Look like selling pressure exhausted...let see the second half of trading trend and from there we can get some clear picture..

I collected some also..waiting for 0.185 to collect another batch (if lucky la)..Velesto Vice President (Datuk Norzaidi) and Datuk Ling also collect @ 0.215c and above. If price can go as lowest as 0.08c, definitely they won't collect now...

I3lurker forget to put 0.1 in front..anyway I hope he will get his TP.

"Oil markets may have been oversold," which could mean the recovery is a "short-term rebound," said Tina Teng, a markets analyst with CMC Markets, in a note.

In the previous session, the market was "spooked" by data showing U.S. output remains near record highs even though inventories fell, analysts at ANZ said in a note.

This tell us that API reading is manipulating..

Max 0.18c (I guess la). While oil is recovering after sharp fall...

Insider buying....

NORZAIDI BIN MOHD ZAHIDIN
Vice President, Operation
Acquired 140,000

Date of Transaction 05 Dec 2023

High selling due to pessimistic...worried for another covid lockdown and that likely not going to happen. Let see how low it can go and then grab few more. Covid no more pandemic its endemic

Velesto will compensate their royal staff next year (2024) through ESOS which was established in 2019. Stay tuned.

BOD buying.

01/12/2023
2,370,000
Acquired
Direct Interest
Name of registered holder LING KIEN SING

What F jump on you. Your money your which. My money my wish..who the F your to advise. I want to stick in this company is solely my wish and I'm not encourage others. Each one of deserve to do own analyst...better watch out your words..

Now they do campaign mah! Reject Israel product. Maybe they also don't want USA investor holding bumis company like velesto...I don't know maybe it could be one of the reasons and behind the PNB plot...all rumour and so on, who know?
You see lot of possibility...so don't give comment that you not sure.

For sure 30cts Cumingggg...🤣😂

BobAxelrod33
Say what you mean and mean what you say ---------- Bobby Axelrod

This paragraph suit for you. You see I'm in velesto, holding huge portion. I don't want give something negative comments that I didn't know for sure. Don't want confuis the others investors. At for know I assumed it just rumour.

PNB selling...we already heard the story past few month ready no need repeat many times. PNB never give any statement so far only rumour from edge market. Nobody know what stored in future..don't assumed something that you didn't 100% sure. Read from qtr report PNB running to road hahaha...show me where? Pelaaaah!

I said Petronas but not necessary Petronas. You think in Malaysia only Petronas available mah. There's lot more..go do your research and don't talk like you know everything and embrace yourself here...still wondering if you know everything then why you are still here giving non value add comments. Waiting for correct time to enter ha...hahaha! Mangku...k ayun..

Let Petronas take over lah...more better mah. If Velesto jadi Petronas punya own subsidiary company, sure Petronas give higher DC rate. Keep on telling PNB running to road running to road for what... talking like novice lah you.

Why so worried about PNB running...better mah!. PNB is financial institutional, they doesn't know how to handle O&G companies and same goes to UMW recently (you can see both company performance past 5 years...no improvement). Better pravitise to good company that hv knowledge in O&G and can bring in more contracts with international DC rate (135k to 150k daily rate).

PNB will push the price above 0.30ctn before the transaction exercise take over (if there's any) and this will materialise next year onward. Now price damn cheap, you won't get this price anymore once it break 0.30ctn.. just 2c

HLIB research firm said it has a “hold” call on Velesto with an unchanged target price (TP) of RM0.25.

https://www.thestar.com.my/business/business-news/2023/12/01/velesto-in-position-to-rebound-from-subdued-results

CGS-CIMB Research said other rig contractors had negotiated contracts in the past six months at US$150,000 per day to US$168,000 per day.
“While we do not expect Velesto to secure such high rates for its new umbrella contract with Petronas Carigali, the robust DCRs show just how tight the market is as drilling activities remain robust in the Middle East, India and China,” the research house said.

Velesto had said earlier it was gunning for US$130,000 per day for a new umbrella contract, but it recently announced that it had renegotiated the rate for the Naga 8 drilling contract to US$135,000 per day.

Meanwhile, Maybank Investment Bank Research said Velesto’s third quarter results had outperformed its expectations, given that it expected the group to report a loss.

As such, the research house raised its financial year 2023 net profit forecast for the company by 7% to account for higher overall blended jack-up-rig utilisation rate assumption of 82% for the year from 81% previously.

https://oilprice.com/Energy/Energy-General/OPEC-Headed-for-2-Million-Bpd-Oil-Output-Cut-in-2024.html

CIMB give TP 0.275

TA security still firm with TP 0.33c.

That means in Y24 - Naga 3, 4, 6 and 8 hooked with solid long term contract meanwhile Naga 2 and 5 available for bidding new contracts with higher DC rate.

Ok lets review back rigs deployment, contracts and value:-
1) Naga 2 - assigned to work for Jadestone company (2023 3rd Q onward) and Vestigo oil company (2023 4th Q onward). Both contract valued USD 6.1mil and USD 10.9mil respectively. Both short terms contract. I believed Naga 2 might go for periodical survey once Jadestone contract completed before commencing work for with Vestigo.

2) Naga 3, 4 and 6 - drilling campaign for Petronas from September 3rd Q onwards. Contract amount that offered valued USD 128 mil.

3) Naga 5 - Hired by Hess Exploration with contract amount of USD 135mil (location: North Malay Basin). Contract commencing date from 4th Q 2022 to 1st Q 2024 and an extension for another 18 months, valued USD 74mil commencing date 2nd Q 2024 (location: Block A-18, 150km northeast kota bahru). I suspect Naga 5 most probably undergo for MRO once Naga 8 start digging oil. But according to latest qtr report, all rigs are currently in working now.

Seems most of the velesto rigs working full after 3Q onward. Just do rough calculation and feel free to give any suggestions...

Pattern similar to Perdana. First 2 days price pick up after the qtr released and then drop sudden. Maybe 2morrow might drop further. Those waiting for 0.20c maybe got chances laa.

Hahaha! Very funny today veleslow act opposite..going up despite drop in qtr earning. Buy cheap now..

But I believed all six rigs in full swing now. 4th qtr should be excellent result.

Petronas hired total 3 rigs from Velesto. Naga 6 not mentioned in the report. Are Naga 6 going for periodical survey or already start commencing drilling work for PCSB 3qtr onward still not clear..

Currently, all six of the Group's available jack-up drilling rigs are utilised. NAGA 4 recently completed its 5-year Special
Periodical Survey (“SPS”). Both NAGA 4 and NAGA 3 has commenced work for PETRONAS Carigali Sdn Bhd
("PCSB") in September and October respectively. The Group is actively bidding for new tenders for local and
international contracts scheduled to be performed in 2024 and beyond.

Qtr 1.22mil profit only. At lease better than showing 20mil loss.

I think we know the result ready...prepare for "knee-jerk reaction".

If price rebound back ada chances la qtr if drop pooochi!! Get ready guys...

Sindiket dumping institutional buying from them. Today is final countdown...Green or Red.

Expected strong push today. Possibility can break 0.24c. Qtr look promising...fingers crossed

VELESTO has secured an extension for its Naga 8 jack-up rig for 18 months at a daily charter rate (DCR) of USD135,000.

Qtr announcement probably on 29 or 30th.

KUALA LUMPUR (Nov 27): Velesto Energy Bhd said the contract between its unit Velesto Drilling Sdn Bhd and Carigali Hess Operating Company Sdn Bhd has been extended for another one year and six months with an estimated contract value of US$74 million (RM346.39 million).

The contract, which entails the provision of a 10K jack up drilling rig, will commence from April 19, 2024 until Oct 18, 2025, Velesto said in a filing with Bursa Malaysia on Monday.

"Velesto Energy will continue to assign NAGA 8 for the extension period of the contract," it said, referring to its premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and a rated operating water depth of 400 feet.

Velesto added that the extension of the contract is expected to contribute positively towards its earnings and net assets.

Carigali Hess first awarded Velesto Drilling the contract in 2019, and it was worth US$131 million (RM541.17 million) at the time.

Carigali Hess, an oil and gas joint venture between PCJDA Ltd and Hess Oil Company of Thailand Ltd, is involved in gas production in the joint development area administered by the Malaysian-Thailand Joint Authority.

The contract initially commenced in the second half of 2020 for three years, with three extension options of six months each.

Velesto's shares closed up one sen or 4.44% at 24 sen on Monday, for a market capitalisation of RM1.89 billion.

https://asianbusinessreview.com/co-written-partner/event-news/velesto-energy-berhad-receives-csr-initiative-year-oil-gas-award-coral-nursery-project

Relax dulu.. don't make pessimistic conclusion quickly. Not necessary if good qtr price will go up either. Like us and many maybe some investors also doubt that qtr going to be bad and dumb shares or maybe due to ESOS (allowed staff and BOD to collect cheap ticket before the qtr announcement). Sometimes things might work opposite...who knows. Like I said earlier stock market is unpredictable. Let always think the good.
Is there anyone here good in crystal ball prediction...hahaha!

Perdana only do offshore marine service (like - AHTS, workboat and workbarges) and yet they can show good profit. It is very disappointed day if Velesto with 6 oil extraction rigs unable return to black in coming qtr...despite higher crude oil and revised DC rate. Let hope veleslow won't give us any bad surprise...

Perdana got very good qtr but price fall like no tomorrow...

Thank you Rohank71. Appreciated. 👍

Felice888

Aiyoh Mac you too serious lah. Just a joke on indian movies. Nothing to do with religions ma. Take it easy bro!

Yes it is serious for some people bro. If you want to mock indian then I suggest you shouldn't be in Armada family that fully owned by Indian boss..so if you want to mock find other method, don't use ethnic...

Some they think using nickname people cannot track their address...main ler lagi.

I'm not worry. Maybe ghost deleted it. You'll better give respect to all religions. That only I'm requesting.

Tahu tak pa you felix888. rohank71 i suggest to better delete your message. Friendly reminder talk only stock market related don't try to be smart mentioned ethnic name here. Give respect to all ethnic regardless...

Apa you ingat China tarak buat kah tu mcm..cekeka. Sini pun racist kah lu org. Apa ckp indian..mahu saya kasi you telanjang kah

As usual, from their past 2qtr report revenue above 250mil but profit less than 18mil due to high maintenance, operation and expenditure cost. Hope any miracle happen in this up coming qtr.

Perdana posted 22.7mil of profit (3qtr) since 2014..