RJ87

Naga 2, 4, 6 recently completed SPS - contracted until Q1, 2026.
Naga 3 recently completed SPS - contracted until Nov,24. Not sure if there will be extension
Naga 5 Undergoing SPS
Naga 8 contract until Feb 2025 instead of Oct,25. Finish work early. (Can start SPS early)

Naga 2,3,4,6,8 generating revenue for Q4,24. Naga 2,4,6,8 for Q1,25. And Naga 2,4,6 for Q2,25
So look out for announcement for Q1,25 for Naga 3-5 tender and Q2,25 for Naga 8.

If got easily another RM1B revenue. Then we can expect to see 600-800mil in cash by end of Q4,25.

2 weeks ago

Macgyver111

All depend on oil price. Trump taking over the White House in January 2025. Hopefully, OPEC+ will maintain the oil price in the 65 to 70 range. 

2 weeks ago

SinGor

https://oilprice.com/Energy/Crude-Oil/Exxon-Pours-Cold-Water-On-Trumps-Drill-Baby-Drill-Plans.htmlhttps://oilprice.com/Energy/Crude-Oil/Exxon-Pours-Cold-Water-On-Trumps-Drill-Baby-Drill-Plans.html

2 weeks ago

RJ87

during trump administration 2016-2020. Oil price went up.
Plus, I don’t think trump allows oil price to come down and kill their oilfield in US.
Their per barrel price is not cheap to drill. For his donors sake, he has to make OPEC+ to keep the price up by capping production (which is bad for velesto) Now, the concern is if OPEC+ wanna bankrupt ONG by dropping the price again.

https://www.macrotrends.net/2480/brent-crude-oil-prices-10-year-daily-chart

1 week ago

RJ87

Such a double edge sword for oil. Increase production, and increase exploration(good for velesto) but reduce oil price (bad for velesto.)

1 week ago

hzboi

this company honestly break my heart. Result is 30 times better but stock price go down. Only velesto

1 week ago

speakup

It's called Sell On Good News

1 week ago

Macgyver111

All because of an ongoing dispute between Petronas and the Sarawak government for sole discretion of gas. Investors and institutions are skeptical about the future of Petronas; it will affect the Petronas revenue if Sarawak wins the court case. There are two different types of ordinance: Petronas follows the Petroleum Development Act, which was amended in 1974, while Sarawak refers to the All Mining Ordinance (OMO), which was established in 1954. The worst nightmare for the federal government is that they worry other states like Sabah, Kelantan, and Terengganu might follow Sarawak's footsteps. What do you all think? Who will win?

1 week ago

prudentinvestor

No reason why its share price should drop to this level. Time is ripe for a sharp rebound.

1 week ago

Macgyver111

I assumed this dispute was not between Petronas and Sarawak; it is between the federal power vs state power. Various analyses said that Malaysia could go bankrupt if Sarawak wins. We are affected as well, especially those who are contributing to EPF. EPF and Amanah are the biggest shareholders; moreover, 20% to 30% of federal government revenue comes from Petronas. 

1 week ago

Macgyver111

Expected to see a massive rally only if Petronas wins the dispute. Institutional will rush in buying O&G counters, especially Petronas, and Velesto is not left behind.

1 week ago

RJ87

stop blocking at 0.165 and close 0.17 today

1 week ago

RJ87

give shorties a short squeeze and can close 0.175 today.

1 week ago

RJ87

One A-hole real pro.
Sell 100 shares at 0.155 at 12:29:59 just to make sure morning session closed red.

1 week ago

Balian de Ibelin

China already agreed to stop buying from Iran after Trump takes office.
The penalty for non-compliance is all China businesses to be kicked out from US, no license will be issued
=> Oil price expected to go up.

1 week ago

DJThong

Macgyver
You are talking rot. The gas aggregator role does not impact the upstream psc. It is not touched .

1 week ago

RJ87

Velesto price kena pummelled like it lost all it's contract.

1 week ago

paperhand123

maybe TA and Kenanga panic selling hahaha

1 week ago

leoleo86

Now the hot money is flowing out of Velesto after the latest QR. Oil prices are likely to fall after Trump takes over. Lowering oil prices is one way Trump says he can control the inflation. In an October 18 speech in Detroit, he pledged to "cut energy prices in half within 12 months" of taking office, emphasizing a commitment to "frack, frack, frack and drill, baby, drill." Likely, some of US O&G companies will be benefited from this target. But not Malaysia O&G stocks. Sad.

1 week ago

Macgyver111

Here is a quick recap (Edge market interview Velesto CEO). 

1. Velesto sent Naga 5 for 55 days of a major maintenance program in Singapore. Naga 5 just returned back from 2 years of integrated drilling work for Hess Carigali, which was completed earlier than the actual assigned date (👏👏👏). Naga 5 will be assigned to a new project in mid-January 2025 onwards, as the group is in the final stage of securing a 2-year new contract. (expected new contract announcement soon). Naga 5 is free from any major maintenance work for another 5 years once this SPS is completed. 

2. For now, three of its jack-up rigs are under contracts that will run until February 2026. Of the remaining three, Naga 3 and Naga 8 are bidding for jobs from late 2025 onwards, as the two rigs are scheduled for dry docking in the first half of next year. The maintenance process, dubbed special periodical survey (SPS), will take about two to three months before the rig can resume operations. That means Naga 3 and 8 are out of a job from Jan to March. With two SPS to be conducted next year, Megat explains that each SPS capex amounts to between US$10 million (RM45 million) and US$20 million. And the capex would eat into Velesto’s earnings in FY2025. On top of that, there will be a vacuum in earnings when two rigs are dry-docking at the yard. 

3. Velesto has upgraded Naga 5 and Naga 6 to allow them to conduct multiple scopes of activities simultaneously, thus reducing charter days for clients. Naga 6 will also be installed with a robotic arm by 1Q2025, which automates some of the pipe installation process. The company is already exploring autonomous drilling.

4. CEO Megat Zariman said that Velesto is also looking at partnerships to expand into other rig-related projects such as decommissioning that will be a new revenue stream for the company.

5. The group is keeping a close watch on the upcoming Petronas Activity Outlook, which had previously indicated that up to 13 rigs would be required in 2026.

6. The average DCR in 2014 was high at US$151,000, against around US$115,000 currently. 

7. The past two industry downturns dragged Velesto, which was known as UMW Oil & Gas Corp Bhd then, into severe financial stress, mainly because its new rigs were unable to secure enough chartered contracts. Megat certainly does not want history to repeat itself by not expanding fleet size aggressively and reducing dependency on local contracts. At least the CEO is aware of the importance of securing a long-term contract and not solely depending on PETRONAS 👏👏👏👏.

1 week ago

Macgyver111

DJThong, this is your answer. Normally I don't reply to silly, brainless questions because I don't like debating or arguing... it's a waste of my time. 

When asked whether the dynamics between Petronas and the states of Sabah and Sarawak could further weigh on market outlook, Megat says, “A lot of statements are being made, but at the end of the day it is about the capex that will be rolled out in the next three years. Worried PETRONAS will reduce the capital expenditure for upstream. As for now, Velesto still relies on PETRONAS contracts. 

1 week ago

SinGor

Petronas Hess dumped Velesto bid of 150K DayRate and Guess what Petronas hire a Singapore Jack-up
rig a few Days after dumping Velesto for Sarawak job in 2025 ---I think Petronas is paying $150K dayrate
for Singapore Rig ( current market price )---Velesto has to mine contract outside Petronas Control

1 week ago

mavisdrac

Macgyver111

so should i buy now or not.

1 week ago

Macgyver111

mavisdrac

Macgyver111

so should i buy now or not.

Sorry, Mavisdrac, nobody dares to say that. Even all IB previously said TP 0.30 but now change topic. The stock market is unpredictable. We can give you some rough ideas; the rest depends on you. Trade wisely. Do your own research before buying and selling. 

1 week ago

Macgyver111

Mavisdrac, the below article might give you some clue either to buy or not. Happy trading.


https://www.thestar.com.my/business/business-news/2024/12/04/correction-in-og-counters-presents-buying-opportunity

1 week ago

YieldSeeker

It's a buying opportunity according to BIMB Securities Research 😁

1 week ago

Nourchar

I see this counter falling to next support 0.13 , am not saying this definite but thats what i think

1 week ago

Genovese

If Velesto able to secure regional contract like Thailand and Vietnam, the IB will change their story.

1 week ago

RJ87

Important thing is naga 5 get contract in Jan, naga 3 get contract in mac and naga 8 on June.

1 week ago

Genovese

Huge volume coming in. Hahahaha PNB playing this kind of tricks, press down and push it up.

Follow the wave and enjoy the ride!!

1 week ago

Macgyver111

Hopefully.

1 week ago

Macgyver111

I think TA is one of the lousy research centers. They did not fully digest the true story. Naga 8 was not suspended due to Velesto client cancelling the order. Actual Naga 8 completed drilling work in advance, or, in a simple form of words, we can say they completed it before the actual due/agreement date. The contract for Naga 8 was issued on 1st November 2023, and the commencing date is on 19 April 2024 until 18 October 2025 (1 year 6 months), but the Naga 8 crew completed the extraction work within 8 months. That means they are already 11 months ahead. This will give an opportunity to send Naga 8 for a special SPS survey. The contract amount is USD 74 million. They will receive the same amount even if they drag it until 18 October 2025...which is better, to complete the job quickly with efficiency and receive the full payment or drag the drilling job slowly, whereby it will swallow their operation cost?

I don't know how TA does the analysis... shop lot IB.

1 week ago

Genovese

Macgyver you got lock profit when Velesto reached 0.30?

1 week ago

Macgyver111

Yes. Then buy again.

1 week ago

Genovese

Great 👍 panlai!

1 week ago

Macgyver111

Morgan Stanley Raises Brent Oil Forecast for Late 2025 After OPEC+ Move https://oilprice.com/Energy/Energy-General/Morgan-Stanley-Raises-Brent-Oil-Forecast-for-Late-2025-After-OPEC-Move.html

1 week ago

marlboroman2

This counter only hope is for year end window dressing (if any is coming at all) apart from this no other short term foreseeable cataylst.

6 days ago

Harryww

This stock is undervalued. According to world streets journal the price should be 0.35 which is 50%+ undervalued.

5 days ago

Macgyver111

https://www.thestar.com.my/business/business-news/2024/12/09/improved-earnings-visibility-forecast-for-velesto

Very rare Maybank gives credit to Velesto. 

5 days ago

Genovese

Velesto please go out of Malaysia water. See that dayrate your air liur keluar tak??

Shallow-water driller Borr Drilling has secured a handsome dayrate with a new contract in West Africa for one of its jack-up drilling units.

The 2011-built jack-up Norve will go on contract at about $181,250 for a 320-day

3 days ago

Balian de Ibelin

All this over valuation sounds good on paper. If you extend the graph it gives either 0.05 per share and some say even 0.005 per share

3 days ago

hafizfizor90

what i can say this stock nothing special everyday untung setiap tahun untung. tapi saham sentiasa jatuh

3 days ago

hafizfizor90

better change the management lah.

3 days ago

Balian de Ibelin

Sarawak and Petronas dispute resolved with immediate effect.

3 days ago

Balian de Ibelin

Tomorrow might have a tick up

3 days ago

Macgyver111

Sarawak premier Abang Johari Openg has revealed that a solution has been reached over the dispute between Sarawak and Petronas over the rights to oil and gas (O&G) resources in and around the state, with Prime Minister Anwar Ibrahim set to announce it soon.

2 days ago

Macgyver111

PM will announce it soon, sources said...maybe during the 2025 budget presentation. Hopefully win-win situation for both parties. 

2 days ago

gkungpat

PMX 🤔🤔🤔

2 days ago

gkungpat

Ada jerung tengah tunggu nak makan besar..
Bagi jatuh dulu...
lepas tuuuuuuuuuuuuuuuuuuu ngappppppppppp

2 days ago

Baby Shark

I tunggu 0.24 & buy new car MYVI..

2 days ago