Posted by Income > 2023-02-01 17:24 | Report Abuse

Try Roti Telur Sardine is the best.
Really Fingers Licking Good, like Sushi Japanese

Posted by Macgyver11 > 2023-02-01 22:48 | Report Abuse

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group recommended that no changes be made to the current oil production quotas during a meeting on Wednesday, as widely expected.

The members of the JMMC “reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and Non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022,” OPEC said in a brief statement after the meeting.

The panel is meeting next on April 3, 2023.

The no-change in policy was widely expected by the market, considering the uncertainties in both supply and demand in the coming months. Analysts expected OPEC+ to adopt a wait-and-see approach amid significant uncertainties going forward.

Earlier this week, Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin discussed OPEC+ cooperation on a phone call, according to various sources, with the focus on maintaining the stability of oil prices ahead of the virtual OPEC+ panel meeting today. Russian oil production has held up in spite of new Western sanctions and price caps, and three OPEC+ delegates have told Reuters that the Wednesday meeting was likely to conclude without any output policy changes.

In view of the uncertainties about Chinese demand and Russian supply in February and March, OPEC+ was widely expected to keep the current production levels, which reduced target output by 2 million barrels per day (bpd) from November onwards. Yet, the actual cut is estimated to have been around 1 million bpd.

In December, OPEC-13’s average December production rose by 91,000 bpd, according to the MOMR, to 28.971 million bpd, with nearly all of the gains coming from Nigeria. But December’s OPEC-10 production – the members bound by the OPEC+ pact – was still substantially below the production quota, with the group underproducing by more than 800,000 barrels per day.

Going forward, OPEC, OPEC+, and market participants will look to China and Russia for the most immediate clues on global demand and supply.

Posted by Macgyver11 > 2023-02-02 07:24 | Report Abuse

I got strong feeling that brent going rebound back and hit usd 100+ soon. Now seems retreat back but it won't stay there for long...trust. velesto is good bargain and worth to hold at this valuable price. Ayoh! Velestorian.

Posted by Macgyver11 > 2023-02-02 08:43 | Report Abuse

Woooooow! Another contract. Fantastic man


OTHERS AWARD OF CONTRACT FOR THE PROVISION OF JACK-UP DRILLING RIG FOR ROC OIL (SARtAWAK) SDN BHD
VELESTO ENERGY BERHAD

Type Announcement
Subject OTHERS
Description
AWARD OF CONTRACT FOR THE PROVISION OF JACK-UP DRILLING RIG FOR ROC OIL (SARAWAK) SDN BHD
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. (“VMV”), which in turn is a wholly-owned subsidiary of VEB, has received a Letter of Award from Roc Oil (Sarawak) Sdn Bhd ("ROC Oil") for the Provision of Jack-Up Drilling Rig services (“Contract”), the approval of which was received today.



The Contract is for VEB’s jack-up rig, namely NAGA 2, with an estimated contract value of USD14 million.



Details of the Contract is summarised below:



2. DETAILS



The Contract is to drill three (3) firm wells with an estimated commencement date between 25 January 2023 to 25 February 2023.



VEB Group will assign its NAGA 2 for this Contract. NAGA 2 is a 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.



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 ROC Oil



ROC Oil is a company incorporated in Malaysia on 18 December 2013 and focuses on the undertaking of upstream oil and gas activities.

Posted by Macgyver11 > 2023-02-02 09:28 | Report Abuse

Trading halt and resumption..adoi!

Posted by Harryww > 2023-02-02 09:39 | Report Abuse

To resume trading one hour later. Wait for limited up.

Posted by sheep > 2023-02-02 09:49 | Report Abuse

no wonder went up from 15sen...huat arrrrrrrrrrrrr..sell on news..wakakaka

Posted by sheep > 2023-02-02 09:49 | Report Abuse

no wonder went up from 15sen...huat arrrrrrrrrrrrr..sell on news..wakakaka

Posted by Lewis Lee > 2023-02-02 09:52 | Report Abuse

come 10am resumption... the price will surely LIMIT UP !!!!!
Huat ah !!!!!!!!!!!

Posted by Lewis Lee > 2023-02-02 09:55 | Report Abuse

now can see very strong BUY queue at 0.24 !!!!

Posted by nicholas99 > 2023-02-02 09:55 | Report Abuse

already goreng from 0.155 to 0.230 for this news.. haha.. still can limit up?
if strong sure queue at 0.50..

Posted by Lewis Lee > 2023-02-02 09:56 | Report Abuse

In oil & gas bull market .... anything can happen until you can't believe it !!!

Posted by Lewis Lee > 2023-02-02 09:58 | Report Abuse

going to break 0.25 once open !!

Posted by Lewis Lee > 2023-02-02 09:58 | Report Abuse

very tiny sell queue !!

Posted by Lewis Lee > 2023-02-02 10:04 | Report Abuse

this new contract is just the beginning ..... many many more lucrative contracts to be announced soon !!

Posted by SinGor > 2023-02-02 10:30 | Report Abuse

someone ate 8mil Velesto shares @ 0.250 in ONE Bite

Posted by SinGor > 2023-02-02 10:32 | Report Abuse

What is the chance of hitting 0.30 next week? I think Any 8years Old can Hit with 2 tries

Posted by Macgyver11 > 2023-02-02 10:35 | Report Abuse

Yes more contracts coming soon. Charter rate also increased. No sign of oil price retreating back as opec team maintains it production...kali lah. 2012 & 2013 glory in making...

Posted by Expertise > 2023-02-02 10:41 | Report Abuse

Powerful more to come…water rabbit so good this year bring prosperity to us

Posted by Macgyver11 > 2023-02-02 10:53 | Report Abuse

I just mentioned about daily charter rate...Star paper out already

As such, it said the global average JU daily charter rate (DCR) of just US$67,000 (RM284,750) per day in the 2020 trough has risen to as high as US$100,000 to US$130,000 (RM425,000 to RM552,500) per day for contracts signed in late 2022 and early 2023.


It noted that the aggregate supply of new JUs is likely to be very modest, and an expected equivalent of only 12 new JUs to be delivered in 2023, representing a fleet growth of just 5.5% year-on-year (y-o-y) in 2023, against global demand growth of 11% y-o-y.

Based on these strong fundamentals, among others, the research house expects Velesto’s profits to rise dramatically from financial year 2023 (FY23).

“From FY24 onwards, Velesto will no longer be bound by Petroliam Nasional Bhd’s (PETRONAS) umbrella contract.

“We have penciled in US$110,000 (RM467,500) per day DCR for FY24-FY25 forecast, US$100,000 (RM425,000) per day for FY26-FY28, moderating to US$80,000 (RM340,000) per day from FY29 onwards,” it said.


STARPICKS
Festive cheer and double celebration at LaLaport BBCC
Consequently, it expects Velesto’s core earnings to rise from a RM15mil net loss in FY22 to RM190mil net profit in FY23, to between RM273mil and RM327mil for five years between FY24 and FY28, before moderating to between RM123mil and RM132mil in FY29-FY32.

“Every US$10,000 (RM42,500) per day increase in our new-contract DCR assumptions will increase Velesto’s FY23 forecast core net profit by 17% and our discounted cash flow (DCF)-based target price by 20%,” it said.

Posted by Macgyver11 > 2023-02-02 10:58 | Report Abuse

In 2022, velesto received contract from Hess carigali..that means usd120,000 rate for rigs hiring already countered in and will be reflect in up coming velesto qtr..

Posted by WEIMEY > 2023-02-02 11:01 | Report Abuse

The dayrate for ROC is USD 150,000!, I have asked to buy Velesto since March 2022, who follow my call win super big

Posted by TradeMeSideways > 2023-02-02 11:30 | Report Abuse

What's the TP for Velesto? 50 cents? RM1?

Posted by ncy810116 > 2023-02-02 11:38 | Report Abuse

today .3

Posted by obakh222 > 2023-02-02 11:43 | Report Abuse

Last price : 0.255
Support : 0.15
Resistance : 0.31

Posted by Harryww > 2023-02-02 11:56 | Report Abuse

You have to greedy so that you can made quick money. When peoples fear you buy and peoples start to buy you have to run. But the moneys is your. You decide.

Posted by specializedvenge > 2023-02-02 12:10 | Report Abuse

Congratulations to those refuse to sell during 0.17+0.18 breakthrough. Now can see some fruit already

Posted by kingJ > 2023-02-02 12:19 | Report Abuse

There can only be better and better news for these O&G service providers if energy prices stays or goes up

Posted by WEIMEY > 2023-02-02 12:57 | Report Abuse

my TP is 0.60

Posted by serpent100 > 2023-02-02 14:18 | Report Abuse

Sell on news
All sold
Mesti turun balik…Nnti buy back

Posted by mfa359 > 2023-02-02 15:35 | Report Abuse

Tp now

Posted by WEIMEY > 2023-02-02 15:56 | Report Abuse

more exciting news would be annonced for Velesto, Petronas will revise the umbrella contract

Posted by pilahwizard > 2023-02-02 16:01 | Report Abuse

Woww

Posted by Macgyver11 > 2023-02-02 16:59 | Report Abuse

TP at 0.26c and waiting for good reentry. Congratulations all.

Posted by mfa359 > 2023-02-02 17:00 | Report Abuse

So strong support, not gonna drop anytime soon. target tp 1.0

Posted by Macgyver11 > 2023-02-02 17:02 | Report Abuse

I think so thats why as soon as I disposed my share I bought again some..incase lah..kikiki

Posted by WEIMEY > 2023-02-02 17:20 | Report Abuse

you all can scroll back to see my BUY call since last year, I have been keep acquiring the shares when the share price is getting lower. At that time, dayrate is $80000, the share price is RM 0.3. now is $150K, when do you think the share price would be landed? you know the answer

Posted by ahyen10 > 2023-02-02 17:23 | Report Abuse

Terbaik Velesto

Posted by Macgyver11 > 2023-02-02 18:15 | Report Abuse

Whatever goes up must comes down..hahaha! Don't so greedy. Blh masuk balik tak ada hal punya.

Posted by Macgyver11 > 2023-02-02 18:17 | Report Abuse

In my guess after this Velesto will go in sideline for temporary until the 4th qtr of 2022 release in end of Feb..

Posted by SinGor > 2023-02-02 21:05 | Report Abuse

Volume has been building after CNY, today just Up 40% more. I think alot fence sitters just jump in bcos
of News. I bet today Vol. are generated by Ikan Bilis.....Big boys and Bankers may come in tomolo but
Rich People DonT buy expensive Shares! Tomolo could be Big Vol but price might be stuck---Unless some
crazy Syndicate decided to ramp-up Vol and cash out next week and another syndicate and
another syndicate taking turn to have Free Lunch!!!!

Posted by matg > 2023-02-02 21:25 | Report Abuse

RSI overbought so gayat maa.. some correction needed maybe kikiki

Posted by obakh222 > 2023-02-02 21:50 | Report Abuse

thinking of riding the roller coaster oredi

Posted by SinGor > 2023-02-03 08:11 | Report Abuse

People with Patience will Win All. Bankers give Tp are all Long term (2yrs). They will up-grade every Qr. They
cannot give TP 1.50 or 2.00 Without Earnings Report Or else Bursa will Call them for Breakfast Coffee (my remisier
say this everyday bcos his Big Boss drink Black Coffee with Bursa every now and then)

Posted by Suriyan > 2023-02-03 08:51 | Report Abuse

Velesto Energy Bhd* announced that its wholly-owned subsidiary Velesto Malaysian Ventures Sdn Bhd had received a Letter of Award from ROC Oil (Sarawak) Sdn Bhd for the provision of jack-up drilling rig services estimated at US$14 million (RM59.29 million).

Posted by Lewis Lee > 2023-02-03 09:54 | Report Abuse

Yesterday, Velesto announced that it has secured a USD14m contract from Roc Oil (Sarawak) Sdn Bhd for the provision of jack-up drilling rig services. The contract entails drilling 3 wells – specifically procured for Velesto’s Naga 2 rig. We gather that the job is expected to commence in Feb 2023 for an estimated duration of about 4 months (or 120 days). We are positive on the job win as it will keep Velesto’s Naga 2 rig occupied until mid-June 2023 which will help boost the group’s overall blended rig utilisation rate while riding on the increasing DCRs. With this job win, we highlight that all of Velesto’s rigs are now utilised. We maintain our BUY recommendation with a higher TP of RM0.29/share – pegged to 14x of FY24f profits.

NEWSBREAK
Yesterday, Velesto announced that it has secured a USD14m contract from Roc Oil (Sarawak) Sdn Bhd for the provision of jack-up drilling rig services. The contract entails drilling 3 wells – specifically procured for Velesto’s Naga 2 rig. We gather that the job is expected to commence in Feb 2023 for an estimated duration of about 4 months (or 120 days).

HLIB’s VIEW
Positive. We are positive on the job win as it will keep Velesto’s Naga 2 rig occupied until mid-June 2023 which will help boost the group’s overall blended rig utilisation rate while riding on the increasing DCRs. With this job win, we highlight that all of Velesto’s rigs are now utilised.

Daily Charter Rates (DCR). We estimate the DCR for the job to range from USD95- 100k.

Status of rigs. All of Velesto’s rigs are currently chartered, as follows:

Naga 2 – Contracted Until 2Q2023.

Naga 3 – Contracted Until 1Q2023.

Naga 4 – contracted until 1Q2023, will undergo upgrade works after – till 2Q2023.

Naga 5 – Contracted Until Mid-2024 With This Job Win.

Naga 6 – Contracted Until 1Q2023 for Petronas Carigali.

Naga 8 – Contracted Until 1Q2024 for Carigali-Hess Operating Company.

4Q22 earnings preview. From the rig schedule mentioned above, we remain optimistic and believe that Velesto be profitable in 4Q22, in which results are slated for release on 27 Feb. We should also expect the group to be profitable in FY23 as all of its rigs are chartered until at least the end of the year.

Forecast. No changes to FY22f estimates. However, post tweaks, channel checks and discussion with the group, we raise our FY23-24f earnings forecasts by 7x and 5x respectively to account for significantly higher DCRs (USD100-110k/day) and blended utilisation rates (70-75%).

Maintain BUY; TP of RM0.29. We maintain our BUY recommendation with a higher TP of RM0.29 (from RM0.17 previously), based on 14x FY24f profits, which is in-line with the multiple ascribed to all of the OGSE providers in the sector.

Source: Hong Leong Investment Bank Research - 3 Feb 2023

Posted by Lewis Lee > 2023-02-03 09:54 | Report Abuse

TP = 29ct by HLB , more and more IB will queue up to up TP soon .......

Posted by Macgyver11 > 2023-02-03 10:09 | Report Abuse

The game is over for now. Who ever TP...congratulation. now find correct time to re-entry. Velesto potential to move further.

Posted by Macgyver11 > 2023-02-03 10:11 | Report Abuse

I queue at 0.25c below. Good entry point. See got luck or not.

Posted by Bon888 > 2023-02-03 10:44 | Report Abuse

Based on status of Rigs below, expecting new contract awards in Q1 and Q2 2023. Each new contract will push up share price :D.

Status of rigs. All of Velesto’s rigs are currently chartered, as follows:

Naga 2 – Contracted Until 2Q2023.

Naga 3 – Contracted Until 1Q2023.

Naga 4 – contracted until 1Q2023, will undergo upgrade works after – till 2Q2023.

Naga 5 – Contracted Until Mid-2024 With This Job Win.

Naga 6 – Contracted Until 1Q2023 for Petronas Carigali.

Naga 8 – Contracted Until 1Q2024 for Carigali-Hess Operating Company.