Posted by nice1 > 2015-06-24 14:52 | Report Abuse

KUALA LUMPUR (June 24): Malaysian special-purpose acquisition company Sona Petroleum Bhd is looking to buy onshore shallow water oil and gas production assets in Southeast Asia and hopes to conclude a deal by year end, said its Managing Director Hadian Hashim.

"We are very confident," he told reporters when asked if the company could seal any acquisitions by year end. He was speaking after the company's annual general meeting on Wednesday.

Sona Petroleum in January scrapped plans to buy a stake in two oil and gas blocks from London-listed oil exploration and production firm Salamander Energy Plc in the Gulf of Thailand for $280 million.

The termination followed London-listed Ophir Energy Plc's proposal to buy Salamander via a share swap.

Posted by alibabacoming > 2015-06-24 14:52 | Report Abuse

SINGAPORE (June 24): Oil prices nudged higher in Asian trade on Wednesday on hopes for stronger than expected U.S. crude demand, while doubts over the prospect of reaching an agreement next week on Iran's nuclear programme eased oversupply concerns.

Brent crude for August delivery climbed 3 cents to $64.48 a barrel by 0602 GMT, after settling up $1.11, or 1.8 percent, in the previous session.

U.S. crude for August delivery gained one cent to $61.02 a barrel, after rising 63 cents the day before.

"U.S. crude inventories have been at historic highs ... but the thing is crude inventories may have peaked after oil demand picked up in June," said Tony Nunan, oil risk manager at Tokyo's Mitsubishi Corporation.

"$60 a barrel is the new normal for the next several months."

Mitsubishi analysts forecast U.S. oil demand would grow by 1.4-1.8 million barrels per day (bpd) in June from the same month last year, Nunan said.

The U.S. Energy Information Administration said on June 9 that U.S. oil demand would rise to 19.41 million bpd this year, up from 19.03 million bpd last year,

The American Petroleum Institute (API) forecast on Tuesday that U.S. commercial crude oil stocks fell by 3.2 million barrels last week, larger than analysts' expectations of a 1.5-2.1 million barrel draw and the eighth straight week of declines.

The U.S. Energy Information Administration will release official stockpile data later on Wednesday.

"Although crude inventories could cause prices to move higher, we expect to see strong resistance at $61.80 and $65 for West Texas Intermediate and Brent. Therefore, expect prices to remain unchanged," Singapore's Phillip Futures said in a note on Wednesday.

Nunan said there were roadblocks to an agreement next week between Iran and six world powers on Tehran's nuclear programme that would end sanctions and allow Iran to boost oil exports.

That followed Tuesday's decision by Iran's parliament to pass a bill banning access for U.N. inspectors to its military sites and scientists.

Iran's Supreme Leader, Ayatollah Ali Khamenei, also ruled out freezing sensitive nuclear work for a long time. France and the five other world powers want Iran to halt parts of its nuclear programme for at least 10 years.

"June 30 is a self-imposed deadline, so it could be put off," Nunan said.

Any gains were capped by a firm dollar following reasonably strong U.S. data. A strong dollar makes commodities priced in other currencies more expensive.

Posted by nice1 > 2015-06-24 14:59 | Report Abuse

I heard the AGM completed in about 1.5 hours was quite fiery, attended by many shareholders

Overall it was quite informative.

the directors know that they cant sit on the butt without getting the results

I was told it was quite a stormy AGM

Posted by Mr. Jupiter > 2015-06-24 15:08 | Report Abuse

Buy! Warrant will get back to track!

Posted by cliqmanagementteam > 2015-06-24 15:15 | Report Abuse

All the malaysia stock are scam !

Posted by cliqmanagementteam > 2015-06-24 15:15 | Report Abuse

Make sure you remember the face of the director !

Posted by alibabacoming > 2015-06-24 15:18 | Report Abuse

who throw eggs to shareholder? they wake up liao is it?

Posted by Mr. Jupiter > 2015-06-24 15:21 | Report Abuse

dirt cheap ler... siapa cepat dia dapat.. haha..

Posted by LaoLiu > 2015-06-24 15:24 | Report Abuse

Pushing up sona-wa?

Posted by alibabacoming > 2015-06-24 15:24 | Report Abuse

don't get trap haha

Posted by prc4wifefe > 2015-06-24 15:35 | Report Abuse

tarak headline macam FGV pun...all chicken out...hot air only....kekekeke

Posted by alibabacoming > 2015-06-24 15:35 | Report Abuse

1 day show good luck?

Posted by michael_lee > 2015-06-24 15:37 | Report Abuse

It's just a trap. Hadian and team still has nth concrete to present. Really feel he's very lousy and offered no reassurance to the shareholders at all.

Posted by alibabacoming > 2015-06-24 15:38 | Report Abuse

lack of confidence during AGM? too many shareholders shooting AK47?

Posted by DavidSiaw > 2015-06-24 17:45 | Report Abuse

Heard Tok Hadi only offer shareholders a plate of fried mee with one bean sprout...well done world class management team

Posted by alibabacoming > 2015-06-24 17:46 | Report Abuse

haha....we don't want free food, we want the prices limit up only.

Posted by DavidSiaw > 2015-06-24 17:53 | Report Abuse

Director fee voted through...shareholders kena songlap and need to up car liaw

Posted by alibabacoming > 2015-06-24 17:54 | Report Abuse

up car? this one is called up lorry

Posted by DavidSiaw > 2015-06-24 18:04 | Report Abuse

michael_lee...anything to share?

Posted by rasalghul > 2015-06-24 21:09 | Report Abuse

hadis's explanations was vague and he doesnt sound too convincing when he speaks. many shareholders would deifnitely agree with me based on today's agm

Posted by trader66 > 2015-06-24 22:03 | Report Abuse

Bursa announcement dated 24.6.15

Posted by TLTAN > 2015-06-24 22:59 | Report Abuse

KRIS ENERGY.............

Posted by alibabacoming > 2015-06-24 23:20 | Report Abuse

Apa energy?

Posted by pfhong > 2015-06-25 00:27 | Report Abuse

Really TLTAN?finally you come back again!!

Posted by jacklintan > 2015-06-25 00:34 | Report Abuse

I was there at the AGM. I'm in black. Anybody saw me? hehehe

Posted by yingkang87 > 2015-06-25 00:38 | Report Abuse

Wah so many black color shirt.... If u say u r the black Indian fight a lot then I know la.... lol

Posted by Devilishlywise > 2015-06-25 01:02 | Report Abuse

This stock gona skyrocket tomorrow ...do buy !!!

Posted by nice1 > 2015-06-25 08:01 | Report Abuse

are the traders and syndicates back to goring the stock?

pls goring as high as possible, god willing



Posted by Devilishlywise > Jun 25, 2015 01:02 AM | Report Abuse

This stock gona skyrocket tomorrow ...do buy !!!

Posted by Eddy Khoo > 2015-06-25 08:05 | Report Abuse

any indication of asset that they have in mind? there are definitely some shallow water- marginal production asset up for sale due to high operating cost of some of the major player

Posted by nice1 > 2015-06-25 08:12 | Report Abuse

KUALA LUMPUR (June 24): Malaysian special-purpose acquisition company Sona Petroleum Bhd is looking to buy onshore shallow water oil and gas production assets in Southeast Asia and hopes to conclude a deal by year end, said its Managing Director Hadian Hashim.

"We are very confident," he told reporters when asked if the company could seal any acquisitions by year end. He was speaking after the company's annual general meeting on Wednesday.

Posted by Eddy Khoo > Jun 25, 2015 08:05 AM | Report Abuse

any indication of asset that they have in mind? there are definitely some shallow water- marginal production asset up for sale due to high operating cost of some of the major player

Posted by alibabacoming > 2015-06-25 09:13 | Report Abuse

1 day show lol

Posted by gorla > 2015-06-25 09:24 | Report Abuse

much more than one day show.... good news soon. look at the papers

Posted by cliqmanagementteam > 2015-06-25 10:07 | Report Abuse

useless stock ever, useless management team & director !

Posted by alibabacoming > 2015-06-25 10:41 | Report Abuse

http://www.theedgemarkets.com/my/article/sona-confident-meeting-qa-deadline

Posted by DavidSiaw > 2015-06-25 10:45 | Report Abuse

“Our expenditure, including directors’ fees, is within the Securities Commissions’ agreed and approved limits and within the approved budgets. Shareholders were satisfied when this was explained to them,” he said.

Shareholders approved the directors’ fees of RM435,000 for the financial year ended Dec 31, 2014 at the AGM yesterday. One shareholder said he was not too concerned about the level of remuneration for Sona directors.

“You need to check what the industry is like. The O&G industry is like that, where all of them are very highly paid. It’s because the industry is a high-risk, high-gain business. I know of other SPACs spending a lot more than (Sona) before getting their QAs.

“That’s why I’m not too worried, because the end-game is once they get the QA, nobody is going to question their salary anymore.”

Posted by DavidSiaw > 2015-06-25 10:48 | Report Abuse

Waahhh got QA then no need question their salary anymore....which sohai shareholder is this?

Posted by DavidSiaw > 2015-06-25 10:50 | Report Abuse

Got QA share price can be better than 45 cents or join sumatec at 20 cents? lel

Posted by alibabacoming > 2015-06-25 10:51 | Report Abuse

push up the prices first, don't sohai wan get high salary nia

Posted by YC_Ma > 2015-06-25 13:42 | Report Abuse

Micheal how about you

Posted by alibabacoming > 2015-06-25 15:19 | Report Abuse

dead

Posted by michael_lee > 2015-06-25 15:51 | Report Abuse

No mood to even look at this counter. Useless mgmt. Really appalling and disappointing agm

Posted by michael_lee > 2015-06-25 16:05 | Report Abuse

Hadian looked absolutely clueless and hopeless judging the way he presented yesterday

Posted by YC_Ma > 2015-06-25 16:25 | Report Abuse

That day One day shown only

Posted by michael_lee > 2015-06-25 16:53 | Report Abuse

July coming already still haven't done any valuations or in talks to sign s&p. Tell me how to complete a qa by Dec 2015??? Where got enough time at the pace they're doing things. Appalling

Posted by jacklintan > 2015-06-25 23:05 | Report Abuse

Like it or not, @Micheal_Lee, are u suggesting they are lying? Is that is so, better lodge a report to Bursa.

Posted by nice1 > 2015-06-26 07:46 | Report Abuse

Find good QA is not that easy and will take time to search and do the due D.
Don't think Sona want to take any QA for the sake of getting it soonest possible.

I think there is still time to complete in a year if one good QA is secured & announced before end of 2015. One QA that meets the criteria of IRR at least 15%, producing oil fields, and onshore or at shallow water.

It was told to all shareholders, they are looking at 4 potentials QAs - 3 in Asia and 1 in Africa
From these 4, there is a likelihood that 1 will be the QA to be announced bfore end of this year.

The directors cant say much about the potential QAs during AGM for confidentiality purpose before any announcement and for further due D.

However, if there is a surprised, an even better QA (than the 4 QAs mentioned above) comes along during this short period, they will surely be interested to go for it.

No point rushing into one QA for the sake of getting one and missing an even better one later, if any.

We need fully understand Sona's game plan though having one QA early is more for comfort than nothing.

I will be anxious if nothing is announced by end of this year or perhaps by end Oct/Nov 2015

Comes end Oct/Nov 2015. I will start doing the countdown and feeling impatient.

I guess after the bombardments by shareholders during AGM and for their own sake, something good will come out sooner than later.




jacklintan Like it or not, @Micheal_Lee, are u suggesting they are lying? Is that is so, better lodge a report to Bursa.

25/06/2015 23:05

Posted by alibabacoming > 2015-06-26 08:19 | Report Abuse

Just switch to other counter or hold cash in this type of environment

Posted by jacklintan > 2015-06-26 11:25 | Report Abuse

@nice1: I'm beginning to suspect you working for SONA, the Indian fellow...

Posted by prc4wifefe > 2015-06-26 14:44 | Report Abuse

dei??? apa indian fellow???

itu Hibiscus Perreira baru indian lah

Posted by cliqmanagementteam > 2015-06-26 16:19 | Report Abuse

After hisbicus, all the SPAC are scammer ! Just take the investor money !