Q&A with ITMG CFO on 35,000MW Program
Like other coal producers, Indo Tambangraya Megah (ITMG)—controlled by Thailand-based energy company Banpu Plc—suffered from falling sales revenue and net profit in the first quarter of 2015 due to persistent weakness of coal prices in the seaborne market. What the Company will do next to deal with the situation?
ARMS/Berau Coal: Rothschild Drops Takeover Bid, Sinarmas Gets Closer
Shares of Asia Resource Minerals (ARMS) Plc dropped 8.5% in London Thursday (May 21) on thin trading volume as Nathaniel Rothschild dropped his plan with SUEK to acquire ARMS. The board of ARMS is now engaging with only Asia Coal Energy Ventures Limited—linked to Sinarmas Group.
Oil & Gas Journal: Those Farm In/Out Indonesian Blocks
ASX-listed NuEnergy Gas Limited has on Wednesday (May 20) signed a conditional share purchase agreement (CSPA) with Dart Energy International Limited to acquire 100% of the issued share capital of Dart Energy (Indonesia) Holdings Pte Ltd.
Financing of Indonesian Resource Projects
Downfall of commodities forced many to cut investments in resource sector. But, ASX-listed Energy World Corporation (EWC) Ltd seems optimistic about the sector’s attractiveness with its plan to raise up to $75 million from the issuance of new shares, proceeds of which will fund its LNG project in South Sulawesi.
Ugly Fights at Berau Coal
Amir Sambodo, who signed a resignation letter on March 25, 2015 in London from being CEO of PT Berau Coal Energy (BRAU) Tbk and PT Berau Coal (producing asset), informed market authorities yesterday that he has withdrawn the resignation letter, and accordingly reassumed position as CEO of the troubled companies.
Commodities to Watch
WTI crude oil collapsed 3.33% to US$57.45 per barrel on Nymex Tuesday (May 19) due to the rally of USD. Other commodities also lost ground, including Dr Copper, gold, soybean, and soybean oil. Earlier on Bursa Malaysia Derivatives, the benchmark August 2015 contracts of crude palm oil (CPO) lost 1.1% to RM2157 per ton.
West Jambi Block: Bet of Rich (Politically-Connected) People
West Jambi block, currently 100% controlled by SGX-listed Ramba Energy Ltd—Soeryadjaya family, has attracted more investors to finance its exploration activities. This morning, GSS Energy, another SGX-listed company with oil and gas operations in Indonesia, informed shareholders about its US$5 million investment in West Jambi block.
Coal Journal No. 29/2015: China Data
No love yet for coal. Data from China producers for April confirmed weaknesses in the world’s largest consumer of thermal coal. China Shenhua Energy Co Ltd, one of the world’s largest producers, for example, reported 20.6% fall in sales for April 2015.
Palm Oil Journal No. 29/2015: Strong Output Caps Recovery
The benchmark August 2015 contracts of crude palm oil (CPO) ended lower by RM6 to Rm2182 per ton on Bursa Malaysia Derivatives Monday (May 18) as more companies reporting stronger output in April, boosting stockpile in both Indonesia and Malaysia.
Oil and Gas Journal: Rejoining OPEC, New Fields
Indonesia is considering rejoining the Organisation of the Petroleum Exporting Countries as an observer after leaving the group six years ago, Wall Street Journal reported two weeks ago. The idea was emerged just when Indonesia’s deficit of oil and gas ballooned 215% to US$878 million in April 2015.