Posted by VFTRADER > 2022-09-08 11:45 | Report Abuse

Oil dropped due to strong US$ which was not related to the market changed in supply and demand on oil.

US$ will be weaken in 2022-CQ4.
Currently US$ index around 110.
CQ4 might drop below 105??

Posted by birdparadise > 2022-09-08 11:46 |

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Posted by NatsukoMishima > 2022-09-08 13:23 | Report Abuse

60 sens real value !

Posted by NatsukoMishima > 2022-09-08 13:23 | Report Abuse

60 sens real value !

Posted by NatsukoMishima > 2022-09-08 13:23 | Report Abuse

60 sens real value !

Posted by NatsukoMishima > 2022-09-08 13:23 | Report Abuse

60 sens real value !

Posted by NatsukoMishima > 2022-09-08 13:23 | Report Abuse

60 sens real value !

Posted by 888STOCK888 > 2022-09-08 14:45 | Report Abuse

Chinese version https://www.youtube.com/watch?v=8h2ncTHl5sg




English version https://www.youtube.com/watch?v=t6-cCh9bTG4

Posted by Windy1974 > 2022-09-08 15:35 | Report Abuse

Since Uncle KYY was using technical analysis in his 1st Sept blog, i will need to warn him by technical analysis too. I am obligated to do this out of respect for the old and also my nature good heart to save everyone in i3.
Yes, Hibiscus was on an uptrend and broken 1.02 resistance and 1.06 too. After 1.06, there won't be any convincing resistance until 1.20s. However, Hibiscus was not able to break and hold above 1.06. I suspect someone has been trying to keep the momentum going and support at 1.02 but dare not support 1.06 worried about the selling pressure. The longer it failed to break 1.06, the higher chance of trend reversal.
Today is very crucial for uncle to try push Hibiscus to close at minimum 0.985 or higher. Otherwise, a Malaysia dark fibosucker cloud would form and the next support is at 0.86. Uncle, i heard your averaage price around 0.96 right? Good luck

Posted by gogogolee > 2022-09-08 16:43 | Report Abuse

when uncle KYY said buy in, we must sell n run, thats y i sold all at 1.03 on lat week

Posted by James_Bond > 2022-09-08 17:22 | Report Abuse

Brent oil USD 87… hibiscus still stay at 0.98… puzzled…

Posted by BobAxelrod > 2022-09-08 17:27 | Report Abuse

Oh dear, you didn't know Hibby's very light and pumping cost at only USD20 per barrel?

Posted by bullmarket1628 > 2022-09-09 06:07 |

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Posted by BobAxelrod > 2022-09-09 09:22 |

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Posted by bullmarket1628 > 2022-09-25 20:47 |

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Posted by derrtan > 2022-09-09 11:59 | Report Abuse

personally i think sell above RM1 and wait for opportunity. As Oct approaching, Sabah government can anytime throw a time bomb to cancel all work permit to Hibiscus with immediate effect....not sure what impact on hibiscus plus oil price is weak now...may drop back to 0.8x range

Posted by twynstar > 2022-09-09 14:57 | Report Abuse

According to Fourth financial quarter of financial year ended 30 June 2022, page 14 and page 15:

Save as disclosed below, the Directors are not aware of any material contingent liabilities or contingent assets, which, upon becoming enforceable, may have a material impact on the profit or loss, or net
assets value of the Group.

On 1 April 2020, the Sabah State Government decided to impose state sales tax (“SST”) on petroleum products sold by SEA Hibiscus Sdn Bhd (“SEA Hibiscus”) and HML (“Companies”) in relation to crude oil being sold from the Labuan Crude Oil Terminal (“LCOT”).

On 21 June 2022, SEA Hibiscus received a payment notice from the Permanent Secretary and Director of State Sales Tax for the SST and a penalty amounting to RM97.31 million in total. SEA Hibiscus vide a reply dated 20 July 2022, informed the state that for SST to apply, SEA Hibiscus would have to be in the business of selling or producing taxable goods in the state. SEA Hibiscus informed the state that it was neither in the business of selling or producing taxable goods in the state and was therefore not liable for the SST payment.

On 8 July 2022, the Companies received a letter from the office of the Chief Minister of Sabah (“Letter”) which stated that the Companies are liable for SST on the basis that the Companies are providing “taxable goods”, namely crude petroleum oils and natural gas from the State of Sabah. On 11 July 2022, the Companies responded to the Letter to clarify that pursuant to the Petroleum Development Act 1974, the Companies cannot and do not provide such “taxable goods” from the State
of Sabah and are therefore not legally liable for SST. This is a position which has been affirmed by the Companies’ external legal advisors.

On 10 August 2022, HML received a payment notice from the Permanent Secretary and Director of State Sales Tax for the SST and a penalty amounting to RM14.18 million in total. HML is currently taking external legal advice.

The Directors are of the view that no provision is required in the Group’s financial statements at this juncture based on the facts surrounding the matter and the legal view from the Companies' external
legal advisors that the sale of crude oil in the specific case of the Companies would fall outside the scope of the State Sales Tax Enactment 1998.

Posted by azfar8 > 2022-09-09 15:17 | Report Abuse

playtime is over, no more below RM 1.00 after today's close. We want to move to RM 1.30 soon...

Posted by bullmarket1628 > 2022-09-09 15:23 |

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Posted by BobAxelrod > 2022-09-09 15:37 |

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Posted by searchingmoney > 2022-09-10 08:48 | Report Abuse

It is Datuk Harris Salleh gave away Labuan to F without asking permission from Sabahan.

Posted by BobAxelrod > 2022-09-10 08:52 |

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Posted by BobAxelrod > 2022-09-10 08:55 |

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Posted by bullmarket1628 > 2022-09-10 10:22 |

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Posted by searchingmoney > 2022-09-10 10:47 | Report Abuse

I'm very sure it is stated in the agreement, otherwise who wants to make noise...

Posted by zhangzuode > 2022-09-10 15:36 | Report Abuse

Here are the law governing the transfer of Labuan to Federal Government:
https://sagc.sabah.gov.my/sites/default/files/law/FederalTerritoryOfLabuanEnactment1984.pdf
It is very clear as per Article 3, all State's power and jurisdiction shall come to an end. Further, the territory water of Sabah should be 12 nautical miles as Sabah and Sarawak reject the Territory Sea Act 2021. North Sabah and Kinabalu fields are beyond the 12 nautical miles territory water, so the enforcement of SST by Sabah Government on Hibiscus can be considered a low probability.

Posted by BobAxelrod > 2022-09-10 16:26 |

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Posted by BobAxelrod > 2022-09-10 16:30 |

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Posted by BobAxelrod > 2022-09-10 16:55 |

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Posted by searchingmoney > 2022-09-10 17:36 | Report Abuse

BobAxelrod, perhaps you can contact Sabah AG office to find out for HIB investors.

Posted by searchingmoney > 2022-09-10 17:38 | Report Abuse

I totally agreed with what CJ said.
https://www.freemalaysiatoday.com/category/nation/2022/09/10/stop-commenting-on-things-you-dont-understand-cj-tells-critics/

Posted by BobAxelrod > 2022-09-10 18:01 |

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Posted by BobAxelrod > 2022-09-10 18:24 |

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Posted by BobAxelrod > 2022-09-10 18:27 |

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Posted by BobAxelrod > 2022-09-11 12:41 | Report Abuse

Year 2021....average Ringgit to dollar was 4.15........today above 4.51.......

Posted by zhangzuode > 2022-09-11 14:16 | Report Abuse

OFC have to agree with what CJ said on subject matter not related to Hibiscus dispute on Sabah SST.

Posted by BobAxelrod > 2022-09-11 14:26 |

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Posted by BobAxelrod > 2022-09-11 14:48 |

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Posted by twynstar > 2022-09-11 17:59 | Report Abuse

1) Location of North Sabah oilfields : 33km offshore Kota Kinabalu, Sabah

2) Location of 2012 Kinabalu oilfields : 5° 30' N 114° 50' E , approximate 40km offshore Labuan and approximate 55km nearest coastline Sabah

3) Article 3 of the Law of the Sea Convention 1982 (LOSC) clearly states that a coastal State may claim up to 12-nautical miles (approximately 22 kilometers) of territorial sea from the baseline of the coastal state

4) ON June 22, 2012, Sarawak and Sabah lost their sovereign rights and jurisdiction over the area of the Continental Shelf, consisting of the seabed and its subsoil beneath the high seas contiguous to the territorial waters of the Borneo states, when Territorial Sea Act 2012 (TSA) came into effect, limiting both their jurisdictions to three nautical miles (5.5 km) from the coastline.

5) The implication is that with the reduced breadth limits of its territorial waters, the state’s rights to fisheries, marine and mineral resources, tourism sites in marine areas and so forth are now confined to only 3 nautical miles (5.56 km) from its coastline.

6) Territorial Sea Act 2012 (TSA)
https://people.utm.my/tlchoon/files/2015/09/Territorial-Sea-Act-2012-Act-750.pdf


7) Hibiscus does not own the oil produced before the point of sale – the legal ownership of the oil produced is held by Petronas from the point of extraction until the eventual point of sale. Hibiscus, as the independent contractor, is then entitled to receive a pre-agreed portion of the oil as settlement-in-kind for services provided to Petronas

8) The point of sale takes place outside Sabah as Hibiscus’ share of oil is offloaded and sold via crude oil tankers at a single buoy mooring located 5km offshore from Labuan crude oil terminal, which is outside of Sabah’s tax jurisdiction.

9) The Sabah state government has issued a notice to Hibiscus that working permits for its North Sabah and Kinabalu fields will be cancelled on Oct 1, 2022, if payment of the taxes and penalties are not settled. The potential termination of workers’ permits will only affect non-Sabahan workers going in and out of the state. 24% of Hibiscus’s total workforce are Sabahans

10) Hibiscus highlighted that both PSCs’ operations will be able to continue its production with some temporary operation disruptions due to manpower bottlenecks. To minimise any potential production impact, Hibiscus may reallocate its workforce composition by diverting more ancillary workers that are involved in maintenance and other supporting activities to production-related roles.

11) Hibiscus is in a unique situation compared to other oil producers in Sabah mainly because Hibiscus’s oil goes directly to Labuan and not into the Sabah state. Hibiscus is the only company landing oil in Labuan.

Posted by BobAxelrod > 2022-09-11 19:47 | Report Abuse

Dah cakap dah. Poooooki monyet utan buat bising jer. Nak jatuhkan harga.

Posted by UlarSawa > 2022-09-11 23:21 | Report Abuse

Why you angry when the price drop leh. You sold half already like you said mah. You should be happy the price turun so you can buy again mah. Why you kpkb leh. Really tak faham lah. Rileks lah. Judi only lah. No need to kpkb unless you scare to lose lah. Haiyoh. Correct?


BobAxelrod

Dah cakap dah. Poooooki monyet utan buat bising jer. Nak jatuhkan harga.

3 hours ago

Posted by BobAxelrod > 2022-09-12 05:08 |

Post removed.Why?

Posted by BobAxelrod > 2022-09-12 05:17 | Report Abuse

Btw
FYI
Ps
Ps2
I don’t lose

Posted by zhangzuode > 2022-09-12 08:49 | Report Abuse

twynstar - Thank you for the clarification on operational matters.

Posted by bullmarket1628 > 2022-09-12 10:28 |

Post removed.Why?

Posted by rr88 > 2022-09-12 12:10 | Report Abuse

How to go up when oil is coming down?
Brain not working?

Posted by bullmarket1628 > 2022-09-12 12:12 |

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Posted by bullmarket1628 > 2022-09-12 12:32 | Report Abuse

Strong turnaround in second half for Velesto, says Affin Hwang
By Azanis Shahila Aman
September 12, 2022 @ 9:47am

https://www.nst.com.my/amp/business/2022/09/830502/strong-turnaround-second-half-velesto-says-affin-hwang

KUALA LUMPUR: Affin Hwang Capital expects a strong second half of 2022 (2H22) profit turnaround for Velesto Energy Bhd on the back of a higher capacity utilisation.
The research house said the drilling market outlook had turned more favourable compared to a quarter ago with demand and charter rates on the rise. 

Barring any unforeseen disruptions, it said Velesto should end 2022 with a full-year 59 per cent utilisation. 
"Management is also sticking to its bullish tone as it expects utilisation to rise close to 80 per cent in 2023 from our existing 65 per cent assumption.

"Velesto has locked in roughly 18 per cent utilisation so far, with most of the potential contracts still under negotiation under Petronas' umbrella package," it said.
Meanwhile, the firm said the estimated higher 72 per cent rig utilisation in 2H22, above Velesto's 60 per cent breakeven level should lead to a strong profit turnaround and narrow 2022 losses significantly. 

It said 2023 was shaping up to be a strong recovery year driven by a recovery in both rig demand and charter rates. 
"We reaffirm our Buy rating and target price of 11 sen on Velesto. 
"We believe market expectation on Velesto has bottomed and downside on its share price appears limited. 
"We see value emerging and believe that the current share price has not factored in the improving drilling market outlook," it added.

Posted by witan > 2022-09-12 20:19 | Report Abuse

Managed to reload back at 0.98. With brent move above $90 again, it is looking good for hibby now

Posted by azfar8 > 2022-09-13 09:36 | Report Abuse

price only reacted when the oil go down? when the oil go up, it barely follow suit... dem.....