me have not geared to expand or issue shares diluting your shareholdings....etc....bumi armada? Strong growth but the midst of an exercise....Tg. Offshore...rto..issue shares.....alam...private issue to TS Quek Leng Chan & co. Every single counter got its share of knee jerk reactions but one thing you will always read about at the end....Fundamentals Intact....debt issued for biz expansion.
USD280M....cheap...there are about 3 fields/ production blocks out in the market...to the highest bidder north of USD1B....

Got the full report....sorry guys too big to paste here

The Bualuang field is located in Block B8/38, in the Western Basin of the Gulf of Thailand, water depth 60 meters. The field is operated by Salamander Energy (Bualuang) Ltd, which holds 100% interest.
The field was discovered in 1993 by Sun Oil (B7/32-2 well) and subsequently appraised by SOCO in 1997 with two further wells. The discovery was then known as the Pornsiri field. Although the field was initially developed using a high-density 2D seismic grid, 3D acquired in 2010 has facilitated further development drilling and exploration of surrounding satellite potential.
The development plan for the field was approved by the DMF in 2006 and was fast-tracked in 2007. A single well-head platform was installed and production connected via pipeline to an FPSO. Phase I/II of development drilling consisted of five sub-vertical producers and one water injector/disposal well. The wells were completed in June 2008 with gravel packs and electrical submersible pumps. The field came on stream in August 2008 and a month later had reached production of 17,000 bpd.
The Bualuang oil has a gravity of 27°API, viscosity of 8.5 cp and GOR of only 4 scf/stb. The primary T4 reservoir of middle Miocene age consists of amalgamated fluvial channel sandstone exceeding 50 meters in thickness. Reservoir net-to-gross is in excess of 90%; porosity approaches 30%, with permeability averaging 1.8 darcys . The top T4 sand is at 1100 meters subsea and the oil column is a maximum of 32 meters in height.
Post-Phase II log analysis and routine core analysis in relation to PVT properties indicated that water coning would be a key concern. Indeed the reservoir net-to-gross in the development wells is higher than expected, resulting in an even higher Kv/Kh ratio than initially observed. In response, future drilling phases have utilized horizontal drilling technology, combined with geosteering, to locate production wells as close as possible to the roof of the reservoir to maximize standoff from the OWC and minimize water coning.
At year-end 2011, 16 development and 2 water disposal wells had been drilled. All produced water is re-injected. EUR stands at 27 MMBO, almost double pre-development figures. Cumulative oil production is 10MMBO. Further appraisal drilling has identified oil in shallower waters....

... http://www.offshore-mag.com/topics/device/mobile/t/88721444/salamander-energy-considers-more-production-platforms-for-bualuang-oil-field-offshore-thailand.htm?m_n=true

Skybursa > Correction...maybe the worst SPAC play you got caught up in.....you didn't buy an O&G company per say....up to now, even with the Heads of Agreement signed (non-binding mind you), Sona is not yet an O&G company, still SPAC status.
However it is promising...it has future value and it all depends on how the market prices the potential nx week..

Son will be supported as it will start to move in tandem and since got QA, it will be extended from 3 yr expiry to 5 years.
Went in heavy at 0.28 today. Sold mother during the rally up last week...1 mother but 2 son now...hahaha. Don't need to worry abt slight correction....once SPA signd end this month, Sona will be entitled to profits from current production. So in July - Sept Q3 report, which should be out in Nov, Sona will report production income and profit, They are also not stupid. They prepaid the exploration block as they have done the preliminary assessment. Sona paid for 2 drillings and in the report the block as a 1 in 3 chance of a economic hydrocarbon find.

July watch for news flows....once drilling starts and any discovery it would be announced, then get ready. The long term is not so long after all...maybe js hold for 2-3 months and you will be gladly rewarded.

Today is shaking the tree day...and look at all the monkeys that dropped out.....hahah. Well rooted tree will bear fruit for the owner that has plough the ground....:)

Bottomed out on rubber pricing....might be some interest today before going ex nx week

There could be some EU funds buying later in the day. Going to be a nice show today and monday.

Ayam3 > No need...I keep accumulating....in for the long run. Waiting after agm...

Guys like I said...watch for the edge weekly or any professional analysis on the counter. Same when hibiscus got listed and announced qa....dropped below ipo then shot up pretty fast.
Trust your own instincts and be patient. Best of luck..

fauzan...yes jackpot....you got it right bro. I got this calculation from someone in the industry. I am in petrochemicals myself but salah strategy earlier....luckly managed to u-turn and fill my basket....hahah.
Smart move by Sona, although Salamander also gained a very good partner and cash to continue to expand their potential exporation. They will use Sona to procure O&G services from Malaysian companies and leverage their connections to lower cost as well.

The Bualuang oil field is the Group’s flagship production asset and has been on-stream since 2008. When Salamander took over the development of the field it was thought to contain c. 14 MMbo of 2P reserves and have a productive life of approximately five years. However, the field has undergone six reserve upgrades and it is now expected to ultimately recover c. 75 MMbo and be producing well into the next decade.

Atwood Mako rig was taken on long term contract and following a period of sustained development drilling in 2013 production increased 71% to average 12,300 bopd. Further development drilling is planned during 2014 and production is expected to average between 11,000 and 14,000 bopd.
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Sona has 40% of 360k bopd production @ USD105 @ 25% margin = RM12.3M per mth or RM147M gross profit per year without mgt expenses and Interest payments. Should have a profit of close to RM80M/yr after interest.

EPS of RM0.057 x PE 15 = RM0.84

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Over 60 leads and prospects on G4/50 acreage
Exploration drilling in 2014

Potential discovery will boost EPS and Share price north of RM1.

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Pls wait for the edge weekly report....this will be very interesting.

Sad for those whom saw the announcement, mis read it and panicked and sold....please read the announcement 3x to fully understand. Sona mgt could be brilliant if you have observed hibiscus in the past 2 years...still spending on exploration. Sona paid for a production asset and an unexplored concession. In layman's terms they bought a house that can be rented out for cash that can be used for repayments of the loan. And the price paid is the market price for the house and a piece of land about 5x bigger that that the house is sitting on. Secondly, in this one price that they paid, they also included payment upfront to build up 3 more houses on the land which can generate more income. One deal, to roll for the future....I have to admit, I did mis read it as well and when the sharks panicked and sold, I thought game over....then realised some started biting back as if they made a mistake...now i know why....hahahah....moral of the story...get professional advice....pls chk with your remisers.

Actually not a bad deal...they leverage the 40% cashflow from produciton of B8/38 for the loan and repayment, included is also the drilling contract for concession G4/50 which is huge, and has potentially 2-3x more reserves than G4/50. So I doubt they will have an issue, as a matter of fact they might js need to goyang kaki for the next 3 years. Could be profitable nett of interest in about 1 year....better than hibiscus. The son looks like a good bet now, since the validity will be extended 5 years from IPO with a QA. :)

Everyone assessing the salamander announcement....wait for analyst report...as I said before it wont be cheap and surely will be priced accordingly.

when i heard TP at 4, i quickly sold all and run.....hahaha...Actually if someone told me TP after acquisition is RM1 - 1.20 I can still believe. Sona is going after a production asset, meaning which ever party is selling knows its potential, has an idea of the reserves (from consultants reports) and is already churning our cash flow....Question : Would you sell those assets cheap? think abt it la...those like RH & Salamander are listed entities...not green behind their ears....they are selling for other reasons....to consolidate on bigger fields or reinvest in new production fields and letting go of nominal and smaller assets or trying to eliminate risk in being in an unfamilar market.

Goreng on QA surely will happen....even I am betting on it...but then again ppl can calculate likely profitability and PE. It would be stated in the QA report, where the price paid would be justified by an independents consultant report. 30% up can la....but hw can fly to RM4?

If sona going for a new field and found oil, then it will be like hibiscus...rally 3-4x IPO. Because the entry cost is cheap and the discovery of reserves = future profit and returns. In the case of buying a production asset, you are already paying for the oil reserves less margin less production cost.

Big trap!!. but so far not dissapointed, paying off riding the waves....hahaha....pls continue 2-3 more rounds.

bought some last week...its all upside for this black panther....:) in the best position to recover vs other glove makers as they have been depleating inventory since their slower restart up after the fire. Now its time to boost their stocks and meet sales....all on rock bottom rubber pricing. And Supermax does not hedge on rubber pricing, means they can buy low and make more margin.20-25% upside, dividends too...

Owners accumulating...results due to write down in IT division, S&A focus going forward revenue and profits to grow since their SEA network is starting to mature. M&A could be a possibility to speed up their gameplan.

A bit high dy...can take profit and go elsewhere. BJFood a better option, a bit quiet these days but I believe it will soon kick back to life after SEM rally dies off.