big big dilution of shares..

BUMI ARMADA BERHAD - NOTICES OF SUSPENSION ISSUED TO ERIN PETROLEUM NIGERIA LIMITED IN RELATION TO THE OPERATIONS OF FPSO ARMADA PERDANA

BUMI ARMADA BERHAD

Type Announcement
Subject OTHERS
Description BUMI ARMADA BERHAD
- NOTICES OF SUSPENSION ISSUED TO ERIN PETROLEUM NIGERIA LIMITED IN RELATION TO THE OPERATIONS OF FPSO ARMADA PERDANA
Bumi Armada Berhad’s ("Bumi Armada" or the "Company") wholly-owned subsidiaries, Bumi Armada (Singapore) Pte Ltd (“BASPL”) and Armada Oyo Limited (“AOL”), have each issued a notice of suspension (“Notice of Suspension”) to Erin Petroleum Nigeria Limited (“EPNL”), a subsidiary of Erin Energy Corporation, to suspend the provision of services by BASPL and AOL under the Operational and Maintenance Services Contract (“O&M Contract”) and Bareboat Charterparty Contract (“Charterparty”) respectively (“Contracts”). The suspension of operations is due to longstanding delays in the Charterparty payments due to AOL, as well as irregular payments on the O&M contract to BASPL.



Details of the Contracts

(i) O&M Contract
On 17 February 2014 BASPL entered into the O&M Contract with Oceanic Consultants Nigeria Limited (“Oceanic”) for the provision of operation and maintenance services for the FPSO Armada Perdana (“FPSO”) deployed at the Oyo Field Development located offshore of Nigeria. On 25 March 2014, Oceanic, novated its rights and obligations under the O&M Contract to EPNL.

The O&M Contract was further amended by the letter agreement dated 30 June 2015 between BASPL, EPNL and AOL.

(ii) Charterparty
On 17 February 2014, AOL entered into the Charterparty with Oceanic for the charter of the FPSO by AOL to Oceanic. On 25 March 2014, Oceanic novated its rights and obligations under the Charterparty to EPNL.

The Charterparty was further amended by the letter agreement dated 30 June 2015 between BASPL, EPNL and AOL.


Details of the Notices of Suspension
BASPL and AOL had, on 16 May 2017, after repeated attempts to arrive at a mutually acceptable solution to both parties, issued Notices of Overdue Payment and Letters of Demand (“LOD”) to EPNL in which BASPL and AOL had demanded immediate payment of undisputed outstanding sum. To date, EPNL has not responded to the notices and LOD.

The suspension does not relieve the EPNL of any of its own obligations under the Contracts.


Operational Impact

(i) O&M Contract
BASPL is suspending the performance of its obligations under the O&M Contract with effect from 12.00 p.m. Lagos time (5.00 p.m. Malaysia time) on 21 June 2017 except for the critical maintenance and other activities to mitigate occupational health and safety and environment risk.

(ii) Charterparty
AOL is suspending the performance of its obligations under the Charterparty with effect from 12.00 p.m. Lagos time (5.00 p.m. Malaysia time) on 21 June 2017.



Financial Impact

The outstanding sum claimed by BASPL and AOL has been fully provided for in the Bumi Armada Group’s financial statements. The suspension of operations is not expected to have significant impact on the full year 2017 financial results of the Company, the extent of which cannot be conclusively ascertained at this juncture.



Next steps

The Group continues to evaluate all its available options on this matter including the possibility of working with EPNL to arrive at an amicable solution. In the event that an amicable solution between the parties cannot be achieved, Bumi Armada will proceed with the next steps to fully enforce its rights against EPNL based on advice from external counsel.

Bumi Armada will continue to provide updates from time to time on any further material development on this matter.


This announcement is dated 21 June 2017.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5467585

Sell on news..

old news dated 25 May
OPERATIONAL UPDATE

Kraken on track and 2017 production guidance confirmed

first oil should be coming anytime...(by end of June)
Performance update by individual production and development asset

North Sea
Kraken development

All drilling is now complete on DC1 and DC2 and the rig has moved to DC3, where further excellent progress has been made on the drilling programme. Drilling performance to date has significantly de-risked delivery of the project to and beyond first oil.

DC1 and DC2 subsea commissioning is complete and ready for operation. The turret pipework and emergency shut down valves have been installed. Nitrogen/helium leak testing has been successfully conducted and the final rotation testing is complete. The boiler systems are running well and the water injection and HSP power pumps have been commissioned. Testing and other topsides and subsea infrastructure final commissioning work is ongoing. Handover of FPSO systems from commissioning to operations continues. Longstanding discussions with Bumi continue in relation to the remedies of Kraken partners for contractual infringements by Bumi.

At start up, 13 wells will be available comprising 7 producers and 6 injectors. As with all developments of this scale, wells will be brought onstream in a phased manner in line with good reservoir management practices aiming to maximise long term productivity and value.

The project continues to be under budget and on schedule.

buy below 1.60 tomorrow

why down?

queue at 0.45. sure win..wakaka

close at 1.65

tomorrow margin call. friday force selling

falling knife

queue at 0.45 sure win

falling knife.. dont get hurt

collect tomorrow at 1.65

Tan Sri Syed Hamid Albar made a sacrificial lamb unless he hits back.. wakakaka

time to collect...

still high. but below 1.80

dont be conned, sell... aand cut lost.. buy back later..below 0.40

north oil deal off?

queue at 0.45. that is her value.

price will slide to below when UMW holders given UMWOG shares as dividend. After dilution, shud go dwon further. Sell on strength

Too rosy to believe. still believe will slide further to below 0.50

Next quater got big dividend.. wakaka

Thursday, 8 June 2017 | MYT 3:11 PM
Group (second generation felda settlers) wants Isa to step down as FGV chairman


Read more at http://www.thestar.com.my/news/nation/2017/06/08/group-suara-generasi-fgv/#g843fETA1DgG5o5i.99

hopefully qr good. by now insider shud know... wakaka

Sapura Energy bags O&G contracts worth US$206m .
more good news coming?

i am very very confident price will be pushed to close at 0.80. if close below 0.745, cimb lose face

thank you old man. you have my utmost respect. blah blah... feel good today. wakaka

Pak tua's englsh/manglish/rubbish language makes me nauseous when i try to read his postings. Maybe he is proud of his disguised ... To avoid being nauseated, i skip his postings far far away... blah blah blah
wakakaka

now four on forced leave, tomorrow brapa lagi? lama lama tinggal no 1 sje.

gov funds selling other counters to get more cash to spport fgv.. more wayang kulit tomorrow...wakaka.

price drop - a sign of protest. no 1 shud go instead of finding scapegoats.

no wonder epf 'hands off' in this counter

will drop further if CEO or CFO give negative or damaging responses to press

director sold 7 millions shares. means price too high. stupid not to untung kau kau for raya. next week another director will pump and dump to gains kaw kaw.
queue at 0.45.

queue at 0.45...

Dnex - 'dead net'.... you kena trapped... die kau kau.. big trap.wakaka.

bo chow cccc arrrrrrrr

down kau kau.. so many buses better and safer than this company.

thanks stteck

Ex date on 1:18 dividend shares is on 28/06. Wanna ask sifus:

1. Will the share price be the same (opening price) on 28/06 as the closing day (price) on 27/06?
2. Since dividend shares are from the treasury shares, there won't be any dilution to share price right?

Thanks in advance.

More info:
In a conference call on September 8, EnQuest CEO Amjad Bseisu told the analysts that, as part of the agreement, EnQuest had given Bumi a deposit of $100 million at the beginning of the project.
http://www.offshoreenergytoday.com/bumi-armada-refunds-enquest-for-kraken-fpso/

buy on rumours, sell on news... caution needed

profit taking

55.. gotta sell under odd lots. or you can buy odd lot of 45 shares if there are sellers. maybe if lucky, mgmt gives you 100 to reduce cases of odd lots... wakaka

facts - news in 2016

Bumi Armada said that $20m was payment of liquidated damages under the FPSO contract and it was made on 14 September.

The remaining $65m would be made through a partial reimbursement of the upfront amount previously paid by the charterers under the FPSO contract.

The $65m would be paid in installments with $38m payable between February 2017 and February 2018, and the balance payable on a quarterly basis over a two year period starting three months after the date of production of first oil.

Bumi Armada has had senior management issues recently with its long serving ceo Hassan Basma stepping down at the end 2014. The Kraken field contract was signed at the end of 2013.

Posted 22 September 2016

hib past records in oil business not too good... Still wary of her new ventures...takut lah

margin call tomorrows on big clients

sell on news. close may account, start goremg tomorrow

told you so.

when they sold the geese (Dnex shares) that lay golden eggs, it signals that the company is in bad shape. Not surprised if they gonna sell all the remaining geese.
I sold all my censof (0.2x) and bog dnex (o.3x) last February d.
Now also sold all my dnex... waiting for it to go down to 0.4x..
wakakaka

over value d. shud down to 1.2 then issue pp.or rights next month