Posted by bullmarket1628 > 2021-05-04 18:01 |

Post removed.Why?

Posted by JuliusCeasar > 2021-05-04 18:14 | Report Abuse

Let's see tomorrow...... What happen if BRENT OIL PRICE HIT USD 70 again tonite?

Share price going up, down or unchanged.

Posted by Macgyver11 > 2021-05-04 18:19 | Report Abuse

Yup correct we have to take the bullet...after all this is stock market all about up and down. No body can predict the future.

Posted by JJchan > 2021-05-04 19:10 | Report Abuse

MamakKutty meanwhile, i think velesto need to foot the recovery cost for the naga7 first

you read the Insurance contract clauses??....I am still waiting management for details

Posted by pestariang > 2021-05-04 19:11 | Report Abuse

Maybank tp it would be 0.11 better change counter

Posted by izoklse > 2021-05-04 19:15 | Report Abuse

need to check how much this naga 7 contribute to the overall revenue for velesto. If it is one of the major revenue contributor than habis la.

Posted by Jjkcl > 2021-05-04 19:58 | Report Abuse

All is good no worries

Posted by limkokthye > 2021-05-04 20:57 | Report Abuse

https://www.bharian.com.my/bisnes/korporat/2021/05/813742/conocophilips-sahkan-pelantar-di-sarawak-tenggelam

Posted by limkokthye > 2021-05-04 20:57 | Report Abuse

titanic , keong gan liao

Posted by Flybythenite > 2021-05-04 21:11 | Report Abuse

Jjkcl All is good no worries
—-
What good news?

Posted by Flybythenite > 2021-05-04 21:13 | Report Abuse

68.62 +1.06 +1.57% Very good!

Posted by Flybythenite > 2021-05-04 21:59 | Report Abuse

Velesto probing rig incident, recovery efforts ongoing
Tan Siew Mung

theedgemarkets.com

May 04, 2021 17:50 pm +08

Velesto probing rig incident, recovery efforts ongoing
-A+A
KUALA LUMPUR (May 4): Velesto Energy Bhd said it is investigating yesterday's worksite incident involving one of its rigs, and is evaluating its options.

"The rig is covered by insurance and recovery efforts are ongoing and monitored," the group said in a bourse filing.

Velesto said the incident involving the Velesto Naga 7 rig occurred at the worksite due to rapid penetration into the formation, whilst operating in offshore Sarawak for a client.

“The rig tilted and subsequently (today), Velesto Naga 7 submerged at the location. Drilling activities have not commenced and no well has been drilled,” the group added.

Velesto said all on-board personnel are safe on the rescue vessels, and the majority of them have been transferred to Miri, while the remaining personnel are in the process of being transferred.

“The company extends gratitude to all involved in the evacuation operation after the incident and the ongoing recovery efforts, including our client and all relevant authorities,” it added.

Velesto's share price closed unchanged at 16 sen today, valuing the group at RM1.31 billion.

S Kanagaraju

Posted by Macgyver11 > 2021-05-04 22:06 | Report Abuse

https://www.astroawani.com/berita-malaysia/kaki-sokongan-terbenam-punca-naga-7-tenggelam-296364

Bad news for velesto and naga 7 rig. Confirm sunk into the bottom of sea. Omg!! What a bad beginning.

Posted by Macgyver11 > 2021-05-04 22:08 | Report Abuse

Hopefully they can win the compensation for lost...

Posted by Flybythenite > 2021-05-04 22:17 | Report Abuse

Will be compensated. Becos Shell is d 1 responsible for surveys, etc. to determine if it's safe to jack up there!

Posted by Macgyver11 > 2021-05-04 22:17 | Report Abuse

Besok mungkin water fall lagi...get prepare, tabahkan hati. First qtr will be hit badly..eeemmm.

Posted by weirdone > 2021-05-04 22:19 | Report Abuse

this kind of thing will take months/years ... the investigation itself will take time, and plus insurance will find any holes or cracks in their policy to compensate less...
in the meantime, velesto considered lost an asset that can generate money
velesto books wont be good this time around

Posted by Flybythenite > 2021-05-04 22:21 | Report Abuse

Some ppl commented it’s easier to compensate total loss than partial loss. Anyways, Naga 7 is not its only rig. They have many other assets. https://velesto.com/our-services/

Posted by Flybythenite > 2021-05-04 22:22 | Report Abuse

Macgyver11, u still holding?

Posted by Macgyver11 > 2021-05-04 22:24 | Report Abuse

Flybynite..hopefully what you mentioned happened..I'm hoping too.

Posted by Flybythenite > 2021-05-04 22:27 | Report Abuse

weirdone, such accident is so unexpected, but they have other working assets. Hopefully more projects soon. And price continue to climb. :)

I’m so happy no 1 got hurt, all rescued! Lives more important than a rig, which can be rebuilt!

Posted by weirdone > 2021-05-04 22:29 | Report Abuse

yuo... too bad... just too bad

Posted by Flybythenite > 2021-05-04 22:31 | Report Abuse

Macgyver11, if u read d news every1 were supportive. Things should turn out ok, not to worry. These are short term hiccups only. Long term should be fine. :) I’m confident.

Posted by Flybythenite > 2021-05-04 22:32 | Report Abuse

Say, MCO coming back Thurs! Klse will be goreng up again! :)

Posted by Macgyver11 > 2021-05-04 22:40 | Report Abuse

We still don't know which rigs or hwu is under idle and it is safe/ suitable to deploy at the same location again. I believed by now velesto management already hv some ideas and will do something. Meanwhile, The location that naga 7 sunk now declared as a catastrophic area and authority won't granted any drilling until further investigation including geological study and etc etc.

Posted by Macgyver11 > 2021-05-04 22:44 | Report Abuse

Lets hope for good tomorrow...

Posted by Mabel > 2021-05-04 23:24 | Report Abuse

Good recovery...will come back when Velesto is ready to dance...

Meanwhile...Another new record closing for May 2021 FCPO future at RM4,620 from yesterday record of RM4,600...up another RM20.00

What a powerful up trending bull!

Beow Beow Beow!!!

Posted by WithGodITrust > 2021-05-05 00:18 | Report Abuse

SINGAPORE-- Jackup rig construction cost has risen about 30% over the last two years to average $180-$190 million per rig, say Singapore-based rig builders. With demand for new units still strong, prices are expected to exceed $200 million per rig, the yards say.

https://www.offshore-mag.com/rigs-vessels/article/16796332/jackup-building-price-surges-on-strong-demand

Posted by WithGodITrust > 2021-05-05 00:22 | Report Abuse

Name Velesto Naga 7
Owner Velesto Energy
Rig Type Jackup
Sub Type Independent Leg Cantilever
Jackup Type Premium
Max Depth (ft) 375
Max Drill Depth (ft) 30,000
Dimensions (ft) 214.1 x 203.4 x 26.2
Leg Length (ft) 503.12
Competitive Yes
Year Built. 2015
Country of Build China (PRC)

https://www.infield.com/rigs/velesto-naga-7-jackup-61448

Posted by MF0001 > 2021-05-05 00:34 | Report Abuse

HONG LEONG ANALYST

GIB U CHANCE

U DON WANT MERH

ARTICLE ALSO COME OUT BEFORE

UNKER NO NEED WRITE ANYTHING

CLOSE EYE

MACAU STYLE

888

0.20+

:DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD

Posted by bullmarket1628 > 2021-05-05 05:27 | Report Abuse

Oil Prices Hit 7-Week High On Demand Optimism
By Tom Kool - May 04, 2021, 2:00 PM CDT

Posted by bullmarket1628 > 2021-05-05 05:27 | Report Abuse

https://www.google.com/amp/s/oilprice.com/Energy/Energy-General/Oil-Prices-Hit-7-Week-High-On-Demand-Optimism.amp.html

Posted by bullmarket1628 > 2021-05-05 05:37 | Report Abuse

Goldman: Oil To Hit $80 On Largest Ever Demand Jump
By Tsvetana Paraskova - Apr 28, 2021, 11:00 AM CDT

Posted by bullmarket1628 > 2021-05-05 05:37 | Report Abuse

https://www.google.com/amp/s/oilprice.com/Energy/Energy-General/Goldman-Oil-To-Hit-80-On-Largest-Ever-Demand-Jump.amp.html

Posted by Mrtorking > 2021-05-05 05:51 | Report Abuse

minyak Hit Naga pulak jatuh...adeh

Posted by bullmarket1628 > 2021-05-05 05:53 | Report Abuse

Oh my goodness, oil price continue to spike up to sky high!‬
Brent closed at $6‪9.45 +1.89 +2.8%‬

‪Huat ah, Heng ah, Ong ah !‬

Posted by SleepingForest > 2021-05-05 07:54 | Report Abuse

Reliable info

1. The rig is covered by insurance. Regardless of the underlying cause as long as the setting was validated by safety manager .

2. The rig responsibility is under ConocoPhillips once the agreement was signed .

3. Velesto will write off naga7 , the loan will be set-off by insurance.

4. Velesto likely to lose on maintenance fee only . The rig rental agreement still need to be bourne by ConocoPhillips until the settlement of loan or write off by insurance agency .

Posted by pestariang > 2021-05-05 08:46 | Report Abuse

minyak hit kaw kaw: Goldman: Oil To Hit $80 On Largest Ever Demand Jump

Posted by JJchan > 2021-05-05 09:20 | Report Abuse

Saving private Ryan movie----This what IB is doing today. Maybe under PNB instruction

Posted by pestariang > 2021-05-05 10:02 | Report Abuse

will the price would be sunk to 0.11 as maybank forecast?

Posted by JuliusCeasar > 2021-05-05 10:57 | Report Abuse

Brent oil already hit usd 70 but MOST O&G share price is not moving up..... Maybe higher oil price is not the key factor.... Positive Qr is the main fundamental.
Higher oil price currently fail to stimulate O&G share price.

Posted by JuliusCeasar > 2021-05-05 12:58 | Report Abuse

I think if hit USD 80 also these O&G stocks are still not going to moving up a lot.... If going up its around 0.005 to 0.01 cents.

BIG PLAYERS ARE NOT EAGER TO PUSH UP THE PRICE NOW...... ITS REALLY FOR LONG TERM INVESTMENT....... THE PRICE ONLY CAN SEE CLEAR MOVING AFTER 6 MONTHS FROM NOW....

Posted by Jjkcl > 2021-05-05 12:58 | Report Abuse

KUALA LUMPUR (May 5): The sinking of Velesto Energy Bhd’s Naga 7 rig offshore Sarawak yesterday has prompted CGS-CIMB to upgrade the company to "add" while raising its target price to 19.5 sen from 17 sen prior.

Calling it a possible “blessing in disguise”, analyst Raymond Yap said the valuation impact of the sunk rig may be positive as its insurance claims may exceed the written-off net book value (NBV) which is estimated at RM400 million.

“First, the Naga 7 is fully insured and the insurance value is pegged to the outstanding debt secured on the rig,” he said.

He believes that the insurance claims are conservatively worth RM350 million, but could exceed the NBV of the rig.

Posted by JJchan > 2021-05-05 13:10 | Report Abuse

This cgs-cimb valuation is really walking on the dark side...anyway even Titanic can be raised.
If a Old car get into an accident, saving it is just a waste of time and money

Posted by Rateofreturn75 > 2021-05-05 13:16 | Report Abuse

Bad luck for velesto, even can cover by insurance claim but it will take sometime to be back in business. Difficult to predict now.

Posted by SBHeng > 2021-05-05 13:30 | Report Abuse

Omg... Sink... :o

Posted by DreamHunter > 2021-05-05 13:33 | Report Abuse

yah kah

Posted by DreamHunter > 2021-05-05 13:33 | Report Abuse

impacted little bit only la

Posted by DreamHunter > 2021-05-05 13:34 | Report Abuse

soon recover la

Posted by DreamHunter > 2021-05-05 13:34 | Report Abuse

hopefully