Yes true some bank reports is crazy look at aax all say buy buy give gud high TP than the current price and now see what happen. Anyway as long as this counter use the money to make fast bussines expansion is ok for money. Worth monitoring counter that use their money for fast expansion
(Bernama) -- UMW Oil & Gas Corporation Bhd's unit, UMW Petrodrill (Malaysia) Sdn Bhd, has received a letter of intent to award a US$10 million contract from PTTEP Int Ltd Yangon Branch to provide hydraulic workover unit and related services for M9 drilling campaign in Myanmar.
The contract is for 11 firm wells with options for additional wells.
UMW Petrodrill is expected to start operations at Zawtika Field in Martaban Gulf by June.
UMW Oil & Gas Corporation President Rohaizad Darus said the contract secured was in tandem with the company's expansion plan in the oil and gas industry.
"With this new market penetration, we hope for more opportunities to secure contracts in Myanmar, not only for workover services, but also for our drilling and oilfield services.
"Our company will aggressively continue to pursue opportunities to expand our geographical coverage in the Asia-Pacific region as part of our growth plan and revenue diversification strategy," he said in a statement.
PTTEP International is a subsidiary of PTT Exploration and Production Public Company Limited, a subsidiary of the national oil company of Thailand.
what going on for this counter? drop so much from 4.58 until 4.02.....UMWOG have so many project on hand....why still will drop? why so many panic sell? i really not understand on it. anybody have special news on it?
This is a good counter........but went too fast after ipo.....release 3/4 of my ipo average 4.40......now keep dropping....so give me chance to accumulate ......
UMW-OG has alot projects on hand but all already included in analyst forward earnings and target price, if the estimate contract wins for its jack-up rig is not materialized or any delay, the price will go further south!
buy buy buy, i collected more, if you in oil and gas sector, you know rig operating company is making huge profit due to active drilling operations in 2013/2014. More exploration will be done as more oil resources will be needed
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