in view of the current trying time, security commission will temporarily suspend PN17 n GN3 classification on companies which financial position slip into the status to give companies more time to regularize their financial position

ride along with the new shareholders, you can see the change in the boardroom as a start for a major revamp. let's see how they play their cards out in the coming days as they too put their stake in it 'interesting'

prepared for the keyboard skill to take up the exclusive 0.045-0.05

SHAH HAKIM IS TREATING SCOMI ENERGY BHD A LISTED CO IN MALAYSIA STOCK EXCHANGE HIS PAPA COMPANY BY ADVANCING PAYT WITHOUT ANY CONVENED BOD APPROVAL OVERWHEMING THE REQUIREMENT OF A PRE REQUISITE LISTED CO

RELINQUISH HIS POSITION IN SCOMIES AS CEO WAS A MERE EXCURSION OF THE MAIN REASON

AND HOW COME BURSA FAILED TO REPRIMAND HIM?

this time range bound lowest still unable to break below 6 cent, imagine how many percentage earned when it rebound

GOOD SIGN AHEAD WITH THE PROPOSAL

GUYS VOLUMES HAVE PICK UP

NO WONDER MINORITY SHAREHOLDERS ACCOUNTED FOR 35% OF THE SHARE CAPITAL REJECTED SCOMI PROPOSAL TO CONSOLIDATE ITS BUSINESSES BY MERGING ITS ENGINEERING AND ENERGY UNIT INTO A SINGLE ENLARGED ENTITY WITH THE INTENTION TO PRIVATISE SCOMI ENGINEERING(MAKING LOSS) AND SCOMIES(HIDDEN GEM)
IT IS APPARENT THEY SEE VALUES IN SCOMIES

SCOMI GROUP PRIZED ASSET OF DRILLING FLUIDS AND DRILLING WASTE

MANAGEMENT OPERATION WITH A SALE PRICE OF US130 MILLION WAS PURCHASED

VIA KMC OIL TOOLS AND TRANSFER TO SCOMIES FOR WHOPPING PRICE TAG OF

RM1 BILLION UNDER THE SCOMI RESTRUCTURING EXERCISE

the price in dilemma ,goes up many holders still holding tight, on the other hands price goes down many vultures are waiting as profit taking had takes place for the third time with the lowest 0.065 and resistance at 0.13. good luck

SOMEWHERE BACK IN 2014 ,11.48% STAKE OR EQUIVALENT 268 MILLION SHARES WERE TRADED OFF MARKET TRANSACTION AT 76.5 SEN PER SHARE TO THE CIGAR CHOMPING BANKER

another contract won will put scomies even 'luckier' , don't discount the possibilities

CONTRACT AWARDED BY KUWAIT IS THE TESTIMENT OF SCOMIES EXPERTISE IN DRILLING SERVICES SOLUTION PROVIDER NOT ONLY IN DOMESTIC BUT GLOBAL MARKET RECOGNISED BY OIL AND GAS INDUSRTY.

ON THE LOCAL FRONT, SCOMIES HAVE ENTERED INTO JV IN COLLABORATION WITH PETRONAS IN THE RESEARCH AND DEVELOPMENT AND MARKETING OF ITS DRILLING CHEMICAL LIQUIDS SOLUTIONS IN ANTICIPATION OF DRILLING ACTIVITIES TO PICK UP MOMENTUM IN RELATION TO PETRONAS COMMITTMENT TO INCREASE ITS EXPLORATION ON OIL FIELDS OFFSHORE

the revised financial results ended 30 Jun expected to be announced next month

looking forward news from PETRONAS on announcement of oil rigs contract dish out to local oil and gas player

director is buying, what does it tell you?

reimbursement of costs has started and is expected to be completed in the second quarter of 2019.

OPSB funded the Ophir development via syndicated term loan facilities comprised of 75% of the capital expenditure and 75% of the first three quarters of operating expenditure, with the balance of expenditure funded by OPSB’s shareholders in proportion to their equity interest (50% in Octanex’s case).

Octanex’s $12 million convertible note facility (presently drawn to $8 million) with Sabah International Petroleum (SIP) was structured for the purpose of meeting Octanex’s equity contributions to OPSB. Advances made by Octanex and other shareholders to OPSB are subordinated to OPSB’s project financing facilities. As a result of which, payments from OPSB to Octanex can only follow repayment of the project finance.

Octanex will be required to redeem the SIP convertible note facility from the proceeds of payments received from OPSB, unless SIP elects to convert the convertible notes into Octanex shares (the facility is comprised of three equal tranches of convertible notes with conversion prices of $0.15, $0.20 and $0.25).

Back in April a decision was made to suspend the wells at the Ophir field and OPSB started discussions regarding termination of the Ophir RSC with Petronas. In June, Octanex exercised its right to terminate the Ophir RSC following occurrence of “economic cut-off” in accordance with the terms of the RSC. Octanex said in June that this would result in Petronas taking full responsibility for the field.

Octanex informed on Monday, November 19 that, upon the field meeting the contractual “economic cut-off” criteria, termination of the RSC was effected by OPSB. The RSC provided that following termination OPSB would be kept whole in respect to operating and capital costs for the project. OPSB has been carrying out negotiations in relation to these matters over several months.

The company added that that these negotiations had been concluded. Facilities (wellhead platform, wells, pipeline) have been handed over, reimbursement of costs has started and is expected to be completed in the second quarter of 2019.

OPSB has been relieved of most further project expenditure following novation of FPSO contracts entered into by OPSB in relation to the project. OPSB’s focus is now on project close-out and company wind-down activities, including final operating quarter Petronas cost recovery audit, GST reimbursements and loan facility close-out steps.

OPSB funded the Ophir developrnent via syndicated term loan facilities, with the balance of expenditure funded by OPSB’s shareholders in proportion to their equity interest in OPSB (50% in Octanex’s case).

The quantum of funds available for repayment of shareholder loans, following repayment of the project financing facilities, can projected within a meaningful range given the remaining expenditure requirements can now be reasonably forecast and the reduced number of outstanding variables.

Octanex largely facilitated its capital contributions to OPSB through a Sabah International Petroleum (SIP) convertible note facility, drawn to $8 million. Unless SIP elects to convert the convertible notes into Octanex shares (the drawn facility is comprised of two equal tranches of convertible notes, with conversion prices of $0.15 and $0.20), Octanex will be required to redeem the convertible notes at maturity (30 June 2019). Octanex is seeking to restructure the redemption terms of the convertible note in line with its share of projected shareholder loan repayments from OPSB.

Petronas introduced the Risk Service Contract (RSC) as a petroleum arrangement designed with the objective of intensifying upstream Malaysian oil and gas activities and developing smaller, stranded oil and gas resources.

Under the terms of the RSC, the contractor is the service provider and Operator of the field, while Petronas is the resource owner. Upfront investment of capital is contributed by the Contractor, with the Contractor compensated via the reimbursement of costs plus a remuneration fee for services rendered. The remuneration fee is linked to production volume and capital cost key performance indicators, and paid from proceeds of Ophir crude sales,

OPPORTUNITY TO GRAB AT A LOWER PRICE AND THE SELL DOWN NOT OVER YET

IT'S ONLY TIP OF THE ICEBERG

CONFUSION,ASSUMPTIONS,DECEPTIONS ARE AMONG THE COMMON TRAITS OF DECEIVABLE CROOKS AT PLAY

BECAREFUL HIGHLY DECEPTIVE IS AT STAKE

OCTANEX MIGHT PARTNER WITH SCOMIES IN TENDERING OIL RIGS CONTRACT FROM PETRONAS IN RELATION TO THE ONGOING FINALISATION REIMBURSEMENT OF OPHIR OILFIELD COST

ALREADY HIGHLIGHTED THERE WERE DISCREPANCIES IN THE AUDITED REPORT YET THE BOD STILL GO AHEAD WITH ALL THE RESOLUTIONS PASSED IN THE ALL PREVIOUS AGM UNTIL NOW ONLY INTERNAL MANAGEMENT STARTS LOOK INTO IT, WHAT A BIG LET DOWN FOR SC FAILURE TO TAKE STERN ACTION ON THE BOD

DONT FORGET THERE ARE TWO WAYS LOOK AT IT

HA HA HA

PROBABLY THEY SCREWED SCOMIES REPORT TOO

WHERE IS THE CORPORATE RAIDERS ON KPMG & DELOITTE MALAYSIA BLUNDERING REPORTING ON 1 MDB FINANCIAL REPORT?

BE CAREFUL REAL CROOK(BAKARI ABO) IN THE PLAY

FINANCING OF OILFIELD DEVELOPMENT COMPRISED A SYNDICATE LOAN UP TO $120M IN ADDITION BANK GUARANTEE FACILITY $13.5M

THE REST OF BODS NEEDS TO REASSESS FOR THEIR CAPABILITIES FOR BEING MERELY SLEEPING DIRECTORS WITH ANNUALLY FAT PAID CHEQUE

THE FIRST TO GO SHOULD BE THE CEO FOR NOT PERFORMING TO HIS ABILITY

COMPANY IS IN THE RED YET THEY PROPOSED THIS COMING AGM WITH EXORBITANT HIGH REMUNERATION PACKAGE TO THE DIRECTORS

OCTANEX EXPECTS REIMBURSEMENT OF COSTS OF OPHIR OILFIELD BY PETRONAS WITHIN 12 MONTH FROM DATE OF CESSATION OF OIL PRODUCTION

IS KPMG OR DELOITTE MALAYSIA THE COMPANY AUDITOR ALL THESE YEAR, NOW THAT KPMG HAS ANNOUNCED THAT ITS ENDORSEMENT FOR THE 1 MDB AUDITED REPORT PAST YEARS WERE INACCURATE SAME GOES TO DELOITTE LATER IT WILL ANNOUCES SIMILAR DECISION

where is the corporate governance?

A BIG THUMB DOWN TO SC & BURSA

this is yet another example sc & bursa doing nothing of letting in companies makes their way for the purposes of getting listed in bursa

let's check which auditor audits this time? make them accountable if endorsed audited reports without comprehensive submission to sc & bursa

do sc & bursa suspects discrepancies in the quarterly results released even though not audited yet?

no monthly announcement to comply with bursa requirement on its status, does that mean the authorities are also rearing its ugly head in handling the issue

share cap less than 150 million, great for capital restructuring if investigations all clear

opportunity to collect at lower price while still pending investigation

let's do some calculation:
ophir oilfield production of oil on average 8 million barrel per annum and given market price of USD68 /barrel

estimated realized revenue : 8,000,000@USD68/barrel=USD544,000,000.00

scomi energy have 30% stake in ophir which translates into USD544 million @ 30% = USD163 Million @ exchange rate rm4.00/usd a whopping RM652,000,000.00 in revenue

if the vessel is keep redundant and the BOD fails to capitalized on the opportunity as the oil price increases which means the BOD needs to review whether they are efficient in their position in bringing value to the company as a whole

brent oil hit USD68

heavyweight oil & gas counters on bull run, second liner will follow suits hence holds your share for upside gain

if scomi do not up the ante(offer better term) for the proposed deals on scomi energy, the merger deal unlikely to go through