Posted by cashflow > 2022-07-26 20:32 | Report Abuse

Oversold triggered, Retrace back above 10 cents soon.

Posted by wongcheehui83 > 2022-07-26 21:32 | Report Abuse

11 cent...

Posted by daneilchoong > 2022-07-27 09:35 | Report Abuse

velesto also pnb punya ka.push la

Posted by daneilchoong > 2022-07-27 14:58 | Report Abuse

up some pump more

Posted by wongcheehui83 > 2022-07-27 14:59 | Report Abuse

yes..... engine warming up.....

Posted by wongcheehui83 > 2022-07-29 10:25 | Report Abuse

hopefully will be

Posted by maxprofit2020 > 2022-07-29 10:50 | Report Abuse

looks like positive momentum, rebound back to above 10 cents on the way

Posted by bullmarket1628 > 2022-07-30 11:05 | Report Abuse

Oil up over $2 per barrel as hopes fade for OPEC+ supply boost

By Laila Kearney. 30-7-2022

https://www.reuters.com/business/energy/oil-prices-rise-tight-supply-attention-turns-opec-meeting-2022-07-29/

NEW YORK, July 29 (Reuters) - Oil prices settled up more than $2 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will imminently boost supply.
Brent crude futures contract for September, which expire on Friday, jumped more than $3 a barrel during the session and then pared gains to settle at $110.01 a barrel, up $2.87, or 2.7%. The more active October contract was up $2.14, or 2.1%, at $103.97.
U.S. West Texas Intermediate (WTI) crude futures settled at $98.62 a barrel, rising $2.20, or 2.3%, after jumping more than $5 a barrel.

Posted by bullmarket1628 > 2022-07-30 11:20 | Report Abuse

Hibiscus has tripled oil production - Koon Yew Yin

Publish date: Fri, 29 Jul 2022, 11:57 AM

https://klse.i3investor.com/web/blog/detail/koonyewyinblog/2022-07-29-story-h1627028513-Hibiscus_has_tripled_oil_production_Koon_Yew_Yin

Hibiscus Petroleum Bhd along with its subsidiaries is engaged in exploration and development of oil and gas. It has operations in Middle East, Norway and Oceania regions.
Repsol S.A. is a Spanish multinational energy and petrochemical company based in Madrid. It is engaged in worldwide upstream and downstream activities.
The company announced on 1st June 2021 that it has agreed to sell its operated assets in Malaysia and in Block 46 CN in Vietnam to Hibiscus Petroleum.
Hibiscus Petroleum Bhd said on Tuesday (Jan 25) that its indirect wholly-owned subsidiary Peninsula Hibiscus Sdn Bhd had successfully completed the acquisition of the entire equity interest in Fortuna International Petroleum Corporation (FIPC) from Repsol.
Hibiscus Petroleum noted in a statement that out of the purchase price of US$212.50 million (about RM890.06 million), the net amount paid at completion was US$123.65 million after taking into account various adjustments, including the deposit paid of US$15 million.
The company also made the following announcements:
Hibiscus expects threefold increase in o&g output due to Repsol deal (Repsol Exploración, S.A)
Repsol Asset Acquisition: Completed the trans formative acquisition on 24 January 2022. Assets are expected to almost triple the Group’s net daily oil, gas and condensate production.
New Group Vision and Mission: Aim to achieve target production of 35,000-50,000 boe/day.
Hibiscus Petroleum has good profit growth prospect and undervalued based on 2 factors:
1 Acquisition of Rapsol assets in Malaysia and in Block 46 CN in Vietnam to Hibiscus Petroleum.
2 Due to the Ukraine-Russia conflict, oil and gas prices are surging up higher and higher as shown on the chart below.

Hisbiscus reported EPS 15.32 sen for the quarter ending March and EPS 2.42 for its previous quarter ending December 2021. Its next quarter ending June should be much better because of its new acquisition of Rapsol’s assets and the increased oil production due to the Ukraine war.  When the company announces its result before the end of August its share price should shoot through the roof.

Posted by SinGor > 2022-07-30 14:15 | Report Abuse

AmanahRaya started Buying SAP. Next week Velesto is next in line ( possibilities High ). Expect 2Q results
Revenue to be much higher than last Qr. Possible Rigs utilisation 65--70% compare to 30% last Qr

Posted by bullmarket1628 > 2022-08-01 09:43 |

Post removed.Why?

Posted by bullmarket1628 > 2022-08-01 09:43 | Report Abuse

This month end Aug 2022’s QR must be superb outstanding already liao lah ! 

Heng ah, Ong ah, Huat ah !

Posted by wongcheehui83 > 2022-08-01 19:01 | Report Abuse

then wait for what?
buy and push up la

Posted by wongcheehui83 > 2022-08-02 09:56 | Report Abuse

look like will boom up. want? fast buy

Posted by anaktodak > 2022-08-03 12:11 | Report Abuse

From 1600 to below 1500 point very huge falls. What to expect? Wait and see after the GE15.

Posted by EAGLE > 2022-08-03 12:41 | Report Abuse

When 2nd quarter result coming out?

Posted by Lewis Lee > 2022-08-03 14:49 | Report Abuse

2Q result will be loss also ! I can guarantee you !! No news of winning new contract ,how to improve performance??

Posted by Mini2021 > 2022-08-03 14:56 | Report Abuse

US start WAR with CHINA .....CHINA will not sell glove to US ......CHINA GLOVE GG..... MALAYSIA GLOVE UP UP UP ....

Posted by Eric Lim > 2022-08-04 10:58 | Report Abuse

Brent oil drop to zero, Velesto drop to 9.5cent
Brent oil rise to 100usd, Velesto drop to 8.5cent
really C B counter

Posted by wongcheehui83 > 2022-08-04 19:27 | Report Abuse

be patient...... will up geh.... coming this month

Posted by wongcheehui83 > 2022-08-04 19:30 | Report Abuse

majority bank also ask buy ma... scare what

Posted by bullmarket1628 > 2022-08-06 07:42 |

Post removed.Why?

Posted by Eric Lim > 2022-08-08 18:42 | Report Abuse

holland, want break all time low????

Posted by Lewis Lee > 2022-08-08 20:06 | Report Abuse

Velesto is going to “abang adik “ sama Sapura energy !
No news of winning new contract , 3 rigs lying idle for months, how not to go Holland ??

Posted by wongcheehui83 > 2022-08-08 22:32 | Report Abuse

Velesto Energy - Jack-up Market is Booming

Publish date: Tue, 05 Jul 2022, 04:44 PM

Velesto rebounded from its weakest quarter in 1Q21 with utilization rate rising to 39% in 1Q22, boosting its revenue by 76% YoY and paring down its losses by 24%.

We believe Velesto is on the cusp of turnaround as it has secured a long term 2 1 1 year contract with Petronas for all its rigs. Besides that, higher regional DCR relative to local DCR would reduce competition from foreign players for local projects, in our view.

Reiterate our BUY call on Velesto with a TP RM0.28. Velesto risk-to-reward is really attractive given its stock price that is currently lagging crude oil prices.

Asset Utilisation Rate Rebounded Off its Low

Velesto recorded a marked improvement in 1Q22 after revenue jumping by 76% YoY to RM77.4m on the back of higher jack-up rig utilisation rate (UR) of 39% (vs 1Q21: 28%). While this is still less-than-optimal for UR, it helped to reduce its core loss by 24% YoY to RM46m (1Q21: LAT RM61m). Notably, 1Q21 UR of 28% was its weakest since the start of the pandemic in April 2020.

The Worst is Truly Over…

We expect a much stronger 2H22 earnings as the company has secured new work orders for its NAGA 2 and NAGA 6 rigs from Vietnam and Petronas Carigali. We believe this will push its UR to above 70% which will help the company to record quarterly profits from 2H22 onwards. Overall, we see light at the end of tunnel for Velesto after it secured a long-term 2 1 1 years umbrella contract from Petronas for all 6 rigs beginning 1Q22. Note that Velesto is the sole rig provider that has secured this type of contract from Petronas. Thus, any work order from Petronas will directly translate into revenue, though the overall utilisation would still depend on Petronas’ drilling schedule as well as availability of the rigs. Notwithstanding that, full asset utilisation is likely in near future as demand is projected to be strong. Based on Petronas Activity Outlook 2022-2024, Petronas expects demand for jack-ups to stand at 9/9/16 units in FY22F/FY23F/FY24F. On top of that, rising demand from the Middle East has led to tight supply in South East Asia (SEA) - resulting in higher daily charter rate (DCR) in the region as compared to local DCR. We gathered that regional jack-up rig marketed UR stood at 92% vis-à-vis 73% for local rigs in April 2022. There are more idle rigs in the region being reactivated including Sapura Energy’s tender rigs which confirms a tight market condition.

Maintain BUY call with TP of RM0.28

Reiterate our BUY call on Velesto with unchanged TP of RM0.28 pegged at 1x FY22F P/B. We believe Velesto’s turnaround is around the corner premised on (i) rising demand for jack-up rig and therefore, recovery in UR and (ii) normalise COVID-19 cost to improve bottom line as the country enters into endemicity.

Source: BIMB Securities Research - 5 Jul 2022

Posted by wongcheehui83 > 2022-08-08 22:32 | Report Abuse

Velesto Energy - Jack-up Market is Booming
Publish date: Tue, 05 Jul 2022, 04:44 PM
Velesto rebounded from its weakest quarter in 1Q21 with utilization rate rising to 39% in 1Q22, boosting its revenue by 76% YoY and paring down its losses by 24%.
We believe Velesto is on the cusp of turnaround as it has secured a long term 2 1 1 year contract with Petronas for all its rigs. Besides that, higher regional DCR relative to local DCR would reduce competition from foreign players for local projects, in our view.
Reiterate our BUY call on Velesto with a TP RM0.28. Velesto risk-to-reward is really attractive given its stock price that is currently lagging crude oil prices.
Asset Utilisation Rate Rebounded Off its Low

Velesto recorded a marked improvement in 1Q22 after revenue jumping by 76% YoY to RM77.4m on the back of higher jack-up rig utilisation rate (UR) of 39% (vs 1Q21: 28%). While this is still less-than-optimal for UR, it helped to reduce its core loss by 24% YoY to RM46m (1Q21: LAT RM61m). Notably, 1Q21 UR of 28% was its weakest since the start of the pandemic in April 2020.

The Worst is Truly Over…

We expect a much stronger 2H22 earnings as the company has secured new work orders for its NAGA 2 and NAGA 6 rigs from Vietnam and Petronas Carigali. We believe this will push its UR to above 70% which will help the company to record quarterly profits from 2H22 onwards. Overall, we see light at the end of tunnel for Velesto after it secured a long-term 2 1 1 years umbrella contract from Petronas for all 6 rigs beginning 1Q22. Note that Velesto is the sole rig provider that has secured this type of contract from Petronas. Thus, any work order from Petronas will directly translate into revenue, though the overall utilisation would still depend on Petronas’ drilling schedule as well as availability of the rigs. Notwithstanding that, full asset utilisation is likely in near future as demand is projected to be strong. Based on Petronas Activity Outlook 2022-2024, Petronas expects demand for jack-ups to stand at 9/9/16 units in FY22F/FY23F/FY24F. On top of that, rising demand from the Middle East has led to tight supply in South East Asia (SEA) - resulting in higher daily charter rate (DCR) in the region as compared to local DCR. We gathered that regional jack-up rig marketed UR stood at 92% vis-à-vis 73% for local rigs in April 2022. There are more idle rigs in the region being reactivated including Sapura Energy’s tender rigs which confirms a tight market condition.

Maintain BUY call with TP of RM0.28

Reiterate our BUY call on Velesto with unchanged TP of RM0.28 pegged at 1x FY22F P/B. We believe Velesto’s turnaround is around the corner premised on (i) rising demand for jack-up rig and therefore, recovery in UR and (ii) normalise COVID-19 cost to improve bottom line as the country enters into endemicity.

Source: BIMB Securities Research - 5 Jul 2022

Posted by wongcheehui83 > 2022-08-08 22:35 | Report Abuse

Oil

Posted by wongcheehui83 > 2022-08-08 22:35 | Report Abuse

OVERWEIGHT Call on the Sector

We maintain our OVERWEIGHT call on the O

Posted by bullmarket1628 > 2022-08-09 07:21 |

Post removed.Why?

Posted by daneilchoong > 2022-08-09 11:35 | Report Abuse

velesto target price 10 sen

Posted by koyokui > 2022-08-09 14:48 | Report Abuse

Amanah raya will pump up like sapura

Posted by EAGLE > 2022-08-09 16:51 | Report Abuse

New low

Posted by wongcheehui83 > 2022-08-09 19:25 | Report Abuse

not new low la.... previous is 7 cent....

Posted by wongcheehui83 > 2022-08-09 19:26 | Report Abuse

for sure will pump up lor

Posted by Eric Lim > 2022-08-09 20:20 | Report Abuse

lower than covid time, no eye see .....

Posted by daneilchoong > 2022-08-10 09:34 | Report Abuse

watchout will clear upper layer followinf sapura push up

Posted by anaktodak > 2022-08-10 11:52 | Report Abuse

index drop lagi, apa lah nasib..hahaha

Posted by Lewis Lee > 2022-08-10 12:06 | Report Abuse

Amanah raya coming to PUMP PUMP PUMP liao ...... hopefully !

Posted by tingkap > 2022-08-10 14:36 | Report Abuse

August 10, 2022 13:02 pm - Velesto completes offline capabilities upgrade for two jack-up rigs

https://www.theedgemarkets.com/article/velesto-completes-offline-capabilities-upgrade-two-jackup-rigs

KUALA LUMPUR (Aug 10): Velesto Energy Bhd announced that it had completed the offline capabilities upgrading works for NAGA 5 and NAGA 6, making them the first Malaysian jack-up drilling rigs to be equipped with offline capabilities.

The offline capabilities of the two jack-up rigs will reduce the total time spent on wells, as the rigs are able to do multiple scopes of activities while drilling, said Velesto in a statement on Wednesday (Aug 10).

With fewer rig days per well, Velesto said the offline capabilities will help to bring down the overall drilling project cost for clients, and indirectly reduce the industry’s emission footprint.
The oil and gas offshore drilling services provider said these upgrades will cater to clients’ requirements, and increase the competitiveness of these rigs during contract bidding.

“This is the first time that Velesto has carried out upgrades for its jack-up rigs. Given the current upward trend in the drilling segment, the successful completion could not be timelier. It also reflects our commitment to our clients in driving performance through operational excellence, while ensuring the highest level of safety.

“The offline capabilities will further strengthen Velesto’s value creation as a local company on a par with global players, offering sustainable competitive advantages,” said Velesto president Megat Zariman Abdul Rahim.

Earlier this year, NAGA 5 secured a work order from PTTEP HK Offshore Ltd, and NAGA 6 from Petronas Carigali Sdn Bhd.

NAGA 5 commenced its operations in July, while NAGA 6 is expected to commence operations towards the end of August, within Malaysia, upon the completion of the upgrades.

At the time of writing on Wednesday, Velesto was up half a sen or 6.67% at eight sen, giving it a market capitalisation of RM620.73 million.

Posted by wongcheehui83 > 2022-08-10 14:39 | Report Abuse

got story come out ald

Posted by wongcheehui83 > 2022-08-10 14:39 | Report Abuse

let see this few days

Posted by Lewis Lee > 2022-08-10 15:07 | Report Abuse

Good news ! meaning two more rigs Naga 5 & 6 to be called upon opeperation in July & August !
Hope they can achieve UR of at least 70% then only got hope of delivering profit !!
If more contract won, UR reach 90% and above with good prevailing charter rate of at least USD100,000 per day (with strong USD some more for currency gain) , TP RM0.30 is coming soon !!!!

Posted by anaktodak > 2022-08-10 15:28 | Report Abuse

seriously price can boom with this news? TheEdge can believe kah? so many write story price keep falling.. haha

Posted by wongcheehui83 > 2022-08-10 15:29 | Report Abuse

a lot blockage at 8 cent ......

Posted by wongcheehui83 > 2022-08-10 20:05 | Report Abuse

today got a lot news

Posted by Eric Lim > 2022-08-11 00:25 | Report Abuse

good news = sell, run
Malaysian's rule

Posted by bullmarket1628 > 2022-08-11 07:37 | Report Abuse

How come superb outstanding profitable multinational O&G company like Velesto , it’s share price just only 0.075 only ?

Posted by bullmarket1628 > 2022-08-11 07:38 | Report Abuse

Sailang all my belongings till under wear to buy-in Velesto at @0.075 !

Heng Ah, Ong Ah, Huat Ah !

Posted by anaktodak > 2022-08-11 10:54 | Report Abuse

bring down to 6 c then fry fry and fry to 11 c, syok sendiri with 5 c margin.. then tomorrow the unknown editor story teller bring up with fake news to investor about rising price for trap newbies to holland.. very not good ethic..

Posted by CHWong > 2022-08-11 16:07 | Report Abuse

it wont go down to 6 cent or 5 cent.
not like sapura