Deadline passed - April 30 lapsed - now have to pay USD 3 million penalty to HYDRA - where got money???

https://au.news.yahoo.com/thewest/wa/a/31058481/hydra-collapse-frees-up-permits

Brutus - gone case - both companies are bankrupt - I think that is why they strike the deal before.

Has there been any company with all the "good news" keep dropping? Past 5 months drop till all time low of 14 cents yesterday. Any educated person will know something is seriously wrong.

Brutus121 - AKAN DATANG tickets selling fast. The end is near. The people in the know, they already saw this coming last year whereas the hopeful and greed driven are just gambling their fortunes away. That is sad.

I know of few friends who are still holding SAAG shares up to today - a real pity as no value now. Company is being wound up. So all they have is memories of ONCE UPON A TIME!

The last oil company that was a darling and then got delisted was SAAG. The trend will start this year - guess who is going to lead? The Bubble has not burst yet - AKAN DATANG!

Hang Seng is down 4% - it's bear territory - I have stated before - the first thing to go is commodities - then the financial markets in chaos. The world markets will be in a turmoil for some time now. Stay out of the market is the best solution as cash is king.

Ha! Ha! Ha! Ha! State of mentality is shows and evident by the way people write - sad sad situation. Desperation does not change reality.

Kclim1975 - suggest you too ignore - accusations are just made unfounded. So best you concentrate on what you know best. I will continue to write the truth. And I would suggest the same I have been saying when it was 35 cents, don't touch this counter unless you want to get your fingers burned big time!

In short, it predicted that the world "could drown in oversupply" and that "enormous strain" on prices would be maintained, says FastFT. Predictions are for oil to fall to between $25 and $10 a barrel this year, before recovering.


http://www.theweek.co.uk/oil-price/60838/oil-price-could-still-be-as-low-as-25-in-a-years-time

Bottom is not seen yet

Ha! Ha! Ha! Ha! Ha!

Kclim1975 - it's going lower - bottom hasn't been seen yet.

To those who are still unclear - all the other SPACS still have not got any QA (Qualifying Acqusition) yet - hence if they don't have a QA by the time their SPAC listing duration is up, they will return to their investors 90% (I believe) of the IPO price - currently all these SPACS are already trading below IPO price and have adjusted somewhat to what they will get if the QA is not finalised in time.

Please go and read more about SPAC.

Bunga_Raya (nice name) - with due respect - you are way below my league and this is the last time I will entertain you as you have sunk too low.

Thank you - this are all my posting - please read them all and don't make a fool of yourself - I admire when people speak justice and truth and not otherwise

http://klse.i3investor.com/servlets/cube/post/inikaliok.jsp

Ha! Ha! Ha! Good keep thinking like that. Owner with 1 cent share who is still being paid RM195k per month salary. Why he worry. Even his free shares he took loan with MIDF and CIMB.

The joke is on you as he get money every month on his salaries and perks and benefits so long as he can raise cash by PP. once this is finish - the bank will dump to recover their borrowing rest assured.

Even 10 cents he finally say ok - I get out now - he will be a rich man but without a company. Now he got company who pays him salary every month - thanks to all of you. Mighty thanks. Ha! Ha! Ha!

Welcome to the SPAC world!! Listing for free and a good Ponzi scheme

Next - auditors will issue GROWING CONCERN in the upcoming audit report as company no money to pay off debts for dry well in Australia in November 2015 (RM100 Million) and company got no cash to run business (private placements to raise cash will dry up as too cheap and already 1 billion shares floating).

NEXT - Bursa query and SC investigate (ongoing) as company has not been reporting honestly
NEXT - PN17
NEXT - delist but before delist a huge selling by owners as their share is 1 cents and they will still pocket millions of money

THE END!

Just watch for the next wave of margin calls. Coming soon. I reminded others since it was 35 Cents. Those who upheld some integrity and thought rationality they made the right move and got out some point in time.

Right now trading 14.5 cents. I am reading someone collecting at 15 cents. Save you bullets its going lower. No doubt about it. Before you invest do your due diligent and filter all the facts and figures first. Easy money gone not easy to come by.

CHEAP STUFF NOT GOOD AND GOOD STUFF NOT CHEAP! Especially for this counter you have all the postings and facts and figures to read and digest. And by all means - go and seek SME (Subject Matter Expert) opinion - don't be a blind leading the blind.

Irrational posting and wishful thinking is recipe to disaster.

Kan bagus kalau hujan permata dan emas? Kan? Kan?

For those who have been following, the co-partner REX is now 0.069 cents in Singapore. All time low. Today down 5.5%.

And you cannot stop your production simply because you are now out of money or losing money because of your forward contracts with the end buyers which are usually done ahead of time and sealed for years. Also the Goverment of UK is still making money on taxes irrespective whether you make or lose so long as you produce.

That is the real risk of production - you cannot control the oil price but you are bound by your contractual prices. You think with UK production cost of US52 per barrel - which year will they start showing profits? This company is headed for bankruptcy and you will see it happening in front of your own eyes.

SO SAD when intelligent people lose their hard earn money because of greed and denial.

1. Annasuria is in UK
2. UK production cost is US52 per barrel, means you spend USD52 for each barrel of oil you produce
3. Current oil price is USD28. You are losing USD24 per barrel of oil produced - more that USD70,000 per day losses currently.

This is a loss making company . SOON YOU WILL LEARN YOUR HARD LESSON. It's a real pity when you cannot accept reality.

I believe oil will drop further. Bottom is not seen yet - coupled with world uncertainties in the financial strength - you are looking at more downside risk.


Stock: [PERISAI]: PERISAI PETROLEUM TEKNOLOGI
Dec 11, 2015 08:57 PM | Report Abuse

Oil is slipping - just be aware things will get worst coming January

Right you are Strategisst!

Ha! Ha! Good luck tomorrow and this week.

I am out of market for a while - on APFT - it was top volume for a while in November and I was following the counter and it was nothing more. You are right it's a loss making company and nothing boiling in the company.

Please read ALL my posting - that is the big problem with people these days - they only read what they like and ignore the facts. Ha! Ha! Ha!

As a matter of fact on the current impact of oil prices - today the Middle East stock markets really tumbled as much 4% to 7%. Saudi Alone is down 7%.

http://www.marketstoday.net/en/

While these oil producing countries having very low cost for oil production - the markets and their shares have essentially crashed. Eg is Saudi where their stock market Was trading at 11,200 in year 2014 to now 5,400. This tells you they have very little margin at low prices. So other companies or counties are easentially running at a loss producing oil at these prices.

The irony is latest bad news for hibiscus

1. Oman - lost shares to REX
2. Lime Norway - lost shares to REX
3. Drill dry well in Australia in November 2015 and owe RM100 million - lost so much money - HOW to pay?
4. Annasuria production cost at US50 whereas oil price now USD30 - so losing money big time!!! - lost money again
5. Australia - the development cost is USD80 - loss business and cannot develop
6. Since listing company has shown losses - lost money every year

Lastly - company no money - and no positive cash flow - ask any businessman what they think about this company?

Most welcome Mr Strategisst!

Strategisst - oil business itself is a zero sum game. When upstream production is making money, downstream refiners and end products and marginalised.

Currently by right, the downstream can give away some of their windfall profits and discount the end products but I guess they are not doing so as the governments are also earning fare share in terms of revenues. The end result is layman bears the burden either way. There was a good movie "Every which way you lose" - that is what the layman ends up when the push come to a shove in a crisis.

http://money.cnn.com/interactive/economy/the-cost-to-produce-a-barrel-of-oil/index.html?iid=EL

Unless you are major player or you produce in Middle East - you will be a absolute goner as with oil below USD40 you have no chance to make money producing oil.

Now for this company Hibiscus - their asset in Australia is a disaster. They drill a dry well and still OWE RM100 million for the cost of the well. Their other assets there cannot be produced as they don't have the money. Even if they can find any way to raise the cash (I cannot see how), the cost of development and production is over USD80. I know the owner wrote USD40 to USD50 but that is just the cost for operation and production and he conveniently left out the cost of DEVELOPMENT.

Now The asset in UK is losing money in a big way (cost is USD52)- currently losses close to USD22 per barrel per day. And when you are losing money producing and don't have any cash reserves - you have no way out. The company keep issue and flooding the market with more shares to raise cash is just to survive as they have no other way to pay salaries and overheads. A quick observation and you will note that shares are being placed at a downtrend and lower prices than previous investors - an indication that all previous investors were taken for a ride and the owners will do whatever it takes to take care of themselves until the ship finally sink.

Very soon this company will be declared bankrupt. No doubt about that!

Just do your homework and do what is right for you. The world market is already in the turmoil and you should be more vigilant with all other investments as well.

And Rickid1 - in the same article you will read that Warren has in fact disposed his stake in oil Producers Conoco , as well as a large investment in Exxon Mobil Corp <XOM.N>.

Richkid1 - I suggest you seek advise from SME of Oil industry.

Warren is increasing stake in downstream, ie OIL REFINER or better know as refineries etc - they benefit with low oil prices as they buy cheap oil and refine the crude oil to petroleum products, eg gasoline.

Oil producers lose - refiners win = zero sum game.

Richkid1 - you will see he keep transferring his shares to his margin account to top up - meaning he has no money and has borrowing even on his 1 cent shares. This does not include all the corporate guarantees that he has to place. Read all the announcements carefully and seek expert advise then you will know the true picture.

You can continue to beat a dead cat and it will move but it will not come back alive. Eventually you will accept it is dead.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4976349

Company seriously in disaster - now a new placement of shares at 20 cents. It only tells you how bad their cash position is - they have absolutely no money.

Anytime someone does something, it looks good at that point in time, otherwise why would you do it then?

But circumstances change over time and we have to adapt with the tide. The current tide and the world symptoms of propping financial markets are showing. This again is glaringly clear with the commodity markets and financially markets reacting in tandem.

Tan Sri did invest further and can you blame him that time when oil was above USD100?

"Saturday March 3, 2012
Tycoon Arumugam raises stake in Hibiscus Petroleum
By TEE LIN SAY
linsay@thestar.com.my

PETALING JAYA: Reclusive tycoon Tan Sri A.P. Arumugam has increased his shareholding in Hibiscus Petroleum Bhd from 6.4% to 8.8% via an off-market deal, said sources.

On Wednesday, four million shares were transacted at an average price of RM1.78, while yesterday, another 6 million shares were crossed at the same price. The stock closed on Friday at RM1.80 on volume of 2.69 mil shares.

Arumugam first emerged in the company last July when his son Roushan Arumugam was announced to have bought 23 million shares or a 5.5% stake in the company.

Back then, he made the indirect purchase via Littleton Holdings Pte Ltd, of which he owns 90%. While no price was disclosed, it was believed that Littleton took up part of the placement of Hibiscus' initial public offering shares at 75 sen.

Roushan, is a director of Hibiscus and a corporate representative of Littleton and investment holding company, Sri Inderajaya Holdings Sdn Bhd.

Arumugam is the chairman and founder of Sri Inderajaya, which has significant investments in six major industries globally and consisting of agriculture technologies, consumer products, education, industrial technologies, property, telecommunications and travel and tourism"

http://ir.chartnexus.com/hibiscuspetroleum/website_HTML/attachments/attachment_30692_1357899577.pdf


The Conversion Price is fixed at a premium of up to 10% over the 5-day VWAMP of Hibiscus Petroleum Shares immediately before the price-fixing date (which is the date of the subscription agreement for each relevant tranche of CRPS) or RM1.60, whichever is higher.

Tan Sri Dato’ Seri Arumugam A/L A Packiri the tycoon also subscribed at RM1.65 per share. One wonder what he is thinking now.

There are a lot of innovative ways the Goverment will equalised. Example - even oil price has dropped drastically - what you pay for your refined petroleum is still on the high side. This did not balance out - so they are in the money there. Refiners Are in the money. There are other micro economic that are favourable to lower oil so it's how they adapt and bottom line - how we end up in this mix.

Our country won't go bankrupt as we are diversified although the government does depend a hefty sum for dividends from PETRONAS. If you have been following the events, you will have noted that Petronas has for the first time gone out to take borrowings and loans. The pain will be there for Petronas and more so for the Goverment but this is what you call adaptation to a new reality.

DODO - since you asked...

Oil price: predictions of fall to $16 - and even $10

12 January

Oil prices have fallen sharply again – and the latest range of investment bank forecasts has them dropping as low as $10 a barrel before finally bouncing back.

Turmoil on the Chinese markets, a strong dollar and more evidence of global supply remaining high despite an already heavily overstocked market prompted oil to fall sharply yesterday to a 12-year low. International benchmark Brent crude touched a low of $30.43 a barrel before steadying - and it had pared losses to a little below $30.90 this morning in London.

At its nadir, overnight oil fell close to 8 per cent from where it had been in London earlier in the day.

Primarily to blame was the 14 per cent slump on China's markets this year, which is being driven by concerns over growth that could ultimately hit oil demand. The stronger dollar also makes oil more expensive in overseas territories.

Reuters notes that another key factor was leaked data suggesting Iraq's oil output from its southern territories has increased 8 per cent and that total exports could reach a record 3.6 million barrels a day in February. The country is now the second-largest producer in the powerful Opec cartel, adding to concerns the bloc will not make cuts to support higher prices.

With reserves at record levels, investment banks are revising their already pessimistic forecasts lower. The Financial Times says Morgan Stanley has become the latest bank to predict prices would fall to $20, while Royal Bank of Scotland credit analysts capped an ultra-bearish forecast for markets with a call for a low of $16 – and Standard Chartered said the market could reach $10.

"We think prices could fall as low as $10 [a barrel] before most of the money managers in the market conceded that matters had gone too far," the bank said.

It is hard to see how anything more than a brief relief rally will materialise in the near future to prevent further sharp falls. One possibility is the hint by Nigerian officials that there may be an emergency meeting of Opec that, if it yielded a production cut, could prompt a major bounce as fund managers "cover" heavy bets on prices going lower. This is, however, seen as unlikely.

The landscape for oil industry has changed - look at Rockafellar the founding father of energy - then called Standard Oil, which became the largest oil company Exxon Mobil.

In September he sold out of oil and divest into clean energy - these are the guys who make the difference

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11114591/Rockefeller-family-sells-out-of-fossil-fuels-and-into-clean-energy.html

Thanks for the compliment strateggist and you a spot-on with your remarks of what the auditors will do next. It's surely coming.

By the way - oil may break USD30 today for the first time in more than a decade. It will be the lowest seen for a long-long time. Contrary to what others believe - the storage in supertankers are humongous.

Izoklse - with due respect to you - it's about time you grow up a bit and not worry about averaging down so much - the fundamentals of the company are already doing that after 4 years plus of listing - other companies has gone up in value during this time - this has gone the other way - any educated person will know something is seriously wrong. I hope you do read all the announcements very carefully and do seek independent advise before too late.

Anyway wish you the best. You have all the reading materials available and also should read their Partner website and announcement REX to ensure you have all your facts and figures in tack. By the way REX is trading at SGD 0.08 cents.

Good luck

Another round of heavy margin calls will be forthcoming. It will slice through 15 cents if that happens like a hot knife through butter. Just be aware as there is nothing to look forward to on this counter. Legal suits will take years to conclude that that too will cost dearly to already a company who is cash strap.

http://cgmalaysia.blogspot.my/2016/01/when-will-hibiscus-bloom-4.html?m=1


There has been confusion regarding the size of a stake in subsidiaries of Hibiscus Petroleum. The company was queried by Bursa and gave some answers.

It looks like a rather murky affair, with lots of legal angles, many of them in jurisdictions outside Malaysia, very difficult to evaluate. These kind of legal battles tend to be costly and can take a long time to resolve.

Kinibiz wrote an interesting article about the affair, some snippets:


This leaves Lime Petroleum Plc – in which Hibiscus Petroleum has 35% – with just 3.51% compared to 73.82% previously.

According to a report by Singapore Business Times, LPN cut its share capital from 382 million Norwegian krone to 80.32 million krone by accounting for 30.9 million krone of uncovered losses and transferring 270.8 million krone to other equity. Then 900,000 LPN shares held by Rex were cancelled and Rex then reinvested the 77.4 million krone it received into LPN for new shares.

On Dec 14, 2015, Singapore Stock Exchange-listed Rex International Holdings Limited, which owns Rex Middle East, announced that it now controls 98.77% of LPN – up from 73.82% –following a restructuring of the company’s capital.

....

In other words, surely Hibiscus Petroleum had knowledge of the exercise proceeding as a shareholder. What went wrong?

Among others, shareholders tracking Hibiscus Petroleum’s filings to Bursa Malaysia would not know much detail of what sort of restructuring took place at LPN. There is also scant information on how much was disclosed to Hibiscus Petroleum prior to the restructuring taking place and how accurate the company thinks this information may have been.

A number of questions rise for the average minority shareholder in Hibiscus Petroleum as well as the market at large, given the relative scarcity of information as to what really happened leading to this remarkable dilution in one company.


Hibiscus is raising money through a private placement (as it had done many times before), which will give some much needed support to its balance sheet. But at a share price much lower than most other shareholders paid for their shares, giving rise to large dilution.

From the moment that SPACs were announced by the authorities a few years ago, I have been very skeptical about them. I don't see yet any reason to change that stance.

Ha! Ha! Ha! Ha! Ok watch Hindi movie marathon. Pop corn remains - enjoy! The show still the same.

Counter sue will follow - this will become a great TAMIL movie. Get ready your pop corns and Coke. New Year fireworks was nothing compared to the Sparks here. The truth will come out and then only will people know the real Tamil actor agenda

http://rex.listedcompany.com/newsroom/20151231_124822_5WH_GHHG1GFCH24HNGPQ.1.pdf

From the information available to the Company and its own investigations, the Company considers that the application is groundless and without merit. The Company is confident that the Lime Directors have at all times acted consistently with their duties to Lime. Shareholders should be aware that no claim has been commenced against the Lime Directors. According to the Announcement, GHL is seeking leave from the Isle of Man courts to bring such a claim. The implications for the Company and its reputation arising from the allegations made by GHL are also under consideration by the Company.

http://rex.listedcompany.com/newsroom/20151222_223805_5WH_MG1LBIMN5UA1KXQC.1.pdf


Rex holds a 98.77 per cent effective interest in Lime Norway. Lime Norway is 96.49 per cent directly held by Rex’s wholly-owned subsidiary Rex International Investments Pte Ltd and 3.51 per cent held by Lime Petroleum Plc, in which Rex has a 65 per cent indirect interest.

Seanteoh - it's not about the price - it's the owners. My advise from the beginning was to shy away and for those who have listened, they have made a wise decision.

This counter is owned by people who don't know how to run a business - if they were successful, they would already have ongoing business before listing. They had none.

They started this SPAC with zero capital as their original share is valued at one cent, which they did not pay any money. They have NEVER committed any money into the company - only taken huge pay check like RM195,000 per month even when the company was losing money every year.

If you read the announcements - you will see that even to convert their 10 cent warrant - they borrowed money from the bank, MIDF and CIMB. Now these are under margin calls as the owners are really stuck.

Moral of story - never start any business WITHOUT any money and borrowed money. The owners borrowed all the shareholders money and made it theirs. They used the shareholders money for quick gains. Over time the truth surfaces. Any scam and ponzi scheme is only exposed over time.

Remember - They got free shares at 1 cent and free warrant. Even counter crash to zero, they already got their returns as they have made money for themselves for the past 4 plus years collecting fat pay checks, with perks and benefits.

Now that most news are out.

A gentle reminder - cindicat struggling to get out as you witness by the huge churn in volume. Once the out, total collapse as nothing to support counter. All fake buyers will disappear.