KLSE (MYR): GLOTEC (5220)
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Last Price
0.47
Today's Change
-0.02 (4.08%)
Day's Change
0.47 - 0.475
Trading Volume
90,800
Posted by goInvest (Cut or Hold???) > 2017-06-14 10:38 | Report Abuse
Posted by goInvest (Cut or Hold???) > 2017-06-14 14:35 | Report Abuse
Liew W
7 posts
Posted by Liew W > 2017-06-10 13:23 | Report Abuse
Glotec's FY16 annual report shows RM 256 mil revenue, RM 16 mil net loss and RM 54 mil cash.
With 45% share in Tanjung Enim PSC, Glotec will need to fork out RM 315 mil out of the RM 700 mil for the 250 wells.
The amount invested in exploration so far is nowhere near the 350 mil and the cost recovery will not be able to cover even a fraction of this investment cost.
With Glotec's current unprofitable small business scale, the big question is how are they going to get the funds to drill the 250 wells.
Do they have a real plan to commercialise???