KS Energy

[propertyinvestor]

Could this be the next Ezion in the making? Financial performance of the company doesnt look good currently, but if the market for oil rigs does pick up in indonesia, they should return to profitability.

[greengiraffe]

http://www.businesstimes.com.sg/premium/...n-20140815

PUBLISHED AUGUST 15, 2014
KS Energy's Q2 earnings soar on disposal gain
BYMINDY TAN
tanmindy@sph.com.sg @MindyTanBT

KS ENERGY'S second-quarter net profit rose from S$1.5 million a year ago to S$46.7 million. The better earnings attributable to equity-holders were in part due to a gain of S$54.4 million arising from a disposal of plant and equipment.
For the April-June quarter, revenue rose 44.1 per cent, from S$41.5 million to S$59.8 million.
The drilling segment posted the largest increase of 57.4 per cent, from S$35.7 million to S$56.1 million. This was mainly generated by the commencement of charter contracts in Indonesia and Vietnam. Revenue contribution from the drilling business made up about 93.9 per cent of the group's consolidated revenue for Q2.
Meanwhile, revenue from the engineering business dropped 80.8 per cent, from S$5 million to S$963,000. Revenue contribution from the engineering business made up 1.6 per cent of the group's consolidated revenue.

[CityFarmer]

A risk which can not be ignored...

(not vested)

KS Energy says Kurdistan drilling operation terminated due to force majeure

S Energy says client OP Hawler Kurdistan recently terminated its contract with subsidiary Atlantic Onshore Services BV to provide drilling services using KS Discoverer 1.

OP Hawler Kurdistan has declared a force majeure after continuing unrest in Kurdistan restricted access to the work-site and shut down operations.

KS Energy says KS Discoverer 1 and KS Discoverer 4, also stationed in Kurdistan, are insured against war and terrorism.

The company will retrieve the rig from the work-site when the situation permits.

KS Energy closed 2.1% lower at 49 cents.
http://www.theedgesingapore.com/the-dail...jeure.html

[greengiraffe]

http://www.businesstimes.com.sg/companie...-next-year

KrisEnergy sees big growth in sales next year
29 Oct5:50 AM
Singapore

KRISENERGY Ltd expects sales to grow "considerably" next year as the energy-exploration company quadruples oil and gas output in South-east Asia.

The Singapore-based KrisEnergy projects its production to almost double to the equivalent of 15,000 barrels a day in 2015, up

[cyclone]

Section 197, Securities and Futures Act, Cap. 289  => False trading and market rigging transactions ??

Information regarding Executive Chairman and Chief Executive Officer and Executive Director

KS Energy Limited is announcing that the company has been informed that its Executive Chairman and Chief Executive Officer of the Company, Mr. Kris Taenar Wiluan and Executive Director, Mr. Richard James Wiluan have been interviewed by the Commercial Affairs Department of the Singapore Police Force  in its investigations into a potential contravention of the provisions, in particular Section 197, of the Securities and Futures Act, Cap. 289 by both of them.

Mr. Kris Wiluan was released after his interview with CAD and posted bail while Mr. Richard Wiluan was released after his interview without requiring bail. Both have informed the Board of Directors that they have and will continue to cooperate fully in the investigations, including granting access to all their electronic data, IT equipment and data storage devices from January 2015.

The company has not been approached by the CAD regarding its investigations and the CAD has not revealed any details to the Board. Mr. Kris Wiluan and Mr. Richard Wiluan will keep the Board updated on the progress of the investigations and the company will make further announcements as and when necessary. The business operations of the Group are continuing as usual.

[TTTI]

Section 197, Securities and Futures Act, Cap. 289  => False trading and market rigging transactions ??

Information regarding Executive Chairman and Chief Executive Officer and Executive Director

KS Energy Limited is announcing that the company has been informed that its Executive Chairman and Chief Executive Officer of the Company, Mr. Kris Taenar Wiluan and Executive Director, Mr. Richard James Wiluan have been interviewed by the Commercial Affairs Department of the Singapore Police Force  in its investigations into a potential contravention of the provisions, in particular Section 197, of the Securities and Futures Act, Cap. 289 by both of them.

Mr. Kris Wiluan was released after his interview with CAD and posted bail while Mr. Richard Wiluan was released after his interview without requiring bail. Both have informed the Board of Directors that they have and will continue to cooperate fully in the investigations, including granting access to all their electronic data, IT equipment and data storage devices from January 2015.

The company has not been approached by the CAD regarding its investigations and the CAD has not revealed any details to the Board. Mr. Kris Wiluan and Mr. Richard Wiluan will keep the Board updated on the progress of the investigations and the company will make further announcements as and when necessary. The business operations of the Group are continuing as usual.

Ah, thanks for digging this up.
I was wondering what does this particular section 197 refer to
Would insider trading fall under this section?

"false trading" sounds a lot like the blumont trio saga.
Perhaps to keep the share price at a certain level to avoid triggering margin calls?
When the share price falls so rapidly, I can imagine many who have pledged their shares would get margin calls

[cyclone]

Insider trading should be under Section 218 and 219.
See http://www.mas.gov.sg/News-and-Publicati...ading.aspx

[opmi]

Mr. Kris Taenar Wiluan, bought KS Energy from Tan Kim Seng...I put in the same category as Dubai World....creators of the SG O&G tycoons....