u guy try to type BS in your post . see can get through or not...

tapi look at itu ah dream pinya post......

kikikkikkikikimki

Dream wa ingat you are Admin also leh

you can write BS the full word . and i cant write that word in my post..


aiyoyoyo

Dream kerja dekat I3 ka ?


wakakakakakaka

Dream hanya lu tak la faham la...nia ma call the MD to listen to bull sht ah ?

Nanti you dengar itu Tong Tong Tong . tong karat pinya bunyi saje la



Lg shiapa olang yg x tau how to separate FACTS from :

For Investor Relations related queries, please contact the following:

Name : Abu Talib Bin Abdul Rahman (Managing Director)
Email : investor-r@sumatec.com
Tel : +603 2283 1368
Fax : +603 2282 6368

niama like that tomorrow sumatec sure can limit up lor...

. The Board has studied the implication and benefits of adopting the Full-Cost Method under IFRS 6.  However, as convergence could not be achieved in time with the audit process we respectfully acknowledged and accepted SRB AFS 2017 based on the existing reporting standards.

 

4. It is the Board’s view that the choices given to oil and gas companies to decide on the accounting treatment for its development expenditures on exploration and evaluation costs are fair and practical.  Whilst the Success-Effort Method (under IRFS 6) allows the immediate write-offs of such costs especially for unproven reserves, the Full-Cost Method allows companies with proven reserve to capitalise their costs until they have achieved full production.  The capitalised costs or carrying amount cannot be expended if they are less than the value of proven reserves in the impairment test.  This would prevent the financial position from being negative due to write offs arising from premature impairments.  Such situation would confuse stakeholders.   

 

5. In the SRB AFS 2017, the amount invested in the Rakushechnoye Oil Field of USD95 million were recognised as non-current intangible asset (refer to the net carrying amount of RM298,953,595 on page 16 and Note 9 of SRB AFS 2017).

 

6. The MFRS standards applied by the Auditor do not have specific guideline for oil and gas industry and require that the amount be impaired because production has been slow and SRB has invested insufficient amount.  This is partly due to the sustained low crude oil prices.  The Auditor has taken this position because they hold the view there are risks of non-recovery. 

 

7. Further, SRB has billed MELL a sum of around RM195 million for work done in relation to gas development (refer to page 16 and Note 10 of SRB AFS 2017).  The Board in Dec 2017 decided to recover the amount from gas utilisation projects that will come on stream and any balance shall be repaid from gas production.

 

8. The Board feels that the Full-Cost Method under IFRS 6 would be more suitable in relation to impairment treatment for the following reasons: -

 

i) To impair the accounts would not give a true and fair view of the financial position of the SRB Group

 

ii) SRB Group has large assets value and high disposal value.  The main assets are its rights to around 22 million barrels of oil and the profits from production activities of the entire 139 million barrels of oil equivalent (“boe”) reserve in the Rakushechnoye Oil Field.   

 

iii) The risk of non-recovery is low because the Rakushechnoye Oil Field is an onshore field where production cost is around USD8 per barrel lifting cost versus around USD30 per barrel for offshore ones.

 

iv) SRB Group has accepted an offer from a prominent China contractor to increase production to an additional 3,500 barrels per day by January 2019 and thereafter steadily increase to 5,000 barrels per day in 2020 on its own funding.

 

v) SRB Group only requires around 1,500 barrels per day for 7 years to recover its total investments in the Rakushechnoye Oil Field.

 

vi) Under IFRS 6, there should not be any impairment as its asset in the Rakushechnoye Oil Field can be classified as “Working Interest”.  Working Interest is defined as “a company’s equity interest in a project before reduction for royalties or production shares owed to others under the applicable fiscal terms” (based on Society of Petroleum Engineers).  It will not be necessary to impair if: -​

a) The reserves are proven which is the case here.  Competent Person Report by SRK Consulting Australasia evaluate the Rakushechnoye Oil Field total 2P reserve at around 139 million boe

b) The carrying amount (which is the amount invested) is lower than the recoverable value from future development and production or the value of reserve, which is the case here.

c) There has not been any stop-work order which is the case here

d) There has not been any call for default which is the case here

e) Rights to explore in an area have not expired or will not expire in the near future which is the case here

 

9. Therefore, the Board hereby request all Shareholders to be aware of the facts given and not be duly concerned with possible classification of SRB shares into PN17 status. 

 

10. The Board will seek Shareholders’ approval by way of EGM to restate SRB Group’s accounts according to IFRS 6 and avoid the impairment treatment and thus reflect the true and fair view of the financial position of the Company and Group.

mau propose pakai new accounting method so that itu
financial report look cantik ah ? why dun mell pay the due amount 195 m to sumatec. wa ingat ini maciam lia pinya account mesti c@ntek lor.....


7. Further, SRB has billed MELL a sum of around RM195 million for work done in relation to gas development (refer to page 16 and Note 10 of SRB AFS 2017). The Board in Dec 2017 decided to recover the amount from gas utilisation projects that will come on stream and any balance shall be repaid from gas production.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5780373

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5780433

pn 17

lia tala ala XingJiang la...aiyoyoyo itu lia pinya kampung la


DreamSorcerer Posted by Leoleo > Apr 26, 2018 11:22 AM | Report Abuse

mana itu Ah Dream sula pegi ? sula pegi Kazakhstan mingintip itu pisang ladang ga ?
______________________________________________________________________

Gua pigi magan angin tikat itu Xinjiang lor. Mau jumpa gua pinya gawan, itu Miss Dilraba Dilmurat itu lor.

Post removed.Why?

yalo kasi price jatuh...tapi shale oil comp masi ala hidup..

lia maciam angkat batu besar hantam sindiri pinya kaki jari oh ....aiyoyo sakit nya......kikiki

https://www.thestar.com.my/business/business-news/2018/03/28/opec-russia-consider-10--to-20-year-oil-alliance/

coming 2, 3 weeks will be seasonal maintenance period for refinery

partnership, joint venture or other forms of business collaboration, depending on the outcome of negotiations with these companies

Can make announcement to reveal the details of these negotiations ?

my question when the negotiation with third party is still going on . DGSB already proceed to setup support centers .

sure can get a good deal ? what if not deal ?

The new support centres are expected to be opened with third party software support companies (either through partnership, joint venture or other forms of business collaboration, depending on the outcome of negotiations with these companies) and expect to commence their operations in the 3rd quarter of 2018.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5734601

new biz jv coming soon ?read the bottom part of the announcement

Whoelse gave you red flag ..itu olang la..

dragonslayer Aiyo...ah leo ah tan...why come here...wa cannot go sumatec lah...simalam kina red flag lah...chillaga siapa kasi pacak red one...pui pui pui...aiyoyo...kikiki
26/03/2018 10:08

Trump doing this to win vote on election this year.

aiyoyo finally pak tua pinya chance mali lor....waited so long

https://www.youtube.com/watch?v=lY2yjAdbvdQ

https://www.youtube.com/watch?v=JGwWNGJdvx8&list=PLGzEFbsvazbegkm1n6OpOHD0IvfMZ87ql&index=2&t=0s

https://www.youtube.com/watch?v=2Vv-BfVoq4g

https://www.youtube.com/watch?v=vsBak0oCgdY

https://www.youtube.com/watch?v=qFLhGq0060w

https://www.youtube.com/watch?v=tt2k8PGm-TI&list=PLGzEFbsvazbegkm1n6OpOHD0IvfMZ87ql&index=19

https://www.youtube.com/watch?v=nfs8NYg7yQM&list=PLGzEFbsvazbegkm1n6OpOHD0IvfMZ87ql&index=4

https://www.youtube.com/watch?v=BQ_0QLL2gqI&list=PLGzEFbsvazbegkm1n6OpOHD0IvfMZ87ql&index=12

https://www.youtube.com/watch?v=aatr_2MstrI&index=7&t=0s&list=PLGzEFbsvazbegkm1n6OpOHD0IvfMZ87ql

https://www.youtube.com/watch?v=JZ9pHBEUWPo&list=RDJZ9pHBEUWPo&t=66

https://www.youtube.com/watch?v=J_ub7Etch2U

https://www.youtube.com/watch?v=CwfoyVa980U

https://www.youtube.com/watch?v=0yW7w8F2TVA

trade war fear. u s market red 724 ...aiyoyo

Niama bole Auta sikit ga ? kasi cipat announce 2000 tong la...apa tunggu lagi ni..
sula end of march.

kan sula ciakap 1500 tong is vely shy m conservative forecast ? Auta la niama

ciakap 3000 pun bole juga la...kasi goreng sampai Right issue ma...

aiyo itu time Auta sing jadi billionaire..auta mau auta la jangan tak auta la...


aiyoyoyo

noted

Looiks new shareholder coming in ?

Looiks Hehehe......
22/03/2018 10:50

sumatec 907 am ate all 007. mali soon i guess

Dunno who will take up the 10 percent PP . Sara whos the investor ?

Unless you still have no idea who is the "private investor"?

dream aiyoyo nanti mau touch 70.....

itu sumatrain ala jalan ga...

69

brent 68.8 wow

kikiki he is newbie lor...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5731025

Ini Auta sing ciakap 30 Oct 2018 can get right issue done ah ? manyak panai tulis lor...

same like ...1500 is very conservative forecast .... the semado two shipt is at the verge of being sold and etc.....


The Parties have agreed to end all litigation upon Sumatec's successful completion of its corporate exercise no later than 30 October 2018 ("Corporate Exercise Completion Date").
21/03/2018 17:59

itu SC mau kasi tangkap magic merlin juga..

http://www.theedgemarkets.com/article/sc-acts-against-escalating-pump-and-dump-activities-social-media

guess she lose till cant see road already ...wakakak laugh die me when saw her promote glotec legacy business.....

ini Cb Roy lu mau se xual harrass ikan jipun ah ? what skill are u looking at ? your gf always pakai pisang cu cuk yr belakang kasi lu shiok ga ?


RoyFlyToSky question is polycarp u good ib bed or not?or u type this cannot that cannot yack! reject!
20/03/2018 14:43

dream big pls . 30 RM.


TANSHENGCHUAN i dream of DGSB RM 3.30
free warrants
free issue
big project coming in
20/03/2018 15:50