Posted by Macgyver11 > 2021-03-26 20:24 | Report Abuse

Petronas contract- 85mil
ConocoPhillips- 33.17mil

Peeewiiiit!!

Posted by amirsyam1001 > 2021-03-26 22:42 | Report Abuse

Yesterday super red. Today super Green. What actually happened to Crude Oil?

Posted by bullmarket1628 > 2021-03-27 08:25 |

Post removed.Why?

Posted by bullmarket1628 > 2021-03-27 11:26 | Report Abuse

OTHERS AWARD OF CONTRACT FOR THE PROVISION OF A JACK UP DRILLING UNIT FOR CONOCOPHILLIPS SARAWAK LIMITED AND CONOCOPHILLIPS SARAWAK OIL LIMITED

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3142693

Velesto Energy Berhad
Description: AWARD OF CONTRACT FOR THE PROVISION OF A JACK UP DRILLING UNIT FOR CONOCOPHILLIPS SARAWAK LIMITED AND CONOCOPHILLIPS SARAWAK OIL LIMITED

1. INTRODUCTION
The Board of Directors of Velesto Energy Berhad (“VEB”) is pleased to announce that Velesto Drilling Sdn Bhd (“VED”), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, which in turn is a wholly-owned subsidiary of VEB (collectively be referred as “VEB Group”), has been awarded with a Letter of Award from ConocoPhillips Sarawak Limited and ConocoPhillips Sarawak Oil Limited (collectively be referred as “ConocoPhillips”), for a Contract for the provision of jack-up rig services, the approval of which was received today (“Contract”).
 
The Contract is for a jack-up rig named NAGA 7 with an estimated contract value of USD8 million.
 
Details of the Contract is summarised below:
 
2. DETAILS
2.1 Provision of Jack-Up Drilling Rig “NAGA 7”
The Contract is for the provision of a jack-up drilling rig to undertake drilling services for ConocoPhillips, and VEB Group will assign its NAGA 7 for this Contract.
The Contract is to drill up to 3 wells with the tentative commencement sometime in the first half of 2021.
NAGA 7 is a premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 375 feet.
 
3. INFORMATION ON PARTIES
3.1 Information on Velesto Drilling Sdn. Bhd.
VED was incorporated in Malaysia under the Companies Act, 1965 on 29 July 2003 and is deemed to be registered under the Companies Act 2016. VED is principally involved in the offshore drilling business and operations and other engineering services for oil and gas exploration, development and production in Malaysia and overseas.
 
3.2 Information on ConocoPhillips
ConocoPhillips’ office is located at Level 58, Tower 2, PETRONAS Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur. The principal activity of ConocoPhillips is the exploration of hydrocarbons.
 
4. FINANCIAL EFFECTS
The provision of the above-mentioned services is expected to contribute positively to the earnings and net assets of VEB Group during the contract period for the financial period ending 31 December 2021.
 
5. RISK ASSOCIATED WITH THE CONTRACTS
The risks associated with the execution of the Contract are operational and execution risks, which will be mitigated and/or managed by VED, a company with a proven successful track record of undertaking drilling programmes.
 
6. CONFIDENTIALITY
In accordance with the terms of the Contract, VEB has received approval from ConocoPhillips on the content and the release of this announcement.
 
7. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS INTEREST 
None of the Directors and/or the substantial shareholders of VEB and/or persons connected with the Directors and/or substantial shareholders have any interest, direct or indirect in the above Contract.
 
8. STATEMENT BY DIRECTORS
The Board of Directors of VEB is of the opinion that the acceptance of the Contract herein is in the best interest of VEB Group.
 
This announcement is dated 26 March 2021.

Posted by bullmarket1628 > 2021-03-27 11:28 | Report Abuse

Velesto unit bags RM33m drilling contract
Friday, March 26th, 2021 at Business | News

https://themalaysianreserve.com/2021/03/26/velesto-unit-bags-rm33m-drilling-contract/

VELESTO Energy Bhd’s wholly-owned unit Velesto Drilling Sdn Bhd has been awarded a letter of award from ConocoPhillips Sarawak Ltd and ConocoPhillips Sarawak Oil Ltd for a contract for the provision of jack-up rig services.
The company, in a bourse filing today, said the contract is for a jack-up rig named NAGA 7 with an estimated contract value of US$8 million (RM33.17 million).
The contract is to drill up to three wells with the tentative commencement sometime in the first half of 2021.

NAGA 7 is a premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 375 feet.
The provision of the above-mentioned services is expected to contribute positively to the earnings and net assets of Velesto Group during the contract period for the financial period ‪ending Dec 31, 2021‬.
Velesto’s share price ended half a sen or 2.94% higher at close at 17 sen, with 22.97 million shares changing hands. The company has a market valuation of RM1.4 billion.
– TMR/ TMR GRAPHIC

Posted by bullmarket1628 > 2021-03-27 11:32 |

Post removed.Why?

Posted by JuliusCeasar > 2021-03-27 12:04 | Report Abuse

Monday morning should fly. Next week is the time to watch. Extend of high prices rally could continue till Friday.

Posted by JuliusCeasar > 2021-03-27 12:04 | Report Abuse

Steady VELESTO

Posted by Macgyver11 > 2021-03-27 21:32 | Report Abuse

Steady Velesto...peeewiitt!!

Posted by Macgyver11 > 2021-03-27 21:35 | Report Abuse

https://oilprice.com/Energy/Energy-General/Investors-Are-Betting-Big-On-Energy-Stocks-In-2021.html

Posted by Lewis Lee > 2021-03-27 21:42 | Report Abuse

Hope that the CEO or board work hard to secure more contarct for their rigs, fully utilize all their rigs then share price only can PECUT back to 40 cents !!!!!!!

Posted by Macgyver11 > 2021-03-27 21:43 | Report Abuse

Coming...OTW

Posted by Macgyver11 > 2021-03-27 22:07 | Report Abuse

Velesto hv cash & bank balance about 261mil and inventories yet receive payment about 200mil. Something good thing to observed rather just pointing to impairment loss. No doubt in future they also can go for FPSO to compete with others o&g. Just my 2c opinion only.

Posted by Raiz368 > 2021-03-27 22:20 | Report Abuse

Kenanga ask to SELL with TP 11 cent, HLG ask to HOLD with TP 18 cent and I’m ask to buy bcos monday will open gap up 20 cent...

Posted by Macgyver11 > 2021-03-27 22:24 | Report Abuse

Hopefully...

Posted by Raiz368 > 2021-03-27 22:32 | Report Abuse

DJ strong bullish so KLSE will strongly rebound next week to 1650 point

Posted by KAQ4468 > 2021-03-27 23:53 | Report Abuse

Peewiittttt

Posted by KAQ4468 > 2021-03-27 23:53 | Report Abuse

Velesto... 40 cents punya cerita

Posted by KAQ4468 > 2021-03-27 23:53 | Report Abuse

Layan layan

Posted by JJchan > 2021-03-28 10:16 | Report Abuse

All impairment loss will be reverse the moment Daily Jack-up Rate Hit $80,000 / Day ( most
likely around Nov/dec 2021 ) You should worry about impairment loss if economy is still
plunging. Impairment loss is "just a accounting " announcement that Equipment are seating
Down Idle ( Impairment is a accounting entry that doesnT involved Cash---reverse any time when Management feels it is appropriate )

Why Velesto didnT crash after this Impairment announcement? Bcos IB feels Oil Outlook is positive in long Term

Posted by JJchan > 2021-03-28 10:19 | Report Abuse

Of Course Kenanga still didnT Top-Up yet is overjoyed with this announcement (Tp 0.11---maybe
they should give zero )

Posted by JJchan > 2021-03-28 11:01 | Report Abuse

Umno AGM has sounds War Drum on Ge15----Only Forward march, Retreat is Treason. For me
where is the money for Ge15?? From Bursa?? If Monday all Goreng Stock Fired Up on All
Cylinders, you know the answer already

Posted by Macgyver11 > 2021-03-28 20:15 | Report Abuse

Doesn't matter what ever happen tomorrow. If up we TP if down we collect. Velesto good for mid/long term investment. Cool good luck.

Posted by Macgyver11 > 2021-03-28 20:18 | Report Abuse

20c
25c
30c
Punya cerita...peewiiit!!

Posted by JuliusCeasar > 2021-03-29 08:08 | Report Abuse

Oil price moving north now. Good prospect this morning. Making profit is otw. Hehehe

Posted by serpent100 > 2021-03-29 08:19 | Report Abuse

Today close will maintain 17.5c.... Higher 18c... Lowest 17c.... Gajah counter... Don't need guess already know

Posted by Jjkcl > 2021-03-29 08:58 | Report Abuse

O. 20 otw

Posted by dusti > 2021-03-29 09:46 | Report Abuse

Must consider. I see a TP given in the EDGE

Posted by koyokui > 2021-03-29 09:50 | Report Abuse

https://youtu.be/mBwIY6ywFsI Indonesia oil on fire. Buy buy oil price will rise

Posted by KAQ4468 > 2021-03-29 10:24 | Report Abuse

40 cents punya cerita

Kasi mariiiii

Posted by KAQ4468 > 2021-03-29 10:24 | Report Abuse

Peewiittttt

Posted by obakh222 > 2021-03-29 10:39 | Report Abuse

Velesto TP only 0.140 ???

Posted by # dare# > 2021-03-29 10:44 | Report Abuse

@obakh22, TP is depend on investment bank. some IB give TP0.24

Posted by Bluey > 2021-03-29 15:28 | Report Abuse

Don’t speculate on the TP. The number given by analyst in the Edge is 30. A long ways to go. Have picked up some.

Posted by Macgyver11 > 2021-03-29 19:55 | Report Abuse

Brent 65+

Huat ah, heng ah, ong ah!

Posted by Macgyver11 > 2021-03-29 19:55 | Report Abuse

Lai lai 70

Posted by Macgyver11 > 2021-03-29 19:57 | Report Abuse

If tonigh can break 66 then tomorrow....

Huat Ah, Heng Ah, Ong Ah!

Kikiki!

Posted by Jjkcl > 2021-03-29 19:58 | Report Abuse

Suez Canal is still stuck with evergreen ship. Latest news

Posted by Macgyver11 > 2021-03-29 20:25 | Report Abuse

https://www.theedgemarkets.com/article/covid19-malaysias-daily-cases-drop-941-lowest-four-months

Posted by Sentry42069 > 2021-03-29 21:45 | Report Abuse

wah this counter really testing my patience. Wait for almost a month still no movement

Posted by KAQ4468 > 2021-03-30 01:04 | Report Abuse

Aiyaaaa... Mau cepat kaya, pergi tikam 4D lorrr

Posted by Mambang > 2021-03-30 08:55 | Report Abuse

4D salah tikam rugi oo

Posted by Macgyver11 > 2021-03-30 22:46 | Report Abuse

https://www.theedgemarkets.com/article/oil-prices-slip-focus-switches-suez-canal-blockage-opec-supply-policy

Posted by JJchan > 2021-03-31 13:28 | Report Abuse

Usually market price Lag Bank's Tp by 30% or more( Bank's Tp forward looking ) Right now it seems Velesto market price is almost approaching 18cents ( among Highest )---Maybe Velesto
short term bullish price is 22 cents ( If Sapnrg makes a Mad dash to finish-line 30sens, i donT
think Velesto will just squat at longkang besar smoking illegal Cigarette )

Posted by Macgyver11 > 2021-03-31 22:09 | Report Abuse

Oh yeah! 0.22c pasti mari...

Posted by Macgyver11 > 2021-03-31 22:23 | Report Abuse

I think 3 more rigs need to secure project. Once all rigs fully operate...WOW!

Posted by bullmarket1628 > 2021-04-01 07:37 | Report Abuse

Yes, OPEC ministers meeting today will know the outcome...
I think it will be a superb good news and oil price immediately will spike up towards the $80 level...

Huat ah, Heng ah, Ong ah !

Posted by obakh222 > 2021-04-01 09:30 | Report Abuse

April fools day.

Posted by dusti > 2021-04-01 10:43 | Report Abuse

`AT THIS MOMENT VELESTO SHOULD HAVE >18 , BUT A HEAVY HAND IS KEEPING PRICE DOWN. BUYERS OUTNUMBER SELLERS MORE THAN 5:1. PEERS ARE MOVING ON. TIME FOR VELESTO TO WAKE UP

Posted by Smallretailer > 2021-04-01 12:55 | Report Abuse

If next quarter again loss then price will definitely go down. Other companies had taken losses and going towards recovery (eg sapura). Velesto from what i see is just goint through a slump. expect heavy obstacles for 2021, 2022 should be a good year for them. Long terms investors are welcomed