Posted by offshore > 2018-03-26 09:10 | Report Abuse

If oil price remains above USD70, then things will get more interesting. If merely touch that price and drop back down then not much of upside gain. Maybank already put the fair value at 33 sen. Another interesting fact in the Maybank analysis is that a foreign drilling contractor, PVD, is getting some drilling contracts in Malaysia. So where is that monopoly that everyone here is dreaming about?

Posted by Jonathan Keung > 2018-03-27 07:13 | Report Abuse

china launches petrol - yuan trading. saudi says prolong cuts into 2019. DJ rebounds. look crude prices stay firms

Posted by Effendy Tay > 2018-03-27 08:03 | Report Abuse

Buy Chinese remibi and keep for long term 1 ringgit 1remibi,a matter of time

Posted by edison5351 > 2018-03-27 11:57 | Report Abuse

kasi terbang

Posted by Jonathan Keung > 2018-03-27 14:31 | Report Abuse

monetary policies hard to figure out. most traders believed Yuan is undervalued ( up to what CCCP projections ) to protect thier country exports

Posted by WallStBull > 2018-03-28 17:06 | Report Abuse

my sleeeeping beauty.. please sleeep well. Dont wake up unless is neccessarily.. hhehe

Posted by edison5351 > 2018-03-28 18:29 | Report Abuse

tmrw all spng player come here invest better counter , steady one

Posted by JokerT > 2018-03-28 22:59 | Report Abuse

sell .... no power already

Posted by keropea > 2018-03-28 23:19 | Report Abuse

tmrw gap up dont surprise

Posted by offshore > 2018-03-29 11:00 | Report Abuse

Where is the gap?

Posted by azmini > 2018-03-29 14:47 | Report Abuse

Counter stil sleep...

Posted by jordanmaggie61 > 2018-03-29 15:25 | Report Abuse

good join

Posted by Lim Tek Wai > 2018-03-29 15:28 | Report Abuse

m3 drop drop drop for another 1 week

Posted by jordanmaggie61 > 2018-03-29 15:29 | Report Abuse

good

Posted by wudmec > 2018-03-29 16:54 | Report Abuse

TP 0.44 rite?

Posted by edison5351 > 2018-03-29 18:30 | Report Abuse

ya alot sapura ppl came today .besok terbang ke bulan and pergi mars

Posted by keropea > 2018-03-29 20:54 | Report Abuse

ya i told u guys will be gap up. now engine jz warming only get ready for GE14 race track.

Posted by klse007 > 2018-03-29 21:39 | Report Abuse

GO>>>>>>>>>>>>>>>>>>>

Posted by Tradeshare > 2018-03-30 01:20 | Report Abuse

O i c.... Want fly oredy. !!! Zzzzz

Posted by keropea > 2018-03-30 08:45 | Report Abuse

today up kAw kaw

Posted by Tradeshare > 2018-03-30 23:17 | Report Abuse

I still waiting.... Zzzzz

Posted by keropea > 2018-03-30 23:31 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5741925 good news

Posted by Lewis Lee > 2018-03-31 13:58 | Report Abuse

@ keropea , what good news ?? no result yet ??

Posted by Tradeshare > 2018-03-31 16:41 | Report Abuse

When can break 33....zzzzx

Posted by FlowerhornKing66 > 2018-04-01 10:32 |

Post removed.Why?

Posted by Iloveshare > 2018-04-01 12:48 | Report Abuse

engine start

Posted by Surewind > 2018-04-02 10:47 | Report Abuse

Malaysian offshore driller and oilfield services provider UMW has learned the date of the arbitration hearing aimed at resolving its spat with Frontier Oil Corporation related to a rig contract award signed in 2014.

The two companies in 2014 signed a contract under which UMW was to provide a jack-up drilling unit, UMW NAGA 7, and other related services to FOC, for on FOC’s SC50 Block offshore the Philippines.

UMW says the contract had stipulated that Frontier was to have arranged for the issuance of a bank guarantee of $5 million and an advance payment of $5 million within the time stipulated in the contract, ie; on or before December 2015.

The Malaysian driller said that Frontier then “failed to, refused to and/or neglected to arrange for the said bank guarantee and advance payment,” despite repeated reminders.

According to a 2016 article by the Philippine Star, it was UMW who terminated the rig contract after Frontier Oil attempted to negotiate lower rates due to the falling oil prices.

Arbitration notice


UMW Offshore Drilling then in early 2015 served a notice of arbitration on Frontier Oil Corporation to seek, among others, an award for damages and compensation for all losses arising from what UMW described as FOC’s breach of contract “but not limited to the early termination fee amounting to $19.2 million.”

According to UMW, in August 2015, FOC filed a statement of defense saying that UMW was not entitled to the early termination fee, damages, cost, interest or any other sums. FOC at the time did not make any counterclaim against UMW.

FOC in counterattack
However, a year later, UMW has said, FOC served an amended statement of defense and counterclaim seeking its alleged loss and damages on account of alleged non-performance and/or breach.

FOC is seeking $20 million for an alleged loss of revenue or value that FOC would have obtained had UMW not breached the contract, and damages reflecting an alleged loss of the extended well test value in the sum of $9.70 million.

Furthermore, according to UMW, FOC has asked for a compensation for the cost of wasted expenditure of $1.36 million; liquidated damages in the sum of $3.84 million; and interest and costs, fees and expenses associated with the arbitration.

UMW then served its amended response to these claims in October 2016 and April 2017. FOC responded by filing a revised counterclaim on June 2017 and UMW then again submitted revised response in July 2017.

In a statement on Friday, March 30, 2018, UMW said the arbitration hearing was scheduled to be conducted in Singapore from April 2, 2018, to April 6, 2018.

“The company will make further announcements on any material development on this matter,” it added.

Offshore Energy Today Staff



FOC got counter claim so not sure good or not...

Posted by LimKT > 2018-04-02 11:14 | Report Abuse

Arbitration notice

Posted by nicky > 2018-04-02 11:37 | Report Abuse

sleeping mode zzzzzzzz

Posted by jordanmaggie61 > 2018-04-02 12:01 | Report Abuse

Why?

Posted by Lewis Lee > 2018-04-02 13:02 | Report Abuse

Meaning if UMWOG can win the claim in arbitration , they might get USD19.2 millions !
Potential maximun profit of around RM80 millions if they win the case !!!

Posted by Lewis Lee > 2018-04-02 13:05 | Report Abuse

last quarter core profit only RM25 mil, if the outcome of the arbitration is good, win RM80 mil, the share price surely will shoot up to 0.50 !! Let's hope for the best !!!

Posted by offshore > 2018-04-02 13:12 | Report Abuse

Umwog insisted on the bank guarantee and advance payment because frontier is a small independent oil company with weak financial position. Sometimes I wonder why they even bother to bid or sign for such contract if they have doubt on that oil company.

Posted by Effendy Tay > 2018-04-02 14:05 | Report Abuse

Another pump and dumb counter very typical no business push the shares make a living

Posted by edison5351 > 2018-04-02 16:04 | Report Abuse

yes haha i'm very confident they can win this war and directly get 19m USD into profit without waiting for next QR. D:

Posted by edison5351 > 2018-04-02 19:05 | Report Abuse

this month is goreng month. so we lets goreng!

Posted by Christopher Toh > 2018-04-02 22:51 | Report Abuse

after GE sure UP

Posted by keropea > 2018-04-02 23:39 | Report Abuse

y after GE, not before GE?

Posted by offshore > 2018-04-03 08:12 | Report Abuse

According to a 2016 article by the Philippine Star, it was UMW who terminated the rig contract after Frontier Oil attempted to negotiate lower rates due to the falling oil prices.


Try doing that to Petronas. See who will get terminated first ... permanently.

Posted by RickyHo > 2018-04-03 12:24 | Report Abuse

ini umwog manyak teruk .. hutang manyak duit

Posted by RickyHo > 2018-04-03 12:25 | Report Abuse

so far minta duit right issue soon ...

Posted by RickyHo > 2018-04-03 12:26 | Report Abuse

target price 0.25 .. i cu sooon

Posted by wudmec > 2018-04-03 14:50 | Report Abuse

b4 pru can go TP :0.44? possible tak?

Posted by RickyHo > 2018-04-03 17:30 | Report Abuse

impossible... will drop to 0.25sen soon

Posted by deep > 2018-04-03 18:51 | Report Abuse

Ricky, yes... is bad and we know... thank you... u may go back to sumatec blog already...

Posted by keropea > 2018-04-03 20:16 | Report Abuse

this time huaty huaty liao haha 20mil usd in the making. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1193613 http://www.bursamalaysia.com/market/listed-companies/company-announcements/5195153 http://www.bursamalaysia.com/market/listed-companies/company-announcements/5741925

Posted by Iting Peng > 2018-04-04 01:08 | Report Abuse

stupid fellow，why happy for old news?

Posted by darkxfs > 2018-04-04 12:05 | Report Abuse

buy hwatai now 0.360 got seller easy goreng

Posted by ankahill > 2018-04-04 16:01 | Report Abuse

Today hot sale.... super discount!!!

Posted by anson938 > 2018-04-04 16:13 | Report Abuse

GOT ANY PROBLEM!!!!!!