1. INTRODUCTION
The Board of Directors of Velesto Energy Berhad ("VEB") is pleased to announce that Velesto Drilling Sdn. Bhd. (“VED”), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn. Bhd. (“VMV”), which in turn is a wholly-owned subsidiary of VEB (collectively be referred as “VEB Group”), has received a Letter ofAward from PC KETAPANG II LTD (“PCK2L”), PC NORTH MADURA II LTD (“PCNMII”) and PETRONAS NORTH KETAPANG SDN. BHD. (“PNKSB”) (collectively referred as “Client”) for the Provision of Jack-Up Drilling Rig Services (“ Contract”), the approval of which was received today.
2. DETAILS
The Contract provides for the provision of drilling rig services for the PCK2L, PCNMII and PNKSB programme, under which the VEB Group will assign its NAGA 8 jack-up rig. The Contract is for a firm period of four (4) years, covering twelve (12) firm wells and three (3) optional wells, with an estimated contract value to be over USD 90 million and is scheduled to commence in July 2025.
A Suspension Period is scheduled from February to July 2026, during which VED retains the right to market NAGA 8 for other opportunities. Operations are anticipated to resume in July 2026, with any changes to the suspension timeline to be communicated by the Client.
NAGA 8 is a premium independent-leg cantilever jack-up drilling rig with drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
3. INFORMATION ON PARTIES
3.1 VED
VED was incorporated in Malaysia under the Companies Act, 1965 on 29 July 2003 and is deemed to be registered under the Companies Act 2016. VED is principally involved in the offshore drilling business and operations and other engineering services for oil and gas exploration, development, and production in Malaysia and overseas.
3.2 PC KETAPANG II LTD
PC Ketapang II Ltd, a company incorporated under the laws of Bermuda, having its address at Talavera Office Park, Talavera Suite, Cilandak, Jakarta Selatan, Indonesia. The principal activities of PC Ketapang II Ltd are exploration, development and production of oil and gas.
3.3 PC NORTH MADURA II LTD
PC North Madura II Ltd, a company incorporated under the laws of Mauritius, having its place of business at at Talavera Office Park, Talavera Suite, Cilandak, Jakarta Selatan, Indonesia. The principal activities of PC North Madura II Ltd are exploration, development, and production of oil and gas.
3.4 PETRONAS NORTH KETAPANG SDN. BHD.
PETRONAS North Ketapang Sdn Bhd., a company incorporated under the laws of Malaysia, having its place of business at Talavera Office Park, Talavera Suite, Cilandak, Jakarta Selatan, Indonesia. The principal activities of PETRONAS North Ketapang Sdn Bhd are exploration, development and production of oil and gas.
4. FINANCIAL EFFECTS
The provision of the above-mentioned services is expected to contribute positively towards the earnings and net assets of VEB Group during the duration of the Contract from 2025 to 2028.
5. RISK ASSOCIATED WITH THE CONTRACT
The risks associated with the execution of the Contract are operational and execution risks, which will be mitigated and/or managed by VED, a company with a proven successful track record of undertaking drilling programmes.
6. CONFIDENTIALITY
The contents for this announcement are in accordance with the terms of the Contract, which the VEB has received the approval for the release of Announcement today, from the Client.
7. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS INTEREST
None of the Directors and/or the substantial shareholders of VEB and/or persons connected with the Directors and/or substantial shareholders have any interest, direct or indirect in the Contract.
8. STATEMENT BY DIRECTORS
The Board of Directors of VEB is of the opinion that the award of the Contract is in the best interests of VEB Group.
This announcement is dated 23 May 2025.
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