Posted by sudahkena > 2016-04-20 10:25 | Report Abuse

their cost only 0.01.... at current price they still can smile.. but if qa fail.. they will lose money if I not mistaken. ..

Posted by dogwithabone > 2016-04-20 10:26 | Report Abuse

callme777. You could be right. Never thought about that angle. I mean, it's only USD25 mil, and if the asset is so good, as they say, why share with the public? Let the share price be low, people will vote No, than they get a chance to do it privately. Genius!!

Posted by dogwithabone > 2016-04-20 10:29 | Report Abuse

Either we are dealing with a bunch of clowns or a genius of a businessman. Either way, the public gets screwed, again. Welcome to Malaysia.

Posted by Wong Heam Kiew > 2016-04-20 10:46 | Report Abuse

Dont worry on QA issue, the QA most probably will get thru.

The reason is simple, the promoter/management would stand to lose huge money if the QA fail, as they are not entitled to the refund.

So they will try their best and very hard to get the QA pass thru, they are not stupid like what you think they are.

How could a group of stupid people managed to set up a SPAC? That means since they have already managed to set up SONA, they are much more clever than what you think about them.

So dont worry if you really want the QA successful. But I think you should instead worry more on whether the share will trade above NTA or below after the QA.

Posted by sudahkena > 2016-04-20 10:52 | Report Abuse

if pass.. better buy wa..

Posted by Wong Heam Kiew > 2016-04-20 11:07 | Report Abuse

sudahkena, Yes, I agree with you, once after QA, we should look at WA, but provided you know how to calculate the fair value of WA, use option calculator to evaluate it.

Posted by coolinvestor > 2016-04-20 11:28 | Report Abuse

I think many factors have come into play here. But looking at the recent plans strategies. I believe its really a 50 50 chance now.

The plan to entice the big shareholders maybe good. But the recent share price is not giving any confidence.

I also dunno already. 50 50 ppl. All the best

Posted by coolinvestor > 2016-04-20 11:34 | Report Abuse

I think the management are caught in a very unusual situation whereby normally ....the minority shareholders are normally not important in a listed company haha.

This is not unusual with our local coporate governance culture. So my guess is they do know how to react.

They shld know...the management IS the face of the co. No show face no action taken there goes the companys reputation.

Its really not easy being a ceo in a public listed co. But this is life.

Posted by sudahkena > 2016-04-20 11:34 | Report Abuse

my remiser call me to beware mother will down if qa fail... but why.. since it guarantee 0.485..or I miss something?

Posted by zumzum > 2016-04-20 11:35 | Report Abuse

how soon can you get back your 0.485?

Posted by coolinvestor > 2016-04-20 11:36 | Report Abuse

Yes sudahkena. Its call panic selling...all reasons thrown out the window

Posted by trincylim > 2016-04-20 13:30 | Report Abuse

i got burnt heavily... turning to Bluechip or company with solid fundamental and staying away from SPAC... :-(

Posted by sonapetroleum > 2016-04-20 14:00 | Report Abuse

Dear all,
Sharing an article in The Star recently about Stag Oilfield. Key points:
-- Stag’s cost of production is US$30 per barrel.
-- Oil from Stag historically and currently trades at a premium to Brent.
-- It is a buyer’s market now.

http://www.sonapetroleum.com/download/april2016/11%20April%202016,%20The%20Star,%20StarBiz,%20pg%203.jpg

Regards,
Sona Petroleum

Posted by CLIQmanagement > 2016-04-20 14:08 | Report Abuse

buy into mother now got a good return of 10% !!

Posted by sudahkena > 2016-04-20 14:09 | Report Abuse

can we get the result - pass or fail during the egm? or need to announcrmrnt from bursa after 5?

usually we need wait after 5pm...

Posted by hankc > 2016-04-20 14:09 | Report Abuse

It's a buyer's market everywhere (including O & G shares), except residential properties.

Posted by Wong Heam Kiew > 2016-04-20 14:22 | Report Abuse

sonapetroleum, You said the cost of production is US$30 per barrel.

But I read your circular (page 57) announced on 8th of March 2016, there are also other following costs which are significant:

1) Repairs and maintenance
2) Weell work-over costs
3) General Admin and marketing expenses
4) Other costs

Posted by Brutus121 > 2016-04-20 15:01 | Report Abuse

Investors are Advised to Read the Report by Gaffney Cline and Assoc on NPV workings based on different prognosed Oil Price Scenarios ranging from US30 to US$102 for different years. Note the negative NPV for Scenarios 1 and 2 (i.e prognosed USD30-50 barrel oil price for 2016 and 2017. And so on...).

Note also the Statement by SC:

"the SC’s approval is subject to Sona Petroleum using up to 80% of the amount in its trust account for the purchase of the Stag Oilfield and to finance part of the proposed drilling of additional infill production wells, which the regulator deems as necessary.

According to the SC, the proposed deal would only be commercially viable if the proved plus probable (2P) reserves are produced and immediately result in increased oil production. “Therefore, the infill development (to enhance production) is part and parcel of the proposed acquisition.”

Posted by stockmanmy > 2016-04-20 15:06 | Report Abuse

according to sona petroleum , the project IRR is 13%, but he will not tell you what is the IRR for shareholders.

Posted by Kareemabduljabbar > 2016-04-20 16:11 | Report Abuse

I think SONA management doing more harm than good by posting on this website, better to spend time goreng the shares. At 10 pct return, it doesn't make sense for deal to go ahead. I am voting YES. But think all the yield investor vote NO.

Posted by sonapetroleum > 2016-04-20 17:34 | Report Abuse

Dear all,

We note comments that our team should be doing more to convince shareholders. We would like to state for the record that:
-- All shareholders (majority or minority, institutional or retail) are important to us.
-- Public listed companies are bound by guidelines that extend to our communications.
-- What we can do is share the facts with the public. We trust our shareholders to make informed decisions.
-- Sona has actively engaged media in order to communicate our story through channels that allow all shareholders and the public equal access to information. Once articles are published, we upload them to our website (http://www.sonapetroleum.com/media-clippings.html) and share them with this community.

On another note: We have received some questions regarding the proxy form submission. Please note that:

(i) If you have completed and submitted the Form of Proxy prior to the Previous EGM, your Form of Proxy will continue to be valid for the purpose of the Adjourned EGM, PROVIDED your name remains on the Record of Depositors as at 5.00 p.m. on the Revised Record Date. Your proxy / proxies will be entitled to vote in the Adjourned EGM based on your shareholdings on the Revised Record Date; or

(ii) If you would like to change the details in Form of Proxy that you have submitted earlier, you may do so by completing and depositing the enclosed revised Form of Proxy at our registered office at B-13-15, Level 13, Menara Prima Tower B, Jalan PJU 1/39, Dataran Prima, 47301 Petaling Jaya, Selangor Darul Ehsan not less than 48 hours before the date and time fixed for the Adjourned EGM i.e. before 10.00 a.m. on 24 April 2016. The Form of Proxy that you have submitted prior to the Previous EGM will be considered null and void upon the receipt by us of the revised Form of Proxy and your revised Form of Proxy will be the valid form for the purposes of the Adjourned EGM.

The form can be downloaded from Bursa Malaysia here: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5057813 - pages 7 and 8. Page 9 of the document is the envelope (for printing) with details of the mailing address for submission pre-printed for your convenience.

In addition, we have previously received a question as to whether one shareholder may send in two separate proxy forms based on his/her shareholding (one form for part of the shares owned which votes ‘Yes’, another which votes ‘No’). The answer is that it is possible to do so if you wish.

We hope this clarifies and look forward to your continued support.

Regards,
Sona Petroleum

Posted by YC_Ma > 2016-04-20 17:35 | Report Abuse

Sona the power of dream... hahahahah

Posted by ab55 > 2016-04-20 21:44 | Report Abuse

Harga minyak akan naik kepada AS$80 (US$1=RM3.87) setong pada 2018 dan sehingga AS$105 setong menjelang 2020, satu ramalan kes asas oleh Jarand Rystad, pakar mengenai analisis makro minyak global.

"Sekarang adalah 'masa untuk oportunis' dan mereka yang mempunyai poket tebal serta pemegang saham yang bersedia mengorbankan dividen jangka pendek. Mereka berada dalam kedudukan terbaik untuk memanfaatkannya," kata Rakan Kongsi Urusan Rystad Energy, firma perundingan tenaga yang berpangkalan di Norway. - MKini 20/4/2016

Posted by ruslimz > 2016-04-20 22:19 | Report Abuse

apa gunanya....2018 sona pun dah tiada......

Posted by sudahkena > 2016-04-20 23:55 | Report Abuse

oil up again tonight. ..

Posted by callme777 > 2016-04-21 06:56 | Report Abuse

Oil can be usd50 but SONA won't be around anymore

Posted by Leong Cheong Fatt > 2016-04-21 07:24 | Report Abuse

Good morning, i will vote yes, if the AGM meeting is on weekend

Posted by HYG > 2016-04-21 07:31 | Report Abuse

When is vote date! It's coming Friday!

Posted by cruise > 2016-04-21 08:21 | Report Abuse

brent oil surging usd45.40
stag oil usd47

future is great, once oil price surge above usd50
all the shareholders will be laughing to the bank

Posted by dogwithabone > 2016-04-21 09:11 | Report Abuse

I have sold all my Sona. My financial interest in this stock is over. Now, I am only interested to see if a bunch of amateurs can actually get the QA approved. If they can do it, then any Tom, Dick and Harry can. Good luck!!

Posted by Brutus121 > 2016-04-21 09:20 | Report Abuse

Read the Summary by Gaffney & Cline ;

" However, the economics of the planned infill development drilling at a Proved confidence level requires future prices substantially above current levels, and provides only a limited value contribution. Further the largely fixed-cost nature of the Stag Field's operation means that the cost per barrel to produce the field is above currently prevailing oil prices. Should this level of oil price prevail for any protracted period, there is a risk field operations would have to be prematurely curtailed."

What was Sona Management thinking?
Ever wondered why Santos disposed of Stag at give away price?

Investors Now have to choose between the devil and the deep blue sea!

Posted by sudahkena > 2016-04-21 09:53 | Report Abuse

why sell at lower?

Posted by cruise > 2016-04-21 09:55 | Report Abuse

RHB report TP 48 cts

Posted by callme777 > 2016-04-21 09:55 | Report Abuse

Why should we support the stock when the managememt does nothing?

Posted by cruise > 2016-04-21 09:56 | Report Abuse

Sona Petroleum (SONA MK, NR)

Acquisition In The Works

Trading Idea

Sona, a special purpose acquisition company, is close to securing its qualifying acquisition asset with the Stag oil field. The acquisition is expected to cost it USD25m. Further infill development campaigns are expected to commence post acquisition to increase the 2P reserves as well as the production profile of the oil field. Our DCF valuation at a discount rate of 9.3% implies a suggested MYR0.48 TP.

Posted by Brutus121 > 2016-04-21 10:06 | Report Abuse

If price keep dropping......Oil price no longer have an effect on Sona shares....
Decision based on confidence in management capability.

Posted by sudahkena > 2016-04-21 10:23 | Report Abuse

going lower....huhu

Posted by callme777 > 2016-04-21 11:07 | Report Abuse

Rm0.435 offering? Lol you can kiss good bye to the QA. Maybe end up with court case and injunction like cliq. Hahaha. Or maybe they have private fund to take up the deal so don't need the public fund anymore. Good luck guys! Stock price tells a lot about the confidence and how good this management team really is!

Posted by sudahkena > 2016-04-21 11:29 | Report Abuse

sigh.....

Posted by sudahkena > 2016-04-21 11:42 | Report Abuse

ini mesti kje big shareholder... pressure the price...

Posted by cruise > 2016-04-21 11:46 | Report Abuse

dun be surprised, purposely pressed down the price

its a buying opportunity

Posted by cruise > 2016-04-21 11:47 | Report Abuse

holy cow
brent price usd45.86 still strong

Posted by cruise > 2016-04-21 11:48 | Report Abuse

usd50 comin

Posted by callme777 > 2016-04-21 11:54 | Report Abuse

Whatever la, I was to vote yes for the QA, but seeing the management so slack and stock price , I am voting no. A vote of no confidence in the management team.

Posted by coolinvestor > 2016-04-21 12:09 | Report Abuse

this is sad.

well its a 50 50 chance of passing or failing.

Posted by stonenut2 > 2016-04-21 12:12 | Report Abuse

Why you guys bet on this counter?

Is overvalue and can survive or not the QA still dunno.

Plus we have other counter like perisai which are much more cheaper
and more activities going on.

Posted by sudahkena > 2016-04-21 12:18 | Report Abuse

ok..let vote no..... sona still have 3 day to support price

Posted by coolinvestor > 2016-04-21 12:20 | Report Abuse

i dun think they have every intention to support the share price dy. theres no movement at all.

the markets DO indirectly know all. its like the markets are just not interested in sona

Posted by coolinvestor > 2016-04-21 12:21 | Report Abuse

all the best ppl. 50 50 chance

Posted by sudahkena > 2016-04-21 12:42 | Report Abuse

I dont think retail will sell at current price with ths volume... maybe big shareholders ..and dont want it pass...