wti @ $50.78/barrl
brent @ $52.17/barrel

Oil Gains After API Reports Unexpected Fall In U.S. Crude Stocks

SINGAPORE - Another Singapore-listed offshore services firm is appealing to bondholders' to change the terms of its debt repayment.

Ezra Holdings announced on Tuesday (Oct 18) it is seeking noteholders' consent to amend the terms of its S$150 million of 4.875 per cent notes due 2018 to avoid any potential covenant breaches or default.

In a filing with the Singapore Exchange, Ezra said it is offering a consent fee of 0.1 per cent for noteholders who accept their proposal by 5pm on Nov 2, 2016. This works out to S$250 per S$250,000 in principal amount of notes held, less any bank charges, which shall be borne by the noteholders.

PETALING JAYA Oct 18: The two principal owners of Kencana Capital Sdn Bhd – Tan Sri Mokhzani Mahathir and Datuk Yeow Kheng Chew, better known as KC Yeow – are splitting their business interests in the investment holding company as part of a large scale restructuring exercise.

Part of the reshuffle involves the buyout of Yeow’s stake in Kencana Capital.

In turn, he is acquiring Kencana’s stake in Yinson Holdings Bhd. The swap essentially means that Mokhzani will end up as the sole owner of Kencana following the restructuring.

Yeow now holds 14% of Yinson, a company that operates floating production, storage and offloading (FPSO) vessels catering to the oil and gas (O&G) industry.

Mokhzani confirmed this restructuring when contacted by StarBiz.

“We are divvying up Kencana’s investments, as we have different priorities going forward.

“It is actually a plan that we had since 2012 but was put on hold after the economic slide,” he said.

Stock exchange data yesterday revealed that 119.71 million Yinson shares changed hands in an off-market transaction, representing a 10.95% stake in the offshore services provider.

Bursa Malaysia filings by Yinson yesterday revealed that Yeow had acquired this block as well as another 33 million shares in Yinson, which were distributed to him by Kencana Capital by way of a dividend in specie. This gives Yeow a 14% stake in Yinson, making him the second-largest shareholder in the company after Yinson’s founder and chairman, Lim Han Weng, who owns 21%.

The shares crossed yesterday at RM3.07 apiece, which was at a discount to Yinson’s closing price of RM3.19.

Yinson also said that Mokhzani and Kencana had ceased to be substantial shareholders in the company following the disposal of a total of 153.37 million shares.

This marks Kencana’s exit from the O&G business after a five-year period marked by extreme highs and lows.

Kencana had emerged as a substantial shareholder of Yinson in June 2013, after subscribing to a new placement exercise. The company subsequently became a major FPSO player with an orderbook of more than RM16bil as at last year.

Mokhzani and Yeow’s first major venture into the O&G sector was through Kencana Petroleum Bhd. In 2011, the company struck a notable merger with SapuraCrest Petroleum Bhd in a massive RM12bil deal, which was one of the largest in the history of corporate Malaysia.

This resulted in the creation of integrated offshore services firm SapuraKencana Petroleum Bhd (SapKen), which was successfully listed on Bursa Malaysia in May 2012.

Notably, in July this year, Yeow, a former executive director of Kencana Petroleum, and two others were charged with insider trading in relation to the 2011 merger of Kencana Petroleum and SapuraCrest in 2011.

In February 2014, four months before the collapse of crude oil prices, Mokhzani and Yeow (who held their SapKen block through a vehicle called Khasera Baru Sdn Bhd) sold 190.3 million shares in SapKen at a price of RM4.30 apiece.

This gave them proceeds of a RM820mil.

SapKen shares have lost more than half that value since then. Mokhzani and Yeow left the board of SapKen last year, although their vehicle Khasera Baru still holds a balance 10% stake in SapKen.

Despite the difficulties in the industry, Yinson’s shares have actually outperformed the broader market this year, making it one of the few O&G counters with a positive return. To date, its shares have gained 8.87%. – The Star

Oil Prices Edge Up; Concerns Over Oil Product Glut Loom


By Jenny W. Hsu

Crude oil prices clawed back minor gains in early Asia trade Tuesday following an overnight decline but trading is expected to be muted now that the market has priced in a potential production cut.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $50.17 a barrel at 0139 GMT, up $0.23 in the Globex electronic session. December Brent crude on London's ICE Futures exchange rose $0.22 to $51.74 a barrel.

Microsoft buy perisai, are you crazy? Software company buy O and G company share

China people doesn't do rugi business. Only their mind know what they up to. We ordinary people doesn't know what their mind think.

Last time, bitcoin price shoot up because of they buying.

China people buy pn17 stock, so rich them.

The 18 per cent jump in crude oil prices since January is making some corporate leaders jittery, especially from the aviation, cement and tyre sectors, as their input costs would shoot up substantially.

However, chief executives (CEOs) of oil and gas producing companies are hoping crude oil will go back to the heady days of $100 a barrel, so they can again make super-profits.

Analysts say rising crude prices would add to the bottom line of oil and gas producers like Oil and Natural Gas Corporation (ONGC), Oil India and Cairn India. “If crude prices are going to be in the range of $55-70 a barrel, it will be good news for ONGC. Even when prices were up at the range of $100 a barrel, our returns were always subjected to the element of subsidy. We were retaining only $40-47 a barrel, even during the high-price regime,” said A K Srinivasan, director, finance, of India’s biggest oil and gas producer, ONGC. Free pricing of diesel would help the company to reduce its subsidy burden.

China people still continuing buying perisai share.

Oil ends up; refined products draw offset U.S. crude build

Crude Prices Gain on Stockpile Data
Total supplies of crude oil and refined products fell by 5.1 million barrels

China people also buy perisai?

Feed the cat that can catch rat better than feeding lazy cat that don't want to catch rat.

The directors should reduce their remuneration to cut company operating expenses.

You see how the MAS work now.

Perisai should fired the poor performance and unproductive workers. On the same time maintain high performance and productive workers. By this, save company money and energy. Wasting money on unproductive workers is a burden.

MARKETS
Crude oil is ripping higher after Putin says 'Russia is ready' to cap its production
Akin Oyedele Oct 10, 2016, 10:16 AM ET
Crude oil prices rose to their best levels of this year on Monday after more indications that major oil producers are willing to strike a deal on output.

The Organisation of Petroleum Exporting Countries (OPEC) agreed at an informal meeting last month to discuss capping output when it holds its formal meeting in November. Reuters reported that Russian President Vladimir Putin said he hoped OPEC reaches an agreement, while speaking at an energy congress in Istanbul.

"Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join," Putin said, according to Reuters.

Similar talks ended without a deal in April after Russia refused to play ball without the involvement of Iran, its geopolitical rival and OPEC's second-largest producer.

The US and international benchmarks of oil prices crossed the psychologically key $50 per barrel threshold last week.

Brent crude, the international benchmark of oil prices is near a one-year high and up 3.2% to $53.60 per barrel at 10:03 a.m. ET. West Texas Intermediate crude oil futures, the US benchmark, is up 3.3% to $51.48.

Crude oil is ripping higher after Putin says 'Russia is ready' to cap its production

Brent @ $53.35/barrel

Brent @ $52.51/barrel

U.S. Crude Passes $50 a Barrel for the First Time Since June http://www.wsj.com/articles/oil-rally-pauses-after-prices-hit-four-month-high-1475747196

Brent @ $52.28/barrel

People hope it pn17 so can collect cheap cheap one.

Wti $49.56
Brent $51.82

If the bond not due this month, sure it's price will up. Brent up at unsuitable time. Sayang sekali.

Brent started stabilize and uptrend.

Brent @ $51.35/barrel

Perisai said later that night that it had received an indicative offer of financing from a bank last Friday, and is trying to work out a financing package with banks and associate company Emas Offshore.

The bank offer makes available a sum of about US$20 million to bond holders, Perisai said, though it did not clarify if this was a cash sum.

A formal letter of offer will be subject to satisfaction of certain conditions that Perisai and Emas are working on, the companies said.

Perisai said it is working with Emas to resolve various issues among themselves, including a put option that was granted by Emas to Perisai in 2012.

Analysts said that Perisai is likely to exercise the put option to sell its 51 per cent stake in SJR Marine and a mobile offshore production unit to Emas for US$43 million. The put option is exercisable on Nov 26.

Separately, Perisai note holders are meeting at Rajah & Tann at 10.30am on Saturday to discuss the next step. A Rickmers note holder meeting will take place an hour before that.
http://www.straitstimes.com/business/swissco-joins-debt-restructuring-frenzy

Perisai Petroleum gets financing offer http://www.thestar.com.my/business/business-news/2016/10/04/perisai-petroleum-gets-financing-offer/

Wti @ $49.13/barrel

Brent @ $50.87/barrel

Lion Corp and perisai is different story

That why the risk of pn17 OS very high

Lion Corp is not epf company.

Epf will do something. They will not let pn17 happen. Like MAS does.

Oil settles above $50 as Iran calls for non-OPEC support | Reuters

Last method, change the management like previous MAS does. Now, they started earning.

Petronas say takeover, until now no action at all?

If pn17, this 2 big boss loss most money.

Where is epf and tabung haji. Big boss need to solve this problem.

Oil Prices at Three-Month High on OPEC Optimism http://www.wsj.com/amp/articles/oil-prices-rise-on-opec-optimism-1475489974

Brent reached $50.89/barrel

Perisai Petroleum plans alternative proposal for bondholders based on indicative financing package http://www.businesstimes.com.sg/companies-markets/perisai-petroleum-plans-alternative-proposal-for-bondholders-based-on-indicative

Brent now reached $50 and above.

Crude oil may uptrend on December ahead of Winter. During winter, 4 seasons countries needed crude oil to start their heating equipment or tool at home or office. At that time, the demand for crude oil will increase. As a result, crude oil prices may up.

COLUMN-Saudi Arabia gambles it can raise oil prices without losing too much market share: Kemp
http://in.reuters.com/article/oil-opec-idINL8N1C63DB

Brent rebounded to $49 and above

If the bondholders force the comp. to settle its debts upon maturity, and causes pn17, the bondholders will not a cents back. Unless agree to delay it's maturity to other period of time to give time for comp. to sell it's assets or takeover by other comp. or increase the comp. share price to settle its debts