Result release this afternoon. Would be in the RED. Sell now and buy back when gapped down

Scomies has secured a conditional letter of offer for a bridging facility to meet the
shortfall for the repayment of the guaranteed serial bond due on 14 December 2019.

Technically speaking, the risk of default is resolved and Bursa will grant the waiver of pn17 after capital reduction and share conso.

It's NOW OR NEVER!

Take the opportunity to buy scomies before QR release!

High chance it will release a profit quarter

Freeman I doubt u don't even understand what are you talking about. Who teaches you that CR holding will reduce to 50%? Can you try to learn to use Google?

Your focus should be on share consolidation instead of capital reduction.
After share consolidation, number of share is less by 5 times and the share price increase by 5 times. Share price is easily to move up as number of shares is lesser and fund managers would be more welcome a 50 sen share than a 10 sen share. It have a positive impact if the company prospects is turning good.

Based on last quarter report, the marine segment has reported an operating profit of 38 mil and the trend is foresee to be better instead of worsening by looking the industry as a whole. While for the drilling fluid and waste management, the company just awarded 600 mil contract from Kuwait, Ofcourse the segment profit will be better again.

Please do your own homework.

A lot of people doesn't really understand what's the meaning of share capital reduction and simply make a naive comment. Your number of shares and value of share will not be affected as capital reduction is only moving the capital from share capital to offset the accumulated losses in accounting.

Before share consolidation:
1,000 shares@0.10=RM1,000

After consolidation:
200 shares @0.50=RM1,000

PLEASE MAKE YOURSELF MORE KNOWLEDGEABLE BEFORE MAKE ANY COMMENT.

For Ophir Production, the well drilling campaign is expected to be completed by
August/September 2017. First oil is expected by fourth quarter of calendar year 2017.

WE ARE VERY NEAR TO THE GOLDMINE!

To recap:

http://www.thestar.com.my/business/business-news/2017/01/14/scomi-energy-set-for-ophir-boost/

We refer to our announcements dated 21 August 2017, 15 September 2017 and 18 September 2017 ("Announcements"). Words and expressions defined in the announcement shall have the same meaning as the words and expressions defined or used in the Announcements.

On behalf of the Board of Scomi Energy, MIDF Investment and Astramina wish to clarify that MIDF Investment is the Principal Adviser and Astramina is the Financial Adviser for the Proposed Merger.

Further, on even date, MIDF Investment had on behalf of the Company submitted an application to the SC for an extension of time in relation to the Proposed Merger for the despatch of the Explanatory Statement to shareholders pursuant to Note (1) to the Paragraphs 11.02, 11.03 and 11.04 of Rule 11, Part C of the Rules and Paragraph 5 of Schedule 3 of the Rules.

This announcement is dated 20 September 201

WE SHALL VOTE AGAINST THE DEAL. IT'S IN THE EXPENSE OF SCOMIES SHAREHOLDER. NOW, WE KNOW THAT THE REASON BEHIND OF THE DEPRESSED SHARE PRICE OF SCOMIES IS ARTIFICIAL. WHAT IS THE RATIONAL OF THIS MERGER? IT'S TO RESCUE THE INDEBTEDNESS OF SCOMI ENGINEERING TO PREVENT FROM FALLING INTO PN17!

Ophir Production Sdn Bhd continues to make good progress with the completion and
installation of the wellhead platform. The platform is ready for rig and drilling in mid-May. The
current projected Capex for Ophir is currently below our FDP Capex of USD90 million. First Oil is
expected in the fourth quarter of calendar year 2017.

The Ophir project originally intended 5.2 million barrels of oil pumped over the three-year lifespan of the field, with that number being contested by more recent reservoir studies by Octanex, showing a production estimate of 6.7 million barrels.

6.7 mil barrels* 45USD = USD301,500,000
cost of development = USD90,000,000
Profit over 3 years = USD211,500,000
scomies 30% stake = USD 63,450,000

Assuming Brent oil stays at USD45 per barrel, it will increase USD63 mil of profit into SCOMIES bottom line, this is equal to USD 21.15 mil or RM90 mil per year!!

EPS would be 3.8 sen per share!