Posted by Robert Waters > 2023-01-04 00:00 | Report Abuse

On the positive note, tuna project may go ahead ...
https://thediplomat.com/2023/01/indonesia-approves-first-phase-of-key-offshore-gas-development/

Posted by nikicheong > 2023-01-04 11:38 | Report Abuse

https://energy.economictimes.indiatimes.com/news/oil-and-gas/shapoorji-pallonji-oil-gas-says-set-to-begin-hydrocarbon-production/96712841

New Delhi: Shapoorji Pallonji Oil & Gas (SP O&G), announced it has achieved a milestone of “hook-up” for its Floating Production Storage and Offloading Unit (FPSO) Armada Sterling V at KG 98/2 block, offshore Kakinada.

The FPSO Armada Sterling V reached Cluster 2 of ONGC’s KG 98/2 block on the east coast of India on 15 December 2022, having left from Sembcorp Marine shipyard, Singapore.

"On 28th December 2022, India’s largest FPSO was safely hooked up. She is now prepared to receive hydrocarbons from the field for processing. Despite challenges due to inclement weather, hook-up was achieved in one of the fastest lead times," the company said in a statement.

Posted by nikicheong > 2023-01-04 11:39 | Report Abuse

@Robert hook up is completed. Only commissioning remains. Based on Bumi Armada's past FPSO, it takes roughly 2-3 months from the time the FPSO departs the yard to first oil. Hence why I said first oil should be due for the Armada Sterling V within the next month or two.

Posted by Robert Waters > 2023-01-04 20:20 | Report Abuse

Thanks for update, Niki. I work in oil and gas, and my last floating projects took months to commission. One about 2 years, and still faces shutdowns. But sure I hope for a quick first oil for BAB. To the first cargo drop soon

Posted by nikicheong > 2023-01-05 02:13 | Report Abuse

@Robert using Armada Olombendo as an example.

Sail away from Singapore: 18th Oct 2016
First oil in Angola: 16th Feb 2017

The vessel was Bumi Armada's largest then, and had to sail from Singapore all the way to Angola. From the time it sailed away from the yard to the time it achieved first oil, it took just under 4 months.

Of course on the other hand you have Armada Kraken which took a whole lot longer, but then again that was a unique scenario given the well documented issues with the FPSO there, not the least of which was the challenging heavy oil required to be lifted.

https://www.eni.com/en-IT/media/press-release/2016/10/eni-armada-olombendo-fpso-vessel-ready-to-sail-to-block-1506-offshore-angola.html

https://www.theedgemarkets.com/article/first-oil-achieved-bumi-armadas-fpso-angola

Posted by Robert Waters > 2023-01-05 03:59 | Report Abuse

Thanks for a good example. From my experience, I spent more than a year offshore trying to start up a facility, and it was NOT even ready for start up when I moved to a new project. Fingers crossed for armada sterling 2. Company needs a positive story for new contracts. Suing a client does not win hearts. Let's hope for a change of narrative.

Posted by nikicheong > 2023-01-05 10:36 | Report Abuse

https://www.upstreamonline.com/field-development/armada-sterling-v-fpso-poised-to-kick-start-production-from-flagship-ongc-asset/2-1-1382821

Posted by Macgyver11 > 2023-01-05 14:09 | Report Abuse

Got good news no point, price fall like no tomorrow..

Posted by nikicheong > 2023-01-05 21:20 | Report Abuse

Patience, my young padawan

Posted by nikicheong > 2023-01-06 01:34 | Report Abuse

Does anybody know about this JV project in India?

https://media.licdn.com/dms/image/C4D22AQEt9nGmHfiYIg/feedshare-shrink_2048_1536/0/1662871825514?e=1675900800&v=beta&t=ZfNpXyqoMgjROMEvv_QY6TuyntfFeA7xSkLWejiGTIw

Posted by KimSua > 2023-01-11 12:59 | Report Abuse

US inflation data on Thursday. Many predicted inflation rate will continue to improve and FEDs to slow down the rate hike by only another 0.25. If that happens dollar index will continue to drop and oil price will technically increase. Lets see how it turns out. Armada seems to go up and down based on oil price and not on what contract they secure...this is how it works short term.

Posted by Isaac7 > 2023-01-11 16:29 | Report Abuse

0.50 had been a strong resistance for some time, would be good if can break and sustain

Posted by jack daniel > 2023-01-11 16:37 | Report Abuse

tomorrow n friday will shoot up...........

Posted by Bon888 > 2023-01-11 22:55 | Report Abuse

Tomorrow above 0.50. Entire industry is full of energy, back to the glory days in no time.

Posted by nikicheong > 2023-01-12 21:22 | Report Abuse

Operations Update

Vietnam
Vietnam Production
Production in 2022 from the TGT and CNV fields net to the Group’s working interest averaged 5,418 boepd (2021: 5,560 boepd). This is in line with the 2022 production guidance.

TGT production averaged 13,784 boepd gross and 4,089 boepd net to Pharos (2021: 13,887 boepd gross and 4,120 boepd net). CNV production averaged 5,317 boepd gross and 1,329 boepd net to Pharos (2021: 5,762 boepd gross and 1,440 boepd net).

Vietnam production guidance for 2023 is 4,700 to 5,700 boepd net.

Vietnam Development and Operations
On Block 16-1 – TGT Field, the drilling programme for two development wells completed in H2 2022, on time and under budget. The first well, H1-35P, commenced production on 21 October 2022, and the second well, 11XPST, commenced production on 10 November 2022.

Additionally, the JOC continues to execute an active well intervention and data-gathering programme on TGT to further optimise production.

On Block 9-2 – CNV Field, one development well, CNV-2PST1, started drilling in H2 2022 and is anticipated to be completed by the end of January 2023.

For the 2023 work programme, the JOCs are working towards submitting Revised Field Development Plans (RFDPs) for two wells on TGT and one on CNV, with all wells remaining in contingent budget until approval by partners and the Ministry of Industry and Trade (MOIT). Production guidance has assumed no contribution from these wells in 2023.

https://www.pharos.energy/investors/press-releases/trading-and-operations-update-january-2023/

Posted by nikicheong > 2023-01-12 21:23 | Report Abuse

The above strengthens the case that the FPSO charter extension in Vietnam is all but certain. From 2024 to end of 2026 - 2031.

Posted by Michael Kwok > 2023-01-13 15:31 | Report Abuse

Mabel the big miao miao is on armada ship.please q for kym 58.5 cents..

Posted by Macgyver11 > 2023-01-14 06:57 | Report Abuse

Expected brent closed at usd 85+. Next week can hit usd 90.

Posted by Ninja _07 > 2023-01-16 09:42 | Report Abuse

What is KYM @Michael Kwok?

Posted by KimSua > 2023-01-17 10:10 | Report Abuse

head and shoulders pattern forming, might see a reversal . Short term reversal, then side ways . US is planning on buying back oil to replenish their strategic reserves. They will manipulate the market for it to drop to near 70s (WTI) before buying back. Expect some downward pressure before any potential to go up further.

Posted by Macgyver11 > 2023-01-17 13:27 | Report Abuse

For me I don't think so oil going to reverse back. USA can determine the oil price as their previous attempt to bring down the oil price meet failure (SPR released). Its CNY time ma, people active travelling across the continent...syiok ma gong xi fa chai. Nevertheless, China economy fully reopen already, covid just a history..possible oil to shoot usd90 again in near term.

Posted by Mikecyc > 2023-01-17 22:15 |

Post removed.Why?

Posted by Mikecyc > 2023-01-17 22:18 |

Post removed.Why?

Posted by nikicheong > 2023-01-18 02:26 | Report Abuse

Hoping for some positive news out of Angola real soon.

Also, first oil for Armada Sterling V should be happening in the coming weeks.

Posted by i3lurker > 2023-01-18 05:38 | Report Abuse

unusually warm weather in Europe is dropping all oil prices despite heavy pump buy of oil by syndicates brainwashing China opening...

Posted by nikicheong > 2023-01-18 22:18 | Report Abuse

I believe Armada Claire has been sold for scrap. Not sure what residual value can be realised, I think it'd be around USD12mil - USD15mil. We should get further information during the Q4 22 results release in end-Feb 2023.

Posted by MrKhan > 2023-01-19 11:19 | Report Abuse

That’s good news Niki..the residual value plus savings from keeping the ship afloat should improve the bottom line as well..

Posted by Macgyver11 > 2023-01-19 14:01 | Report Abuse

Velesto shot up faster than Armada, from 0.15c within 2 weeks touched 0.20c. Armada still floating around 0.50c..adoi! Normally velesto we called it veryslow but now veryslow becomes fast and furious...hahaha!
Wahai! Armada bangkit lah..

Posted by nikicheong > 2023-01-20 13:20 | Report Abuse

Akan ku bangkit...soon!

Posted by Macgyver11 > 2023-01-20 21:16 | Report Abuse

China hunger for crude oil after mass opening of economy. Very very good news for our local rigs and fpso players. Ini kali lah...hidup Armada!!!!

Chinese imports of crude oil from Malaysia surged in December to a record 1.3 million barrels per day (bpd), placing Malaysia – whose daily crude production is three times lower – third among China’s biggest crude oil suppliers, only behind Saudi Arabia and Russia.

Chinese crude oil imports from Malaysia exceeded the volumes of crude purchases from OPEC heavyweights such as Iraq and the United Arab Emirates (UAE) last month, according to data from the General Administration of Customs of China cited by Bloomberg.

The volume of China’s imports of crude oil from Malaysia was three times the average daily production from the Southeast Asian producer between January and September 2022.

This has led many analysts to speculate that a large part of the crude from Malaysia – a known hub for ship-to-ship (STS) transfers – actually originated from producers under sanctions such as Iran, Venezuela, or Russia.

Generally, independent Chinese refiners are unfazed by sanctioned oil as their priority is to buy low-priced crude and make good profits refining it.

China continues to buy Iranian and Venezuelan crude, often masked as crude from Malaysia or Oman, various analyses and investigative reports have found over the past few years.

Venezuela is using false documents and tankers linked to Iran and is known for carrying sanctioned Iranian crude in the past, a recent investigation by Reuters showed. Venezuela is selling oil to Chinese refiners, passing it off as Malaysian crude in documents, the investigation showed.

Last year, Chinese customs data at times showed so many imports from Malaysia that analysts and observers believe that China continues to import sanctioned oil passed off as coming from Oman or Malaysia.

Meanwhile, Saudi Arabia was again the single biggest oil supplier to China in 2022, despite a surge in Chinese purchases of crude from Russia, which stayed second-placed on the list of top suppliers to the world’s largest crude oil importer.

Posted by Macgyver11 > 2023-01-20 21:18 | Report Abuse

After CNY can break 0.55c..Hidup Armada.

Posted by MrKhan > 2023-01-23 13:22 | Report Abuse

Happy CNY to everyone!

Posted by Macgyver11 > 2023-01-23 15:51 | Report Abuse

Impending changes at GLCs
There are expected to be some changes at other government linked companies (GLCs), following the leadership change in Putrajaya last November.

Some say the changes could take place as early as after Chinese New Year.

Speculation is rife that there will be changes at the helm of the Employees Provident Fund (EPF). Its current chairman is Tan Sri Ahmad Badri Mohd Zahir and its CEO is Datuk Seri Amir Hamzah Azizan.

However, when asked about the possibility of changes, one senior EPF executive says, “Rather than musical chairs, one should focus on getting things done … In this period, of course there are a lot of rumours, but it’s only true when in black and white.”

Ahmad Badri, the former secretary-general of the Treasury, was appointed EPF chairman on May 1, 2020. Amir Hamzah, meanwhile, was appointed to the top job at EPF in March 2021 after a stint at state-controlled utility company, Tenaga Nasional Bhd, and a number of companies under Petroliam Nasional Bhd.

EPF is one of the oldest and largest retirement funds in the world with about RM1 trillion in assets under management.

Some of its key assets are banking and financial services outfit RHB Bank Bhd, in which the pension fund has 42.14% equity interest; Malaysian Resources Corp Bhd (36.21%), and highway operator PLUS Malaysia Bhd (49%). Khazanah controls 51% of PLUS Malaysia.

There is also speculation changes will take place at Permodalan Nasional Bhd (PNB), where the chairman is Tun Arifin Zakaria. The 72-year old former Chief Justice of Malaya may opt to leave, according to sources. His likely successor is not known.

PNB, which had RM336.7 billion in assets under management as at end-2021, has a number of subsidiaries. They include Malayan Banking Bhd, in which it has about 47% equity interest, and Sime Darby Bhd, where it has about 50% interest.

PNB is also a major shareholder of Sime Darby Plantation Bhd (56%), Sime Darby Property Bhd (57%), Sapura Energy Bhd (40%), developer S P Setia Bhd (about 60%) and Velesto Energy Bhd (52%), among others.

Also in the spotlight is ailing Boustead Holdings Bhd and its 59.42% shareholder, Lembaga Tabung Angkatan Tentera (LTAT).

The group managing director of Boustead Holdings, Datuk Seri Mohammed Shazalli Ramly, left in November last year after completing his two-year contract. Chairman Datuk Seri Mohd Redzuan Md Yusof, who was a former minister and member of parliament under Bersatu, resigned last week.

LTAT’s chairman is General (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, while its CEO is Datuk Ahmad Nazim Abd Rahman.

Through Boustead Holdings, LTAT has 65% equity interest in Boustead Heavy Industries Corp Bhd, 57.4% in Boustead Plantations Bhd and 20.85% in Affin Bank Bhd. LTAT also has a direct 33.08% stake in Affin Bank.

It is understood that the contract of Lembaga Tabung Haji’s (LTH) managing director and CEO Datuk Seri Amrin Awaluddin is ending in May this year and according to sources, he is not keen to have it renewed.

Some of LTH’s large investments include 30% in IT and telecommunications company Theta Edge Bhd, almost 74% in TH Plantations Bhd, 48.28% in Bank Islam Malaysia Bhd and 28.26% in insurance player Syarikat Takaful Malaysia Keluarga Bhd.

Posted by Macgyver11 > 2023-01-23 15:59 | Report Abuse

That means our PM gives priority to our local O&G sectors as most of the local players not strive to excellent under previous administration...example Sapura and Velesto. One of the Petronas obligation now is to give more contracts to our local O&G companies that running the fpso or rigs services. Very Good news indeed....

Posted by Macgyver11 > 2023-01-23 18:28 | Report Abuse

Wow!! Brent super hot today break usd 88.

Posted by Robert Waters > 2023-01-25 17:35 | Report Abuse

Wow, so quiet here. I would expect a few happy people commenting.
I remember when this was a turnaround story, 3 years ago, we had maybe 50 messages on a good day like today.

Which shows me that when armada becomes a story again, we could be at much higher level.
Oil and gas stocks are bought by hedging funds and other boring capital. They are cautious, so are the moves up and down. The excitement of the general public ...

Posted by nikicheong > 2023-01-25 18:58 | Report Abuse

Robert, if anything, that should be a good thing! We could potentially extrapolate that there's more institutional presence in the recent run up, and on the flip side, there's been less retail interest in the company. Most retailers probably already sold off in the 40s and moved on.

In any case, not much to be happy about vis-a-vis share price movements per se. I'll only be happy when there's good news!

Posted by Bon888 > 2023-01-25 20:03 | Report Abuse

Robert and Nick. I also believe thus wrote a lot of messages previously probably already sold off their position. I'm waiting for Armada`s PE15.

Posted by Macgyver11 > 2023-01-26 07:11 | Report Abuse

Today 0.58c..ayoh! Armada

Posted by zen_2k > 2023-01-26 09:13 | Report Abuse

Guess the idea is why make noise when you can continue to accumulate hh

Posted by MM78 > 2023-01-26 11:05 | Report Abuse

I have been holding Armada since 7 years ago and it is still at the top of my share investment portfolio at about 35- 40 % of my total invested values. Over the last few years I do trade about 1/4 to 1/3 portion my Armada shares holding from time to time to get some " dividends" as Armada price fluctuates periodically. My main aim is still seeing the Armada fully reflect its full values one day. Despite its attractive intrinsic values, Armada price is always below its book values too much and far too long. Despite Armada is paying off its debt with its strong cash for the last 4-5 years, its share price has no major break up beyond 60 sens since Sept 2018.
I suspect either it is due to Armada never pay dividend for the period mentioned or there are hidden hands suppressing the share price whenever it goes up to facilitate accumulation by big players at low price. Is there a risk of Armada to be taken private by its major shareholder when its financial situations improved further in future and its share price still being suppressed for this particular corporate exercise?

Posted by OrlandoOilSemiconIoT > 2023-01-26 11:13 | Report Abuse

Progress made is good

But this the thing that made a difference

A recognition

OrlandoOilSemiconIoT

Armada made it into that F4GBM index

Tis round up due institutions buying?

5 days ago

Posted by OrlandoOilSemiconIoT > 2023-01-26 11:13 | Report Abuse

Institution funds buying...

Posted by Ninja _07 > 2023-01-26 11:33 | Report Abuse

where do you check institutions buying status?

Posted by zonefinder > 2023-01-26 12:49 | Report Abuse

Paying will be insane when paying down loans and holding cash reserves for potential projects are key. What we now need are a couple of contract wins in coming months for stock price to shoot up.

Posted by zonefinder > 2023-01-26 12:50 | Report Abuse

Paying dividends

Posted by Bon888 > 2023-01-26 13:19 | Report Abuse

In the long term, patience pays off in investing. This year or next year will be the peak for Armada.

Posted by alenac > 2023-01-26 13:33 | Report Abuse

Crossing 57.5 sen then it would look good. Still no news big boss buying?

Posted by nikicheong > 2023-01-26 14:21 | Report Abuse

Bon, if anything, this is just the start of the resurgence. Net gearing back to 1.0x level. The company can now re-gear and make the most of the tight FPSO market. Hopefully the green energy stuff comes to fruition too. If the company gets new projects on an annual basis, we could be in a position Yinson was in around 10 years ago and we could easily be a 10-bagger.

Posted by Bon888 > 2023-01-26 16:39 | Report Abuse

I just need 2 to 3 folds. I believe my target is achievable.