Friday 29 Mar 2024
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KUALA LUMPUR (Feb 13): Velesto Energy Bhd (formerly known as UMW Oil & Gas Corp Bhd) rose 4.88% in active trade at mid-morning today after it bagged a US$38 million contract extension to provide high pressure high temperature (HPHT) jack-up drilling rig and services for North Malay Basin, Malaysia.

At 10.34am, Velesto rose 1 sen to 21.5 sen with 16.48 million shares traded.

The group said it will assign one of its rigs, NAGA 8, for this 18-month contract extension, which also comes with an option for further extension.

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