Posted by supersim > 2022-03-10 19:57 | Report Abuse

oil price up, u go down.. oil price go down u can go up o not ...

Posted by mf > 2022-03-10 19:58 | Report Abuse

Ukraine foreign minister says Russian officials ?live in their own reality? after talks fail

Posted by DatoKyle > 2022-03-10 21:29 | Report Abuse

Insider news.. VELESTO will up 1.5 cents ++ end of tomorrow trading day !

Posted by Izzyy > 2022-03-11 10:11 | Report Abuse

Why don't just liquidate the company and return money to shareholders. Nta 27sen at least we can make some profit... For what wanna run a loss making business.

Posted by SleepingForest > 2022-03-11 15:16 | Report Abuse

Oil price up this counter go down ... oil price down this counter ikut go down ... haha

But still holding and averaging down for future . This company have prospects

Posted by koyokui > 2022-03-11 15:16 | Report Abuse

Buy now good price

Posted by Xcalibre > 2022-03-11 15:26 | Report Abuse

High oil price will be here for quite sometime… as Europe will have to resort to others sources which they’ll have to pay higher oil prices…limited choice..
Good buy for oil

Posted by JJchan > 2022-03-11 19:14 | Report Abuse

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3242374

Petronas has Booked All Velesto Rigs for 2022(Qr1) and 2023. I only hope Petronas daily Rental is above
average.....As of tomorrow, Velesto Earnings for 2 years are Written in Stone.

Posted by Macgyver11 > 2022-03-11 19:31 | Report Abuse

https://www.hmetro.com.my/bisnes/2022/03/819618/malaysia-untung

Posted by Macgyver11 > 2022-03-11 19:38 | Report Abuse

Petronas double up it profit this year and I believed for the up coming years. Good news for local O&G counters. More profit earning more capex allocated for our local rig operators. We can realised this past few weeks operator pressing so hard to dispose those week holders...just stay strong.

Posted by Macgyver11 > 2022-03-11 19:59 | Report Abuse

Thks jjchan. If velesto rigs fully booked then end of this year surely price break 0.20c. Soon big institutional player like epf will board in. Walaoeh!

Posted by roslaom > 2022-03-11 20:25 | Report Abuse

If u got access to long term drilling sequence for 2022-2025in sarawak, peninsular and sabah production areas, then u can estimate drilling duration and thus potential revenues as contract does not specify values.

Posted by newguy0801 > 2022-03-11 21:10 | Report Abuse

Oil rigs also consume oil as fuel, where the high Brent price increase its production cost. If their contract only grant them a fixed revenue rather than oil & gas royalties, then Velesto can't exploit the current high Brent price too.

Posted by Macgyver11 > 2022-03-11 21:51 | Report Abuse

I think you didn't read the Velesto sustainability agenda. Here I post it to you in case you miss out

https://www.klsescreener.com/v2/news/view/948883/velesto-s-sustainability-agenda


newguy0801

Oil rigs also consume oil as fuel, where the high Brent price increase its production cost. If their contract only grant them a fixed revenue rather than oil & gas royalties, then Velesto can't exploit the current high Brent price too.

Posted by newguy0801 > 2022-03-11 22:28 | Report Abuse

Erm, what you posted didn't deny what I said. The oil rigs still consume fuel, despite upgrades to make it more energy efficient. We do not have the technology to make oil rigs independent of oil, lmao.

Posted by newguy0801 > 2022-03-11 22:29 | Report Abuse

You need to remember that oil rig companies in Malaysia like Velesto usually earn fixed revenue rather than royalties per gallon of oil like in US.

Posted by newguy0801 > 2022-03-11 22:30 | Report Abuse

Yes, more contracts = more revenue. However, their costs are also high during high Brent price. So, they profit more during balanced oil demand where oil price is low enough but not low where it still benefits oil field owners like Petronas and they can hire rig and vessel companies.

Posted by linheng > 2022-03-12 03:29 | Report Abuse

Got contract talk about cost. Higher cost, higher profit lah. Thats the nature of business. Banks earn more when interest rate is higher

Posted by linheng > 2022-03-12 03:31 | Report Abuse

Last Quarter use 2 rigs and still register a profit. Now all 6 rigs are contracted by Petronas. 2 years contract with a option of 1 + 1 yr renewal. Start Q1 2022. Fat fat

Posted by Macgyver11 > 2022-03-12 10:51 | Report Abuse

In 2019, Velesto received daily charter rate estimate in between usd70,000 to 85,000 daily. That's in 2019 whereby average brent price trading @ usd65/b. Today the DCR rate might change or maybe higher then 2019 since oil price trading at above 100usd/b. Fat fat

Posted by JJchan > 2022-03-12 10:59 | Report Abuse

Petronas is Not the Only operator in Malaysia Water. Atleast 3 more International players ( Shell esp). Everybody wants to Capture "Price " when it is surging And Velesto is the One in Malaysia that has High Value Rigs. Very Obvious Daily Rental price will sky Rocket too ( now I think around 70,000 per Day )
Velesto announce Booking But No Daily rental rate ( who pay higher who get its Rigs ) This is Biz. Velesto is in
Biz to make Money---- Not to do National Service. As you can see for last 2 years, Velesto Rigs are mainly used by International Co. ( petronas cut back----now they want to sapu ALL velesto's Rigs. ComeOn where got such Fat frog jumping around----Pay Extra then Petronas gets Rigs----Biz mah )

USA & UK already announce they are Cutting Oil import from Russia---EU will completely Ban Russia Oil by
2027. Russian supply about 10% of World Daily Need( 102mil Barrel a Day ) about 10mil Barrel per Day.
OPEC has announced MAXI daily they can pump ( extra ) about 700K --800K barrel. A short fall of 9mil barrel
a Day-----Even Velesto can put 30 extra Rigs, it cannot produce 1mil Barrel a Day. The short fall will keep price
up at $90 / Barrel for atleast 2--3 years bcos USA and UK Cut Russian Oil

Posted by JJchan > 2022-03-12 11:06 | Report Abuse

Shorties has Booked 26mil----Monday will be a Mad dash to buyback

Posted by JJchan > 2022-03-12 11:10 | Report Abuse

NEW YORK CITY – Demand for floating rigs is soaring in the new year, with floaters making up 86% of the awards in February thus far, according to Evercore ISI’s latest Offshore Rig Market Snapshot.

While no contract awarded was for more than four months, the firm commented that “day rates are clearly trending higher with Transocean signing a new contract for the Deepwater Asgard at a substantially higher rate.”

The report noted that the seventh-generation drillship was awarded a two-well contract from an undisclosed operator in the US Gulf of Mexico at $395,000/day, up from its current $295,000/ day charter with Hess. Evercore said that the rate “likely includes managed pressure drilling services,” with Transocean previously disclosing that the $295,000/day average on the Deepwater Asgard’s one-well contract with Hess received an incremental $40,000/day for MPD services.

Evercore notes that while MPD is generally required for HP/HT reservoirs such as Petrobras’ presalt regions and the Gulf of Mexico’s Lower Tertiary areas, it is also used to enhance drilling performance.

About 30 floaters and three jackups are fully equipped with MPD currently, with NOV recently upgrading the Noble Gerry de Souza with MPD and a second BOP for its one-well plus two option well contract offshore Suriname for APA.

02/15/2022

Posted by JJchan > 2022-03-12 11:33 | Report Abuse

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3235001

Hydraulic workover that Velesto get from Exxon maybe getting popular --- Open Up "Brown Well" that is Not
economical to operate at $65 Oil But at $130 is a different story.---Drilling New wells take Time and Not
always successful. Opening up Old well is much faster to capture High Oil price. There are Hundred of this
plugged Old well in Malaysia water.

Posted by specializedvenge > 2022-03-12 11:33 | Report Abuse

Press you die die to 0.11
Then only announce being contracted by petronas for 1+1 year.
Big boss pannai play

Posted by pakabu > 2022-03-12 12:19 | Report Abuse

KUALA LUMPUR (March 11): Velesto Energy Bhd (VEB) said its unit has received a two-year contract to provide jack-up drilling rigs to Petronas Carigali Sdn Bhd (PCSB).

https://www.msn.com/en-my/money/topstories/velesto-energy-receives-two-year-contract-from-petronas-carigali-to-provide-jack-up-drilling-rigs/ar-AAUVBW2

Posted by StayHumble > 2022-03-12 12:32 | Report Abuse

They booked all six rigs which is excellent news. Which means utilization rate will probably be >80% for the whole year. Dcr must be higher this time .

Posted by DickyMe3 > 2022-03-12 12:59 | Report Abuse

Booking is not important. Whether the rigs can suck out oil or salt water is the question.

Posted by StayHumble > 2022-03-12 13:09 | Report Abuse

Whether it's Oil or salt water, Petronas needs to pay for the usage of the rigs.. Either way it's still a huge positive for Velesto

Posted by kong73 > 2022-03-12 13:43 | Report Abuse

this contract pay as you go..macam sewa kereta

Posted by JJchan > 2022-03-12 14:56 | Report Abuse

All SUPERBULL starts when Institution Buyers are sleeping. Reason, they have to rush in to Buy.
VELESTO will be 2022 SuperBull in Making...
1) Vested interest from PNB ( 30sens Cost )
2) Petronas suddenly Sapu All Velesto Rigs ( Petronas is never this Bullish bcos Everybody is Talking about
............going Green just 24months ago)
3) Lacking of Oil Well Drilling from Every Corner of the Global (atleast 2yrs).....mainly affected Covid
4) Ukraine War....USA and EU CUTTING Russian Oil.....This is LONG term Demand shifting to Petronas
5) Sentiment shifting from Electronics to Oil. Who wants to buy a EV car to be Bommb by Russian. Food
price has Rocketed. Bread / Wheat price has jumped 60%. Do you think Western Consumers will buy a new
handphone Or LapTop with 12--15% Inflation.....They are more worry whether they can pay Rent next month

Posted by DatoKyle > 2022-03-12 23:10 | Report Abuse

Insider news from DatoKyle.. Velesto tp 35 cents ++

Posted by linheng > 2022-03-13 06:58 | Report Abuse

https://youtu.be/RJChAXCLvxc

Posted by linheng > 2022-03-13 07:00 | Report Abuse

US Department of Energy say oil price to remain above USD$100 for the rest of 2022. The above youtube shows how easy to reopen brown oil field. No wonder Petronas grab all available rigs first

Posted by Shines > 2022-03-13 11:23 | Report Abuse

With wining contracts in hand looks bright for Velesto

Posted by EAGLE > 2022-03-13 14:26 | Report Abuse

New revenue coming. Tomorrow kasi hantam.

Posted by awesome20 > 2022-03-13 14:39 | Report Abuse

contract book value higher

Posted by hafizisolehah88 > 2022-03-13 21:19 | Report Abuse

hmmmm

Posted by Macgyver11 > 2022-03-13 21:38 | Report Abuse

Hopefully tomorrow onward the game will be interesting. Supposed should climb up despite go down.

Posted by DatoKyle > 2022-03-13 21:57 | Report Abuse

BN win = Velesto win ! Insider news from DatoKyle.. Velesto tp 0.14 cents end of the coming trading day !

Posted by Eurus1973 > 2022-03-13 23:37 | Report Abuse

Ini counter cukup murah, mayban call buy target 0.35. Buy now and wait for 0.145

Posted by bullmarket1628 > 2022-03-14 09:09 | Report Abuse

Announcement details
VELESTO ENERGY BERHAD

Description: AWARD OF CONTRACT FOR THE PROVISION OF JACK-UP DRILLING RIGS FOR PETRONAS CARIGALI SDN.BHD (PCSB)
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3242374
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, has received a Letter of Award from PETRONAS Carigali Sdn. Bhd. (“PCSB”), for the Provision of Jack-Up Drilling Rigs for PCSB (“Contract”).
2. DETAILS
The salient terms of the Contract are as follows:-
2.1 With Contract duration of two (2) years primary period, which is expected to commence in quarter 1 of 2022, with one (1) year plus one (1) year extension option, VED will provide its suite of VEB Group’s NAGA rigs as call out by PCSB subject to the rig availability and suitability based on PCSB’s requirement.
2.2 The details of the VEB Group’s NAGA rigs are as follows:-
RIGS
DETAILS OF RIGS
NAGA 2
Premium independent-leg cantilever jack-up rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.
NAGA 3
Premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 350 feet.
NAGA 4
Premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
NAGA 5
Premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
NAGA 6
Premium independent-leg cantilever jack-up rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 375 feet.
NAGA 8
Premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
3. INFORMATION ON PARTIES
3.1 Information on VED
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 PCSB
PCSB, is a wholly-owned subsidiary of Petroliam Nasional Berhad (PETRONAS), is a leading exploration and production company. PCSB was incorporated in Malaysia under the Companies Act, 1965 on 11 May 1978 and has its registered office at Tower 1, Petronas Twin Towers, Kuala Lumpur City Centre, 50088 Kuala Lumpur, Malaysia. The principal activities of PCSB are exploration, development and production of oil and gas.
4. FINANCIAL EFFECTS
The provision of the above-mentioned services subject to call out by PCSB, is expected to contribute to the earnings and net assets of VEB Group during the contract period for the financial periods ending 31 December 2022 and 2023.
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. 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.
7. 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 11 March 2022.

Posted by bullmarket1628 > 2022-03-14 09:15 |

Post removed.Why?

Posted by hoot9e996 > 2022-03-14 09:43 | Report Abuse

operator also no confidence aiyooo

Posted by hisaishi > 2022-03-14 09:44 | Report Abuse

waiting for signal

Posted by EAGLE > 2022-03-14 10:25 | Report Abuse

cannot go also

Posted by newguy0801 > 2022-03-14 10:35 | Report Abuse

Well, I told you so.
1) The revenue from the oil rigs is fixed as it is bound to contracts and doesn't depend on Brent price. Which company will keep modify rig rates every month just to reflect the Brent price? I don't think Petronas will do that. Contract modification and renewal take lots of time and money just on legal and administration fees alone.
2) Since the revenue is fixed, high Brent price only hurts the company by raising the cost of fuel consumption. Yes, I know that they installed all sorts of energy saving equipment, but the rigs still consume petroleum as fuel. So, revenue is big, but cost is still big to make the profit small.

Since the contract is fixed for quite a long period, why don't wait when Brent price drops? When Brent price drops, company's share price also will temporarily drop. With the contract kicking in giving revenue for years while having low fuel cost, the next QR after the drop and stabilization in Brent sure will be nice nice.

Posted by newguy0801 > 2022-03-14 10:35 | Report Abuse

Unless with random goreng, this rig company sure will stay around this price. It only has rigs, not oil fields.

Posted by EAGLE > 2022-03-14 11:03 | Report Abuse

Got chance for dividen?

Posted by hoot9e996 > 2022-03-14 11:07 | Report Abuse

nah keep dreaming lol