for pdz,can use alam or icon as "reference"....but everything depends on the ability to get a charter contract....if not, won't fly high.

If you know any MISC or ex-MISC staff....call them now and ask about ICON's CEO & MD....then you'll know whether to continue to invest in ICON or not....good luck !!!

Starting tomorrow price will free fall?

http://www.thestar.com.my/Business/Business-News/2014/07/24/Maybank-IB-ends-stabilising-action-for-Icon-Offshore/

Sona Fair Value 0.79 as per Hong Leong

http://www.nst.com.my/node/17027

maggi1966, what's your intention? mid-long term investment or contra trading? If mid-long term investment, by all means go ahead and enter now, and exit when you reach you TP. If contra...then, your guess is as good as mine...if people can predict price movement, there'll be multitude of multi-billionaires around from predicting price movement in stock market. Good luck.

hearsay...their business strategy is to acquire more proven oil fields to increase reserves to become a strong O&G independent company. Rakushechnoye production will plateau at one point....in order to grow, it's better to start identifying new asset and start the workover job slowly but steadily to increase overall production. In my opinion, it's good to grow with Sumatec...my strategy might be going in and out based on their plan for the rights issue...but then, everything is still not clear yet....we can still look forward for exit from PN17 and Q2 / Q3 report....

alexyap...regardless of the outcome after the announcement, Sona is a good mid-long term investment - based on the field that they want to get. Yes, there'll be borrowing etc etc, but with current production and as well as potential discovery in the exploration block....not to mention oil price will go up with all these tensions in the world....everything will work out in favor of Sona...I'm talking from the mid-long term investment point of view.

speakup...that's a good chunk !!! Congrats to you !!!

nothing wrong with selling to make good profit...but, if there's potential to go higher...could at least consider to hold a bit longer....but, everybody makes their own decision.....the main thing is you are HAPPY !!!!

JJalexey...do you know any MISC staff?....ICON CEO is ex-MISC....so, you can find further info if you check with any MISC staff...shipping of course...the HR or any non-core wont know. I based my decision not to go with ICON after my investigation.....cannot say here la why....

speakup, why you sell too early...this Sona got potential la.

asahmad...people been giving many different opinions on the share price post new rights....my opinion, based on all historical data....once you dilute the shares, the price will drop.

Sumatec case history: 21-Nov-2013, rights issue out. Between 15-Nov to 21-Nov, share price dropped rapidly from 0.52 to 0.25 low due to dilution of shares to 3bil floating.

Of course, we don't know the details yet, it might be 1:1 or 2:1 or 10:1...or maybe there'll be free warrants or discounts etc....or even it's going to happen as Sumatec is doing the due diligence to verify the reserves and production capabilities.

I'm not abandoning Sumatec...but, using historical data, it's better to get out and then buy back when the price drops. Price maybe drop maybe not, but common sense tells me with dilution, price will most likely drop.

Having said that, I won't sell now....still a few events coming up...Q2 & Q3 reports...lifting of PN17 status...and, this deal might not go thru after the due diligince....so, it's still early to tell.

ngengat77....I was planning to invest in Icon, but then luckily checked with a few MISC staff on their CEO....based on what was told, I didn't go in - which is a good thing after all is said and done.

Regarding Sumatec....whether you want to believe or not...see below

Repeating my old broken record with some updates.....
REMINDER TO SELF: why do I invest in Sumatec?

1) Sumatec is now debt free.

2) After 2 consecutive quarters of profit, Sumatec can apply to be out of PN17 - whether get or not, up to Bursa, but usually apply saja, price can go up. Q4 2013 & Q1 2014 showed profit already. As per CEO Dalton, Sumatec will submit application to exit PN17 in August.

3) The workover program still not finish yet. Very likely more profit for the following quarters after production from workover & sidetrack infill drilling. Good revenue from Rakushechnoye field...from the current production as well as revenue from the gas sales.

4) Workover on the 12 idle wells already started to increase the production level, Once workover done, they will have 3 sidetracks (infill drilling) from existing idle wells to extract bypass oil. Target production end of 2014 = 2000 bbl/day. By Q1 2015, can have quarterly revenue of RM62mil.

5) Facts from ALL oil field worldwide. If you have 100% original oil in place (OOIP), you can only recover 15 - 20% of OOIP, due to diminishing bottom hole pressure, or water encroaching, or gas cusping, or scaling on the tubings, or block pore space near perforations area. The rest of the bypass oils can be extracted with infill drilling (new wells where the previous wells didn't cover) or workover ( acidizing, frack job, change tubing --- all to bring back production level up).

6) Rakushechnoye field started production in 1974 with 47 wells. Now only 5 wells producing - more to come after workover. This is a proven field, have oil (bypass etc), just need to do some work to increase production level. Recent reserves review by independent body increased additional 10 mil barrels to the field 2P reserves (value at USD$175 mil) without having to pay any additional investment.

7) Year 2015 will see some more work to increase the production level to between 4000 to 6000 bbl/day - from further workover and takeover of additional field (current plan is the Buzhaci - Karaturun fields)

8) Sumatec is now looking into taking over Buzhaci Neft fields (Karaturun fields). Borneo Energy listed 68 million barrels as 2P reserves. Sumatec will have 6 months to verify the reserves etc before finalizing the S&P. If everything is OK, Sumatec will have 2P reserves of 100+ mil barrels (contribute profit $2.5 bil for the next 10 years). If takeover a done deal, workover will need to be done on some of the idle wells to further ramp up production - similar to current Rakushechnoye field, as out of the 26 existing wells on Karaturun, only 5 wells are currently on production. With the experience gained on Rakushechnoye field, the workover program of the Karaturun fields will be relatively easy.

9) I have 17 years in the O&G industry, so why not use my knowledge and skills to evaluate Sumatec game plan...so far, I'm happy......extremely happy.

10) But, this is not a contra counter - you'll be disappointed. Only for mid-long term investment if you want to grow with Sumatec.

11) I have revised my strategy - initially the plan is to unload all my shares after TP is reached. Having observed what Sumatec is doing now, I will now unload 1/4 of my shares after TP is reached. The rest will be for a long term investment, PROVIDED THAT Sumatec management is doing what an operator should do in managing their assets and increasing their proven + probable reserves. Thank God I'm in the O&G, I know what to look for.

Happy investing fellow Sumatecians....the train is really moving. It's good to be patience, ain't it?

Something not Sumatec related stuff - apologies for this.

My conspiracy theory: Facts - so many Russians Jews in Israel, holding various positions in the government or private sectors, rich and poor. Israel is ready to send their ground troops to Gaza...they've been building up for the past weeks. Imagine the international outcry or media scrutiny if they just go in. Conspiracy Theory: They need something much bigger to mask what's happening in Gaza....what bigger can a ground-to-air missile from the conflict zone hitting a civilian airliner with so many different nationalities on board. Can somebody in Israel with strong connection in Russia or conflict zone bribe someone there to pull the trigger? Very possible. The Outcome: MH17 got shot down, Israel send ground troops to Gaza...just check all the media in the world, almost ALL headlines is about the jetliner being shot down....the Israel offensive is just a minor news now. My 2 cents - no intend to offend anybody.

My conspiracy theory: Facts - so many Russians Jews in Israel, holding various positions in the government or private sectors, rich and poor. Israel is ready to send their ground troops to Gaza...they've been building up for the past weeks. Imagine the international outcry or media scrutiny if they just go in. Conspiracy Theory: They need something much bigger to mask what's happening in Gaza....what bigger can a ground-to-air missile from the conflict zone hitting a civilian airliner with so many different nationalities on board. Can somebody in Israel with strong connection in Russia or conflict zone bribe someone there to pull the trigger? Very possible. The Outcome: MH17 got shot down, Israel send ground troops to Gaza...just check all the media in the world, almost ALL headlines is about the jetliner being shot down....the Israel offensive is just a minor news now. My 2 cents - no intend to offend anybody.

Dear Sumatec custodian Capt Looiks....my condolences...it's tough when people you personally know passed away especially in a tragedy like MH17

I have been taking MH17 & MH16 between Amsterdam - KUL frequently.....so, I'm sad and sort of "traumatic" just because I can imagine being in that 13 hours flight, started getting cozy, watching the in-flight movies, taking a nap....and then.....

I think some people at MAS i3investor forum kena be sensitive sikit la, in times like this still have people taking about share prices going down...time to collect....time to unload....even if profit or loss in their mind, should just keep it to themselves and not put it in writing....

ngengat77: From July 2013 presentation, they have 32.8 mil barrels of 2P reserves...recent review added additional 10 mil barrels of 2P reserves. Since they put these numbers in their book, I assume they already include the recovery factor (Sumatec quoted as 20%) in their calculation. The previous operator only extracted 4.7 mil barrel of oil (less than 10% of OOIP).

http://sumatec.irplc.com/investor-relations/doc/Sumatec-Presentation-to-Fund-Analysts-10th-July-2013.pdf

http://www.theedgemalaysia.com/business-news/299104-sumatec-sees-higher-profits-from-borneo-energy-oil-acquisition.html

Due diligence on the acquisition expected to be done by the end of the year...until then, no reason to panic and dump all your shares. You'll be missing the good part of the next 2-3 months....Q2 & Q3 report, PN17 uplift news etc....

stonenut...I'm just using basic common sense:

21-Nov-2013, rights issue out. Between 15-Nov to 21-Nov, share price dropped from 0.52 to 0.25 low due to dilution of shares to 3bil floating. So, if rights going to be 1 to 1, that'll be 6bil shares floating....

Of course, we don't know the details yet, it might be 1:1 or 2:1 or 10:1...or even it's going to happen as the CEO said that Sumatec "may" consider this option.

I'm not abandoning Sumatec...but, using historical data, it's better to get out and then buy back when the price drops. Price maybe drop maybe not, but common sense tells me with dilution, price will most likely drop.

Having said that, I won't sell now....still a few events coming up...Q2 report...lifting of PN17 status...and, this deal might not go thru dafter the due diligince....so, it's still early to tell.

asahmad...another round of RI kalu, JUAL before issue day.....

Took loan for the ESOS, and dump as early as possible to make quick cash....

20mil shares at 0.244, that's RM4.88mil.....I don't think she has that much cash to buy and hold.

The CFO got the ESOS...she had to take loan for the ESOS...accumulating interest....so,that's why she sold as early as possible, cash in got easy RM1.28mil and don't have to worry about interest.

Sumatec & Sona got my endorsement, I'm investing myself. Cliq need to stay away for now.

G'day ozzie75 !

Sumatec & Sona got my endorsement, I'm investing myself. Cliq need to stay away for now.

jgn jual too soon....tunggu until keluar PN17, at least

Repeating my old broken record with some updates.....
REMINDER TO SELF: why do I invest in Sumatec?

1) Sumatec is now debt free.

2) After 2 consecutive quarters of profit, Sumatec can apply to be out of PN17 - whether get or not, up to Bursa, but usually apply saja, price can go up. Q4 2013 & Q1 2014 showed profit already. As per CEO Dalton, Sumatec will submit application to exit PN17 in August.

3) The workover program still not finish yet. Very likely more profit for the following quarters after production from workover & sidetrack infill drilling. Good revenue from Rakushechnoye field...from the current production as well as revenue from the gas sales.

4) Workover on the 12 idle wells already started to increase the production level, Once workover done, they will have 3 sidetracks (infill drilling) from existing idle wells to extract bypass oil. Target production end of 2014 = 2000 bbl/day. By Q1 2015, can have quarterly revenue of RM62mil.

5) Facts from ALL oil field worldwide. If you have 100% original oil in place (OOIP), you can only recover 15 - 20% of OOIP, due to diminishing bottom hole pressure, or water encroaching, or gas cusping, or scaling on the tubings, or block pore space near perforations area. The rest of the bypass oils can be extracted with infill drilling (new wells where the previous wells didn't cover) or workover ( acidizing, frack job, change tubing --- all to bring back production level up).

6) Rakushechnoye field started production in 1974 with 47 wells. Now only 5 wells producing - more to come after workover. This is a proven field, have oil (bypass etc), just need to do some work to increase production level. Recent reserves review by independent body increased additional 10 mil barrels to the field 2P reserves (value at USD$175 mil) without having to pay any additional investment.

7) Year 2015 will see some more work to increase the production level to between 4000 to 6000 bbl/day - from further workover and takeover of additional field (current plan is the Buzhaci - Karaturun fields)

8) Sumatec is now looking into taking over Buzhaci Neft fields (Karaturun fields). Borneo Energy listed 68 million barrels as 2P reserves. Sumatec will have 6 months to verify the reserves etc before finalizing the S&P. If everything is OK, Sumatec will have 2P reserves of 100+ mil barrels (contribute profit $2.5 bil for the next 10 years). If takeover a done deal, workover will need to be done on some of the idle wells to further ramp up production - similar to current Rakushechnoye field, as out of the 26 existing wells on Karaturun, only 5 wells are currently on production. With the experience gained on Rakushechnoye field, the workover program of the Karaturun fields will be relatively easy.

9) I have 17 years in the O&G industry, so why not use my knowledge and skills to evaluate Sumatec game plan...so far, I'm happy......extremely happy.

10) But, this is not a contra counter - you'll be disappointed. Only for mid-long term investment if you want to grow with Sumatec.

11) I have revised my strategy - initially the plan is to unload all my shares after TP is reached. Having observed what Sumatec is doing now, I will now unload 1/4 of my shares after TP is reached. The rest will be for a long term investment, PROVIDED THAT Sumatec management is doing what an operator should do in managing their assets and increasing their proven + probable reserves. Thank God I'm in the O&G, I know what to look for.

Happy investing fellow Sumatecians....the train is really moving. It's good to be patience, ain't it?

izoklse - no lah, just that sudah tua...the gray hair helps build reputation :-)

izoklse, ex-PCSB, now consultant in the O&G.

izoklse must be the cream of the crop in PCSB :-)

izoklse, ok cool, must be in the management side now.

izoklse = PCSB?

AiryA...thheavy is different...revenue depends on contract. No contract no price push. Sumatec is different, out of PN17...they will still have reserves that can give them revenue. I think after PN17 Sumatec will continue to climb....

My take: If you can be patience putting your money in ASB or ASW2020 or AS1M or bank fixed deposit for 1 year to gain that 3% to 7% dividend....how come you cannot just invest in Sumatec for 1 year and close your eyes and reap the more than 7% benefit after all is said and done.

Well...this is the buy / sell temptation in the stock market.

If you believe in Sumatec, invest the amount you are comfortable with, and don't open your trading account until the time when you want to top up or to cash out. If no urgency, just wait until you see in the newspaper that Sumatec exits PN17....then, take your money out with some smile on the face.

Haha

JJalexey, I've been saying from day one....Sumatec is not for contra players....can easily get caught.

Repeating my old broken record with some updates.....
REMINDER TO SELF: why do I invest in Sumatec?

1) Sumatec is now debt free.

2) After 2 consecutive quarters of profit, Sumatec can apply to be out of PN17 - whether get or not, up to Bursa, but usually apply saja, price can go up. Q4 2013 & Q1 2014 showed profit already. As per CEO Dalton, Sumatec will submit application to exit PN17 in August.

3) The workover program still not finish yet. Very likely more profit for the following quarters after production from workover & sidetrack infill drilling. Good revenue from Rakushechnoye field...from the current production as well as revenue from the gas sales.

4) Workover on the 12 idle wells already started to increase the production level, Once workover done, they will have 3 sidetracks (infill drilling) from existing idle wells to extract bypass oil. Target production end of 2014 = 2000 bbl/day. By Q1 2015, can have quarterly revenue of RM62mil.

5) Facts from ALL oil field worldwide. If you have 100% original oil in place (OOIP), you can only recover 15 - 20% of OOIP, due to diminishing bottom hole pressure, or water encroaching, or gas cusping, or scaling on the tubings, or block pore space near perforations area. The rest of the bypass oils can be extracted with infill drilling (new wells where the previous wells didn't cover) or workover ( acidizing, frack job, change tubing --- all to bring back production level up).

6) Rakushechnoye field started production in 1974 with 47 wells. Now only 5 wells producing - more to come after workover. This is a proven field, have oil (bypass etc), just need to do some work to increase production level. Recent reserves review by independent body increased additional 10 mil barrels to the field 2P reserves (value at USD$175 mil) without having to pay any additional investment.

7) Year 2015 will see some more work to increase the production level to between 4000 to 6000 bbl/day - from further workover and takeover of additional field (current plan is the Buzhaci - Karaturun fields)

8) Sumatec is now looking into taking over Buzhaci Neft fields (Karaturun fields). Borneo Energy listed 68 million barrels as 2P reserves. Sumatec will have 6 months to verify the reserves etc before finalizing the S&P. If everything is OK, Sumatec will have 2P reserves of 100+ mil barrels (contribute profit $2.5 bil for the next 10 years). If takeover a done deal, workover will need to be done on some of the idle wells to further ramp up production - similar to current Rakushechnoye field, as out of the 26 existing wells on Karaturun, only 5 wells are currently on production. With the experience gained on Rakushechnoye field, the workover program of the Karaturun fields will be relatively easy.

9) I have 17 years in the O&G industry, so why not use my knowledge and skills to evaluate Sumatec game plan...so far, I'm happy......extremely happy.

10) But, this is not a contra counter - you'll be disappointed. Only for mid-long term investment if you want to grow with Sumatec.

11) I have revised my strategy - initially the plan is to unload all my shares after TP is reached. Having observed what Sumatec is doing now, I will now unload 1/4 of my shares after TP is reached. The rest will be for a long term investment, PROVIDED THAT Sumatec management is doing what an operator should do in managing their assets and increasing their proven + probable reserves. Thank God I'm in the O&G, I know what to look for.

Happy investing fellow Sumatecians....the train is really moving. It's good to be patience, ain't it?

I honestly think that SONA is now under accumulation period...anything below 0.50 is a good buy. I saje saje look at the stock chart...it seems it is following Sumatec price trend - "Cup-with-handle" trend. There's a Prior Uptrend...and now we are in in the Base....depending on the length of the Base, then we should see a Handle before the final Uptrend....I think there'll be another 2-3 weeks of Base Length before breakout....

This is just stock chart movement pattern observation...anything external factor can change the trend. But, getting a QA with sure production rate (+/- 5000 bbl per day) should be a good revenue stream for the bottomline...

flybird, today have some free time,so suka-suka look into chart movement....if trend as per "usual price trend", then we should see a few days of uptrend before pullback.....if !!!

ozzie75; U cup

I looked at the Sumatec's candlestick chart....1 year trend.....it seems that Sumatec is showing a "cup-with-handle" pattern with a very long Base Length....if according to this trend, the next few trading days will be uptrend....

asahmad....since you asked, considering Sumatec has 3bil shares floating, my TP when about to exit PN17 is 0.90....as early as Sept/Oct this year if Bursa bagi green light.

1 year after exit PN17, assuming they add more proven oil fields, my TP is 1.50.
2 years after exit PN17, assuming they add more proven oil fields, my TP is 2.30

I take into consideration the forecasted oil price in the industry as well for the next 2 years.

My crystal ball is as muddy as anybody else though.....

My 2 cents on the planned QA by SONA:

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

This Bualuang field is a very challenging field - kudos to Salamander for using horizontal wells and sound pressure/reservoir maintenance program to optimize production rates.

Thin oil column (40-50m thickness) with viscous oil. No gas cap, and it's a water driven reservoir - this means water coning/cresting (or water encroachment) is a serious concern. They have drilled 2 water disposal wells, where the water that are being produced are re-injected. Even though it's a small field with thin oil column, Salamander drilled horizontal wells to optimize the production and placed the wells near the top of the reservoir to minimize water encroachment. Well BA-11H is producing 1500 barrel of oil/day with 70% watercut...which means at the same time the well is producing 3500 barrel of water/day.

Salamander already got some good production from this field before the water encroachment (watercut) went up to 70% before they agreed to sell 40% to Sona (note from link: The field came on stream in August 2008 and a month later had reached production of 17,000 bpd). Smart move Salamander. Based on the wells already drilled, formation evaluation and new seismic data, the field reserves has been upgraded to 70mil barrels of oil. It's a good move to get Sona in to have 40% interest (pay back to Salamander the cost they've spent as well as get fund for future additional work). And, all Salamander is selling is the potential reserves upgrade...in my opinion, to get these additional reserves with the current water production from existing wells will take some time...they probably will need to drill additional horizontal wells.

At one point in the future, Salamander/Sona will have to spent money to drill additional horizontal sidetracks to optimize production as water production increases....right now 70% watercut...probably when it's getting to 90% watercut. So, I think Sona needs to be prepared to pump in more money in the future...can use the money from the oil revenue.

Salute to Salamander for successfully developing this thin reservoir field. Most big time operators will not waste their time developing this field. Sona has a good partner in Salamander. This is a good investment for new investors if we can get in at a good price (I think between 0.45 and 0.50 is very good already) and it'll be even better if Salamander/Sona strike new discovery on G4/50 concession with the planned 2ea exploration wells. If strike on the G4/50 concession, the 2P reserves will go up...without having to pay any additional investment.

Just like Sumatec, this is not a contra counter - you'll be disappointed. Only for mid-long term investment if you want to grow with SONA. Their strategy is sound - to have producing asset as well as option for an exploration block. The producing asset will provide revenue for future work while the exploration concession will significantly add to their reserves if positive results.

Initially, I am reluctant to invest in SONA, but after further study - looks worth it to be an investor.....mid to long term investor.

Repeating my old broken record with some updates.....
REMINDER TO SELF: why do I invest in Sumatec?

1) Sumatec is now debt free.

2) After 2 consecutive quarters of profit, Sumatec can apply to be out of PN17 - whether get or not, up to Bursa, but usually apply saja, price can go up. Q4 2013 & Q1 2014 showed profit already. As per CEO Dalton, Sumatec will submit application to exit PN17 in August.

3) The workover program still not finish yet. Very likely more profit for the following quarters after production from workover & sidetrack infill drilling. Good revenue from Rakushechnoye field...from the current production as well as revenue from the gas sales.

4) Workover on the 12 idle wells already started to increase the production level, Once workover done, they will have 3 sidetracks (infill drilling) from existing idle wells to extract bypass oil. Target production end of 2014 = 2000 bbl/day. By Q1 2015, can have quarterly revenue of RM62mil.

5) Facts from ALL oil field worldwide. If you have 100% original oil in place (OOIP), you can only recover 15 - 20% of OOIP, due to diminishing bottom hole pressure, or water encroaching, or gas cusping, or scaling on the tubings, or block pore space near perforations area. The rest of the bypass oils can be extracted with infill drilling (new wells where the previous wells didn't cover) or workover ( acidizing, frack job, change tubing --- all to bring back production level up).

6) Rakushechnoye field started production in 1974 with 47 wells. Now only 5 wells producing - more to come after workover. This is a proven field, have oil (bypass etc), just need to do some work to increase production level. Recent reserves review by independent body increased additional 10 mil barrels to the field 2P reserves (value at USD$175 mil) without having to pay any additional investment.

7) Year 2015 will see some more work to increase the production level to between 4000 to 6000 bbl/day - from further workover and takeover of additional field (current plan is the Buzhaci - Karaturun fields)

8) Sumatec is now looking into taking over Buzhaci Neft fields (Karaturun fields). Borneo Energy listed 68 million barrels as 2P reserves. Sumatec will have 6 months to verify the reserves etc before finalizing the S&P. If everything is OK, Sumatec will have 2P reserves of 100+ mil barrels (contribute profit $2.5 bil for the next 10 years). If takeover a done deal, workover will need to be done on some of the idle wells to further ramp up production - similar to current Rakushechnoye field, as out of the 26 existing wells on Karaturun, only 5 wells are currently on production. With the experience gained on Rakushechnoye field, the workover program of the Karaturun fields will be relatively easy.

9) I have 17 years in the O&G industry, so why not use my knowledge and skills to evaluate Sumatec game plan...so far, I'm happy......extremely happy.

10) But, this is not a contra counter - you'll be disappointed. Only for mid-long term investment if you want to grow with Sumatec.

11) I have revised my strategy - initially the plan is to unload all my shares after TP is reached. Having observed what Sumatec is doing now, I will now unload 1/4 of my shares after TP is reached. The rest will be for a long term investment, PROVIDED THAT Sumatec management is doing what an operator should do in managing their assets and increasing their proven + probable reserves. Thank God I'm in the O&G, I know what to look for.

Happy investing fellow Sumatecians....the train is really moving. It's good to be patience, ain't it?

Sumatec shareholders should print the map below - as large as possible - and hang it in your office.....this is where your money is currently at, haha:

http://www.blackbourn.co.uk/databases/hydrocarbon-province-maps/mangyshlak.pdf

I printed my big-big one and it's on my wall now

some history....51% of Buzachi Neft was owned by Mr. Granton, who is the crony of Kazakh fugitive Mr. Ablyazov back in 2012....don't know what's the outcome of Ablyazov trial, but now 100% Buzachi Neft is owned by a Malaysian and a Dr Murat Safin....under Borneo Energy....some hanky panky going on how Borneo acquire the stake in Buzachi though, haha....nothing to worry...something that I saw here:

http://kazworld.info/?p=21250

This is just a Framework Agreement....Sumatec will get all the technical data to study this field. If Sumatec can verify the remaining reserves, they will acquire Borneo who is 100% beneficiary of Buzachi Neft...if not and if reserves way off, they will not pursue it. So, I think folks are speculating that it's a done deal and Sumatec will have additional 68+ million bbl of reserves from this purchase. Sumatec has about 6 months to complete this exercise....we'll know for sure by then. In the meantime, enjoy the train ride....

tak sia-sia in Sumatec I trust....especially after bersabar for almost 7 months.