Posted by FAInvestor > 2023-05-25 14:23 | Report Abuse

Good QR 30c coming.

Posted by Lewis Lee > 2023-05-25 14:31 | Report Abuse

F liao !!

Posted by FAInvestor > 2023-05-25 14:32 | Report Abuse

Velesto sell on news

Posted by Lewis Lee > 2023-05-25 14:33 | Report Abuse

the only hope is next monday AGM, the CEO will say something positive then ......

Posted by FAInvestor > 2023-05-25 14:33 | Report Abuse

Buy on rumours and sell.on news on its good QR

Posted by XenDee > 2023-05-25 14:35 | Report Abuse

sell on news

Posted by miracle_trader > 2023-05-25 14:36 | Report Abuse

never fail to disappointed. ppl expect 50 million profit, now only peanut profit. must be high expenses, always jamuan eat kuih

Posted by serpent100 > 2023-05-25 14:37 | Report Abuse

Lucky already sold half before this….profit also drop

Posted by Lewis Lee > 2023-05-25 14:38 | Report Abuse

EPS = 0.17, annualized to 0.68, give an average PE of 10, TP = 6.8 cts ?? PE = 20, TP = 13 cts ??
Jia lat, most fatt king stu-pick rule-by-book analysts will downgrade it tomorrow !!

Posted by Lewis Lee > 2023-05-25 14:39 | Report Abuse

UNless they break the news of selling some or all of their rigs to oil rich arab countries with market price ..... otherwise no hope & F liao !!!

Posted by XenDee > 2023-05-25 14:50 | Report Abuse

In the depths of despair, consumed by regret, lost all hope and watched dreams crumble

Posted by Klse_faizan > 2023-05-25 15:05 | Report Abuse

Tell u alrdy if really profit kaw2.. their transaction seem different.. with movement buy and sell every day like that same like Qr last year…my prediction is true.

Posted by StayHumble > 2023-05-25 15:22 | Report Abuse

Actually profit kaw2 but become less kaw because abang sudah pao

Posted by SinGor > 2023-05-25 15:23 | Report Abuse

A self-made disappointment results( for me ). Expected charter rate to be $110++ ( actually only $86 ) And
believe 3 workover Units running in 1Q23 ( actually only 2 running ). But all estimate that went wrong in 1Q23 will
turn Right in 2Q23 bcos in 1Q23 ----6 Rigs running at 90%( 1Q) will continue into 2Q (25Mar) where 2Q ends.

Posted by Lewis Lee > 2023-05-25 15:27 | Report Abuse

KUALA LUMPUR (May 25): Velesto Energy Bhd returned to profitability in the first quarter ended March 31, 2023 (1QFY2023) with a net profit of RM14.22 million or 0.17 sen per share, from a net loss of RM46.20 million or 0.56 sen per share a year ago.

Its turnaround was in line with its revenue quadrupling to RM287.51 million from RM77.41 million in 1QFY2022, thanks to higher average jack-up rigs utilisation and higher average charter rates under its drilling services segment, as well as more progress for the i-RDC project under its integrated services segment during the quarter.

Its drilling services segment returned to profitability with a profit before tax of RM25.3 million, from a loss before tax of RM36 million a year ago, as revenue rose RM110.2 million to RM184.4 million, following jack-up rig usage rates rising to 90% from 39%, and charter rates rising to US$68,000 per day from US$74,000 per day.


The integrated services segment also posted a profit before tax of RM4.8 million against a loss before tax of RM2.1 million in 1QFY2022, thanks to revenue soaring by RM99.4 million to RM99.7 million on higher utilisation of hydraulic workover units and progress in its i-RDC project.

On its prospects, Velesto said the outlook for the oil and gas industry has moderated but remains strong.

"The benchmark Brent oil price has been fluctuating between US$70-US$85 per barrel in the last six months and is expected to average around US$80 per barrel in the medium term.

"IMF has lowered its projected global GDP growth rate for 2023 to 2.8%, from 2.9% previously. Correspondingly, EIA is forecasting global oil demand in 2023 of 101 million barrels per day, marginally lower than 102 million barrels per day forecasted in end-2022. In addition, concerns about global economic conditions, geopolitical tensions and persistent inflation continue to weigh on oil prices.

"On the supply side, Opec+ reduced its oil production target by 1.2 million barrels per day until the end of 2023. However, Russia’s production remains persistent. In addition, non-Opec producers are expected to increase supply. This has resulted in a softer oil market in 1Q2023," it said.

However, Velesto noted that more exploration and development projects are being evaluated and sanctioned, with oil majors continuing to raise their capital expenditure in response to a "prolonged lack of investment in the past".

"In Malaysia, a number of new contracts have been awarded, with more being tendered out," it said.

Velesto said competition for assets such as jack-up rigs have also intensified, with fewer rigs in Southeast Asia as they are mobilised to other regions such as the Middle East, resulting in utilisation rates rising to 100% and charter rates for the latest fixtures also increasing.

"Currently, all six of the group's available jack-up drilling rigs are working. The group has secured various contracts for the year, including the Notice of Assignments (NOA) for NAGA 3, NAGA 4 and NAGA 6 by Petronas Carigali Sdn Bhd, which was announced on May 10, 2023.

"The group is actively bidding for new tenders for local and international contracts, scheduled to be performed in 2024 and beyond," it said.

At noon break on Thursday (May 25), Velesto was unchanged at 25.2 sen, for a market capitalisation of RM2.09 billion.

Posted by XenDee > 2023-05-25 16:04 | Report Abuse

runn

Posted by Lewis Lee > 2023-05-25 16:08 | Report Abuse

Big Lao Sai .... like 3 months ago !!

Posted by Lewis Lee > 2023-05-25 16:09 | Report Abuse

Amanah might run already !!!

Posted by nicholas99 > 2023-05-25 16:12 | Report Abuse

trap king.

Posted by StayHumble > 2023-05-25 16:12 | Report Abuse

Amanah takda amanah

Posted by Macgyver11 > 2023-05-25 16:12 | Report Abuse

Don't run lah. Why want to run. Just sell on news only or what ever, temporary only. Velesto back on track. Things might be different after the 2nd qtr. Think in out of the box. 2nd qtr trust me will generate more income and strengthen their cash flow. Soon more institutional will join in..2c

Posted by nicholas99 > 2023-05-25 16:13 | Report Abuse

ada duit cukup. ada amanah tu tak boleh makan.

Posted by Macgyver11 > 2023-05-25 16:14 | Report Abuse

Amanah hold big percentage, how can they cabut lari..you'll adoi! Lol

Posted by izoklse > 2023-05-25 16:15 | Report Abuse

perghhh teruk kena

Posted by Medusa > 2023-05-25 16:22 | Report Abuse

Amanah cabut.

Runnnnnnnnnnnnnnnnnnnnnnnn

Posted by Macgyver11 > 2023-05-25 16:31 | Report Abuse

This is time to collect..

Posted by Lewis Lee > 2023-05-25 16:32 | Report Abuse

Top volume No.1 today !! F

Posted by EAGLE > 2023-05-25 16:38 | Report Abuse

Bila tak untung, bising. Bila sudah untung, pun komplen. Hahahahaha...lu mau run, run la. Orang lain will collect.

Posted by Nickhii90 > 2023-05-25 16:40 | Report Abuse

luckily sell all b4 report out.

Posted by specializedvenge > 2023-05-25 16:52 | Report Abuse

Relax... Will raise to higher level soon.

Posted by Macgyver11 > 2023-05-25 16:57 | Report Abuse

It wont go below 0.20c relax. Just flushed out weak holder/contra...later will rise back. Time to accumulate. Don't panic easily. Hahaha! Semua takut jer

Posted by goldenhope > 2023-05-25 17:02 | Report Abuse

buy buy buy

Posted by GhostRider999 > 2023-05-25 17:14 | Report Abuse

Selloff when QR is good. How weird it is? What is their expectations? This is just wayang only..

Posted by faizalanuar > 2023-05-25 17:39 | Report Abuse

bursa..what to expect..good report share go down..loss report share go up..looking forward they say..adoii

Posted by CHLEONG888 > 2023-05-25 18:13 | Report Abuse

Tomorrow they will announce another contract rewarding

Posted by SinGor > 2023-05-25 19:32 | Report Abuse

I have read almost all press release for Bursa 1Q23 release (as of 7pm), Only Velesto CEO is confidence things
will turn up Good for Whole of 2023. Even Blue Chip Genting said "maybe here, maybe there" if and But, ...then
they see clear path ahead-----DonT know what to Say, your guess on Velesto future is as Good as everyone else

Posted by Bon888 > 2023-05-25 22:31 | Report Abuse

Last quarter history repeat again. You know what going to repeat in next week.

Posted by mf > 2023-05-25 22:33 | Report Abuse

rip

Posted by charlie chia > 2023-05-26 07:46 | Report Abuse

Don’t worry won’t die

Posted by Ninja _07 > 2023-05-26 09:39 | Report Abuse

0.16 coming soon...

Posted by Macgyver11 > 2023-05-26 09:41 | Report Abuse

0.16c yum yum buy more. Pak tak looo!

Posted by Baby Shark > 2023-05-26 09:57 | Report Abuse

Wahhhh.. so expensive d

Posted by Macgyver11 > 2023-05-26 10:01 | Report Abuse

Just want to kill contra players only...be patience opportunities to accumulate.

Posted by Baby Shark > 2023-05-26 10:04 | Report Abuse

Nola.. last time baru 0.10

Posted by Baby Shark > 2023-05-26 10:32 | Report Abuse

I wait 0.15 not so dangerous..

Posted by Macgyver11 > 2023-05-26 11:18 | Report Abuse

0.15 impossible. No return back, hi - story..haha!

Posted by Macgyver11 > 2023-05-26 11:19 | Report Abuse

If you can get 0.18c or 0.19c consider you are lucky.

Posted by Macgyver11 > 2023-05-26 11:27 | Report Abuse

This contract still pending for announcement.
Maybe soon...

Thailand’s national upstream company PTTEP is ramping up exploration on Block SK 405B offshore Sarawak, East Malaysia, which hosts the operator’s Sirung oil and gas discovery that is under appraisal as part of a proposed cluster development.


PTTEP appraising Malaysian discovery, eyes cluster development
Read more
PTTEP has brought in another rig — Velesto Energy’s jack-up Naga 3 — to the block to imminently spud the Chenda-1 wildcat offshore the northwest coast of Borneo. The Chenda-1 exploration well is expected to take six weeks to complete. This latest probe on Block SK 405B is being supported by three Malaysia-flagged vessels: the large anchor-handling tug supply vessel JM Ehsan, and the very large AHTS vessels Sealink 178 and Sealink 179

Posted by specializedvenge > 2023-05-26 11:40 | Report Abuse

Waiting for 0.15c?
Just like me waiting 7113 back to rm3 in 3 months time.

Posted by Macgyver11 > 2023-05-26 13:04 | Report Abuse

7113 - Must wait for another pandemic..😀