KLSE:VELESTO

Malaysian Shares End in Green Bucking Regional Losses

Malaysian shares ended in the green on Thursday, as investor interest rebounded, bucking regional losses.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 10.5 points to end 0.6% higher at 1,683.26. The day range was between 1,673.70 and 1,689.83.In local news, Malaysia's gas supply remains stable, with most electricity generation still backed by domestic sources, while the government continues to monitor the energy sector amid global uncertainties, The Star reported, citing Science, Technology and Innovation Minister Datuk Chang Lih Kang.In corporate news, shares of Petronas Gas (KLSE:PETGAS) gained over 1% on close after it signed a binding heads of agreement with Tenaga Nasional (KLSE:TENAGA) unit Integrax, to jointly develop the third regasification terminal (RGT-3) in Perak, Malaysia. The project will be developed through a special purpose vehicle, and is based on a floating storage regasification unit (FSRU) conceptWhereas, shares of Velesto Energy (KLSE:VELESTO) slid about 2% on Thursday's close after its unit Velesto Sumber secured a contract from Northern Gulf Petroleum to provide jack-up drilling services offshore Thailand.

Velesto Energy Unit Bags Jack-up Drilling Deal Offshore Thailand

Velesto Energy (KLSE:VELESTO) unit Velesto Sumber has secured a contract from Northern Gulf Petroleum to provide jack-up drilling services offshore Thailand.Under the deal, the company will deploy its NAGA 6 rig for a drilling campaign in the Gulf of Thailand, covering four infill wells and three exploration wells, according to a Thursday Malaysian bourse filing.The contract is expected to improve utilization of the company's premium jack-up rig fleet and contribute positively to earnings, it said.

TA Securities Upgrades Velesto Energy to Buy from Sell; Price Target is MYR0.32

Velesto Energy (KLSE:VELESTO) has an average rating of overweight and mean price target of 0.32 ringgit, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Velesto Energy's Profit Drops in Q1

Velesto Energy (KLSE:VELESTO) profit after tax fell to 28 million ringgit in the first quarter from 53 million ringgit a year earlier, according to a Tuesday Malaysian bourse filing.Shares slid about 2% in Wednesday's midday trade.Revenue also dropped to 183 million ringgit from 225 million ringgit, even as operational utilization improved to 75% from 67% in the same period last year. However, lower average daily charter rates of $108,000 weighed on overall performance.EBITDA also eased to 82 million ringgit from 113 million ringgit, previously, the filing said.

BIMB Securities Downgrades Velesto Energy to Hold from Buy; Price Target is MYR0.32

Velesto Energy Unit Bags Drilling Contract from Hibiscus Petroleum; Velesto Shares Gain 3%

Velesto Energy (KLSE:VELESTO) unit Velesto Drilling secured a drilling contract from Hibiscus Petroleum (KLSE:HIBISCS) for its offshore campaign, according to a Friday Malaysian bourse filing.Velesto's shares rose 3% while those of Hibiscus Petroleum climbed 2% in Monday's midday trade.The scope includes drilling services for eight plug and abandonment wells and one exploration well, with up to seven optional wells.Operations are scheduled to begin in May across the PM3 CAA oil and gas field and potentially North Sabah, Malaysia, if optional wells are exercised, the company said.