<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on March 7, 2019</span></p></div><div class=newsTextDataWrapInner><p><strong>Velesto Energy Bhd (-ve)</strong><br />
TRADING of shares in Velesto Energy Bhd (fundamental: 1.25/3, valuation: 0.9/3) also triggered our momentum algorithm yesterday for the first time this year.</p></div>

<div class=newsTextDataWrapInner><p>The counter closed up one sen or 3.85% at 27 sen for a market capitalisation of RM2.22 billion, after 80.18 million shares were traded, higher than its 200-day average volume of 17.82 million shares.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Velesto participates in upstream activities of the oil and gas industry by providing drilling and oilfield services. It was formerly known as UMW Oil &amp; Gas Corp Bhd.</p></div>

<div class=newsTextDataWrapInner><p>Last month, Velesto bagged a US$38 million (RM155 million) contract extension to provide high-pressure high-temperature jack-up drilling rig and services for North Malay Basin, Malaysia, from Hess Exploration and Production Malaysia BV.</p></div>

<div class=newsTextDataWrapInner><p>Velesto said it will assign one of its rigs, NAGA 8, for the 18-month contract extension, which also comes with an option for further extension. As at yesterday, its shares were trading at 0.79 times its net book value.</p></div>


Velesto Energy Bhd (-ve)
TRADING of shares in Velesto Energy Bhd (fundamental: 1.25/3, valuation: 0.9/3) also triggered our momentum algorithm yesterday for the first time this year.

The counter closed up one sen or 3.85% at 27 sen for a market capitalisation of ...

Stock With Momentum: Velesto Energy

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