Posted by roslaom > 2022-11-30 12:47 | Report Abuse

Fund belum masuk. Ikan bilis jer now. Go long

Posted by Lewis Lee > 2022-11-30 17:52 | Report Abuse

this counter won't fly, it will only crawl ....... ....... ...... ...... .....

Posted by SinGor > 2022-12-01 16:59 | Report Abuse

28m bought Velesto at 15sens...surely will walk pass 16sens tomolo to 20sen

Posted by Lewis Lee > 2022-12-01 17:40 | Report Abuse

Can go up 0.5 cent per day, you can laugh already loh ..... lol
sikit sikit, lama lama jadi bukit !! Velesto's style !

Posted by Expertise > 2022-12-01 18:34 | Report Abuse

can it back to last decades glories?

Posted by SinGor > 2022-12-01 18:40 | Report Abuse

tomolo very stone price could get a helping hand from Oil price----$88

Posted by Macgyver11 > 2022-12-01 19:13 | Report Abuse

https://markets.businessinsider.com/news/commodities/oil-price-outlook-2023-goldman-sachs-crude-110-opec-china-2022-11

Posted by Macgyver11 > 2022-12-01 19:16 | Report Abuse

Despite concerns over China's zero-COVID policy and global recession fears, Goldman Sachs expects Brent crude oil prices to hit $110 a barrel next year.

Jeff Currie, global head of commodities at the investment bank, said Tuesday that the oil outlook in 2023 remains "very positive."

He told CNBC in an interview that Goldman plans to "stick to our guns" with a forecast for $110-a-barrel Brent. That represents more than 30% upside from the current level of around $83.

Still, there's "a lot of uncertainty" ahead, Currie noted, including the potential for lower demand in China, recession fears, and the European Union's embargo next week on seaborne imports of Russian oil.

"Demand is probably heading south again in China given what's going on," he said. "I think the key point with China right now is the risk that you get a forced reopening. That means it'll be self-imposed lockdowns where people don't want to get on trains, don't want to get to work and demand goes further south."

Meanwhile, OPEC+ will convene in Vienna on Sunday, and Currie said there is a high probability that the cartel will further reduce its oil production quotas, putting upward pressure on prices.

Posted by CHLEONG888 > 2022-12-02 07:06 | Report Abuse

Likely, will break 0.16 today.

Posted by Macgyver11 > 2022-12-02 11:29 | Report Abuse

Boleh dapat 0.18c kah next week?

Posted by Lewis Lee > 2022-12-02 12:02 | Report Abuse

One day up 0.5 cts, one week up 2.5 cts, one month up 10 cts ?
Cukup kah ? Lol

Posted by Macgyver11 > 2022-12-02 12:10 | Report Abuse

Aspects another production cut when opec+ group meets this coming sunday. When this happens then its could easily trigger the oil price back to 100usd again. 0.18c and above is possibility.

Posted by Expertise > 2022-12-02 12:10 | Report Abuse

52week high..slow and steadily verespro

Posted by Expertise > 2022-12-02 12:12 | Report Abuse

I think they are aiming oil price usd200 bpd for 2023

Posted by WarrenBuffett8888 > 2022-12-02 16:28 | Report Abuse

on the way to 30cts...

Posted by Macgyver11 > 2022-12-02 16:30 | Report Abuse

Damn hot man veryslow today...huat!!!

Posted by Macgyver11 > 2022-12-02 16:39 | Report Abuse

Don't sell it soon, looks 0.20c is possible next.

Posted by Macgyver11 > 2022-12-02 16:45 | Report Abuse

X

Log In

TOPICS
Velesto to ride on higher drilling activities, rig rates
CORPORATE NEWS
Friday, 02 Dec 2022

Velesto tells analysts drilling exploration programmes would likely increase in 2023 to 2024, particularly at the Malaysia-Thailand Joint Development Authority gas development area in the Gulf of Thailand.

PETALING JAYA: The prospects for Velesto Energy Bhd are expected to improve further amid higher drilling activities and rig utilisation rates.

The oil and gas offshore drilling services provider told analysts at a recent briefing that drilling exploration programmes would likely increase in 2023 to 2024, particularly at the Malaysia-Thailand Joint Development Authority (JDA) gas development area in the Gulf of Thailand.


The rig market, on the other hand, continued to tighten, with marketed rig utilisation rate at 91% in South-East Asia and 92% in Malaysia.

The latest rig counts in South-East Asia comprised 42 contracted, four idle and three cold stacked, while in Malaysia (including Malaysia-Thai JDA), there were 11 contracted rigs, and one rig each that was idle and cold stacked, TA Research wrote in a report, citing Velesto’s management.

ADVERTISING

It noted that current daily charter rates in South-East Asia ranged from US$58,000 to US$120,000 (RM255,560 to RM528,710), while that in Malaysia continued to lag behind, ranging from US$58,000 to US$88,000 (RM255,542 to RM387,730).

“This was because the existing contracts were awarded earlier before the ensuing spike in oil prices. As such, Velesto expects Malaysian rates to eventually catch up as legacy contracts are replaced with new ones.”

It pointed out that there was likely limited upside for Velesto’s shares, given the fact that the counter had rallied about 71% over the past three months, as investors priced in the expected earnings turnaround for the company as well as new long-term charters and higher daily charter rates.

Posted by Lewis Lee > 2022-12-02 16:57 | Report Abuse

next week Velestow ("very slow") will change name to Velefast ("very fast") ! lol

Posted by WEIMEY > 2022-12-02 17:43 | Report Abuse

I have keep giving strong buy call since begining of the year!!!

Posted by DickyMe > 2022-12-02 21:40 | Report Abuse

Nope! Bursa will react cautiously because thieves and laid backs are still there.
Better to invest in foreign stocks. Useless government line up.

Posted by Macgyver11 > 2022-12-02 23:37 | Report Abuse

Nope! Wrong. Again Anwa£ need majority support in first hearing when parliament opens on 19th otherwise everything that he work hard for will be ruined...this cabinet is purposely to please certain group, at least for temporary. That's why you see most of bandits in line. Don't worry he will fix it once secured and maybe he will abolish certain law (akta).

Posted by Macgyver11 > 2022-12-02 23:39 | Report Abuse

The worse is over for veryslow...now time to rise.

Posted by Macgyver11 > 2022-12-02 23:44 | Report Abuse

Still need some magical touch from our big brothers..epf & pnb.

Posted by WarrenBuffett8888 > 2022-12-03 13:34 | Report Abuse

30cts is on they way.....hold tightly your seat belt....

Posted by StartOfTheBull > 2022-12-05 10:06 | Report Abuse

Still lagging behind O&G stocks.

Posted by wallstreetrookieNEW > 2022-12-05 10:14 | Report Abuse

Yep

Posted by wallstreetrookieNEW > 2022-12-05 10:14 | Report Abuse

This stock is for traders

Posted by roslaom > 2022-12-05 10:30 | Report Abuse

PNB already owns significant % of velesto. Buying more could trigger MGO. Foreign fund and local unit trusts could push the price. In the mean time, merangkak dulu

Posted by roslaom > 2022-12-05 10:51 | Report Abuse

Now tunggu big boys sell to each other.

Posted by fooming > 2022-12-05 11:23 | Report Abuse

Meanwhile, OPEC+ will convene in Vienna on Sunday, and Goldman Sachs said there is a high probability that the cartel will further reduce its oil production quotas, putting upward pressure on prices.

Posted by EAGLE > 2022-12-05 11:29 | Report Abuse

OPEC maintained

Posted by StartOfTheBull > 2022-12-05 12:34 | Report Abuse

Velesto is like a salted fish come alive.

Posted by goldmans > 2022-12-05 12:35 | Report Abuse

upward

Posted by CHLEONG888 > 2022-12-05 14:31 | Report Abuse

Limit up???

Posted by Macgyver11 > 2022-12-05 15:52 | Report Abuse

Offshore oil and gas investment continues to heat up, and investors are increasingly interested in oil and gas stocks. Is the long-lost bull market quietly approaching?

After sharing the field of Offshore Support Vessel (OSV) in the previous issue, this issue of "Stocks in the Sea" will continue to talk about oil and gas stocks, and share another offshore asset with a hot prospect-Jack Up Rig. Also, VELESTO Energy (VELESTO, 5243, Main Board Energy Group), which is firmly in the leading position in the domestic drilling rig market .

Posted by Macgyver11 > 2022-12-05 15:54 | Report Abuse

The rental rate of jack-up drilling rigs has risen rapidly
Due to the high cost and the lack of new investment for many years, the market supply is limited. Stimulated by the obvious strengthening of offshore oil and gas investment, jack-up drilling rigs are now emerging as hot oil and gas assets. The utilization rate and rent are rising rapidly. Recently, Asset transaction prices are also considerable, the most notable of which is the purchase of seven jack-up drilling rigs produced between 2008 and 2013 by the Middle East drilling giant ADES Arabia Holdings for US$628 million (approximately RM2.8 billion). And 3 of them are on hold. In addition, they also bought the only drilling rig of the same model from ICON (ICON, 5255, Main Board Energy Group) for US$85 million (approximately RM380 million), and started a battle for assets First shot.

According to VELESTO Energy’s third-quarter operating report released on its official website last week, Malaysia currently only has about 12 jack-up drilling rigs, except for one that has been put on hold and one that is on standby, the remaining 10 rigs have been signed for work contract. There are 49 drilling rigs of the same type in Southeast Asia, 42 of which have been signed. After deducting 2 idle drilling rigs, the production capacity reservation rate has reached 91%. The supply of drilling rigs in the reflected area is quite tight, and there is no solution in the short to medium term. The surge in raw materials has made the cost of new drilling rigs too expensive, deterring potential investment, not to mention that new drilling rigs generally take more than two years to build.

Although 10 years ago at the peak of oil and gas pressure, it was obviously a painful lesson to focus on ordering drilling rigs frantically. However, it also puts the company in an extremely favorable position today, holding more than half of the domestic and relatively new drilling rigs. The drilling rigs are bound to emerge as the biggest winners when the market recovers.

In the "2022-2024 Oil and Gas Activity Outlook" report released by Petronas a few months ago, it is expected that 9 jack-up drilling rigs will be needed in 2022 and 2023, and the demand will increase significantly to 16 in 2024, exceeding The total number of jack-up drilling rigs in my country shows that there may be a further imbalance between supply and demand. At that time, the competition for drilling rigs will become more intense, and VELESTO Energy is the potential big winner.

Posted by Macgyver11 > 2022-12-05 15:59 | Report Abuse

Good performance and strong orders
VELESTO Energy's current order outlook is extremely strong. It was only at the beginning of last month that it successfully won a comprehensive work contract worth US$135 million (approximately RM600 million) to provide comprehensive drilling services for 14 oil wells in the North Malay Basin. Business will benefit from this new type of order. Including the latest contract, there are more than RM1.3 billion orders in hand, and there are still bids for jobs worth RM4.5 billion.

1.3 billion orders in hand to bid for 4.5 billion projects
Just 3 months ago, the company’s orders were only RM744 million, and the number of jobs in the bidding was only RM3 billion, which shows the enthusiasm of overseas activities.

As of the third quarter of September 30, 2022, thanks to the recovery of drilling business, VELESTO Energy has finally turned losses into profits, reporting a net profit of RM14.965 million, compared with a net loss of RM52.04 million in the previous period, and a turnover of RM173.77 in the same period million ringgit, up 89.8% year-on-year.

In view of the fact that there is obviously room for improvement in the asset utilization rate and rent, and the strong order outlook, the latest performance is obviously just the beginning, and the future performance is expected to be more and more courageous under the surrounding favorable conditions.

The most critical benefit of rising rents has not yet been reflected in the latest performance. Petronas in the early years when the oil and gas industry was in a downturn, in order to control costs, it kept the rents of various assets at a low level. Although the outlook for oil and gas has improved significantly, Malaysia’s offshore asset suppliers have Still serving Petronas at rents that are far lower than the regional market, but negotiations on rent adjustments have been going on for some time, and I believe there will be good news soon.

The average daily rent of drilling rigs under VELESTO Energy in the third quarter was US$74,000, which has remained roughly flat this year. Compared with the average rent of US$68,000 to US$70,000 from 2017 to 2021, the increase is obviously not large. It should be noted that it is driven by soaring demand , regional peers are now even getting more than $100,000 in rent. At its peak in 2014, the average daily rent for drilling rigs under VELESTO Energy was as high as US$151,000, more than double the current rent.

It is worth mentioning that in view of the abundant silver bullets of the oil giants in the Middle East, 15 drilling rigs in Southeast Asia will soon go to the Middle East to work for the world's largest oil producer Saudi Aramco, which may further tighten the supply of drilling rigs in the region and catalyze Rents continue to rise.

Overall, the good luck that VELESTO Energy has been waiting for for many years has finally come. Under the medium-term environment of insufficient supply and strong demand, it is estimated that the company will be full of money and earn back these years of losses for at least the next two years During the golden age, the stock price traded at only 0.5 times the book value, which added to the investment charm. It is expected to once again become an oil and gas stock that has attracted much attention from the market, and its outlook is impeccable.

Posted by Macgyver11 > 2022-12-05 17:16 | Report Abuse

Oil could hit usd 100 soon. Report from bank of America...

Posted by Macgyver11 > 2022-12-05 17:16 | Report Abuse

Oil prices may hit $110 a barrel in 2023 but Russia risk could 'turbocharge' them even higher, BofA says
Brian Evans
Oil tanker
Suriyapong Thongsawang
Brent crude could climb as high as $110 per barrel in 2023, according to Bank of America.
Analysts wrote in a note on Thursday that a price cap on Russian oil remains an upside risk.
The note outlines other key risks, including OPEC members like Iraq and Libya.
Brent crude oil could climb as high as $110 per barrel in 2023, though there are several risks that could add more more pressure on prices, according to a note from Bank of America.

Prices for the international oil benchmark averaged around $101 per barrel this year, and BofA sees more of the same next year, predicting an average of $100 and a peak of $110 at the height of the driving season. Brent will generally be lower in the first quarter of 2023, compared to the rest of the year, analysts added.

Brent currently trades around $86 per barrel, meaning the high end of BofA's forecast represents an increase of 28%.

But BofA analysts also noted several upside risk factors for oil prices next year, namely a price cap on Russian crude.

On Friday, European Union officials agreed to set the cap at $60 per barrel. That will take effect on Monday, alongside a ban on Russian oil imports into the EU and related services for cargoes worldwide. Russia has said it won't sell oil to any price-cap participants, and analysts have estimated its oil exports could fall by up to 1 million barrels per day.

"At present, we embed Russian total oil production levels of 10 mn b/d in our assumptions for 2023 compared to the 9.59 mn b/d figure provided by the IEA. Any meaningful downward deviation from these figures could turbocharge oil prices higher," the BofA note said.

Russia presents the largest upside risk to oil prices, but there are other risks lurking as well, analysts said. In particular, further supply disruptions from OPEC producers like Libya, Nigeria, Iraq or others could "put the oil market on notice."

A shortfall of 1 million barrels a day or more could come from a number of producers, especially from OPEC, with BofA estimating that every unexpected swing in supply or demand of 1 million barrels tends to move Brent oil prices by $20-$25 per barrel.

Posted by roslaom > 2022-12-05 21:54 | Report Abuse

Jgn ckp byk. Go long.

Posted by George99 > 2022-12-05 22:34 | Report Abuse

Tak nampak 0.2 and 0.3 sen pun.. you org dah tembak byk..adoi..1 sen up shj..... Wahai... Nanti velesto sampai 0.5 you org baru start engin tembak la.....

Posted by EAGLE > 2022-12-05 23:01 | Report Abuse

Haiyaaa kasino buka suda

Posted by Vicky > 2022-12-07 06:46 | Report Abuse

Never learn from 2021 meltdown. Recession sure oil

Posted by Macgyver11 > 2022-12-08 08:53 | Report Abuse

Baru veryslow start to pick up brent jatuh pulak...adoi!

Posted by Lewis Lee > 2022-12-08 13:45 | Report Abuse

Ok lah, tired running d , let it take a break .....
Next week pecut lagi >>>>>>>>>>>>>>>

Posted by Lewis Lee > 2022-12-08 13:46 | Report Abuse

"Overall, the good luck that VELESTO Energy has been waiting for for many years has finally come. Under the medium-term environment of insufficient supply and strong demand, it is estimated that the company will be full of money and earn back these years of losses for at least the next two years During the golden age, the stock price traded at only 0.5 times the book value, which added to the investment charm. It is expected to once again become an oil and gas stock that has attracted much attention from the market, and its outlook is impeccable. "

Posted by Lewis Lee > 2022-12-08 13:49 | Report Abuse

The average daily rent of drilling rigs under VELESTO Energy in the third quarter was US$74,000, which has remained roughly flat this year. Compared with the average rent of US$68,000 to US$70,000 from 2017 to 2021, the increase is obviously not large. It should be noted that it is driven by soaring demand , regional peers are now even getting more than $100,000 in rent. At its peak in 2014, the average daily rent for drilling rigs under VELESTO Energy was as high as US$151,000, more than double the current rent.

It is worth mentioning that in view of the abundant silver bullets of the oil giants in the Middle East, 15 drilling rigs in Southeast Asia will soon go to the Middle East to work for the world's largest oil producer Saudi Aramco, which may further tighten the supply of drilling rigs in the region and catalyze Rents continue to rise.

Posted by Lewis Lee > 2022-12-08 13:51 | Report Abuse

If next year average rigs rent can shoot up to US$100K to US$150K, share price can surely shoot up to 50ct and above !!!

Posted by Macgyver11 > 2022-12-08 15:47 | Report Abuse

Oil bounced back..huat!!