^V^ Oilcorp Optimistic Of Clinching US$500 Mln Contract ^V^

^V^

D below is just another added bonus to oilcorp ! but if they can really make it, u will see another round of skt rocketting by oil corp, even if they couldnt make it, @ current level of 1.32 with latest earning recorded 2.83 cts ( jumped 202% Q 2 Q) which giving u of PE 11+ , d cheapest stock among d O N G stocks ^V^ Margin of safety ^V^

Dont forget d share split is on its way, once they get approval from EGM, u guess what will happen to its share price later on ?

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June 29, 2007 15:45 PM

Oilcorp Optimistic Of Clinching US$500 Mln Contract


PETALING JAYA, June 29 (Bernama) -- Oilcorp Bhd is confident of securing a US$500 million (US$1.00=RM3.45) million oil and gas contract in the Middle East, its group managing director Sunny Ng Huat Tian said Friday.

"Chances of winning the project are very good," he told reporters after the company's annual general meeting here.

The result will be known in two to three months' time, Ng said.

"We are waiting for the letter of intent and award which is subject to the client's approval," he said.

If Oilcorp wins the contract, the project will be undertaken with its partner from China, Ng said.

"We are in negotiations with our partner to implement the project and expects this to be concluded before year-end," he said.

Ng said the group's order book currently stood at between RM500 million and RM600 million, with half of the portion from overseas.

He said the group via its 51 percent subsidiary OilFab Sdn Bhd was aiming to secure RM1 billion worth of new projects by 2009 after having submitted bids to Murphy Oil, Petronas Carigali and Shell.

On the group's resort operations, Ng said it will develop a 300-acre mixed development project with the first phase involving 70 acres and a gross development value of RM600 million.

The project, called D'Tiara Waterfront Resort in Pulau Indah, Selangor, comprised a waterfront resort, canal bungalows, leisure homes and is expected to be completed within two years, he said.

Ng said the group was also planning to list its subsidiary Ascentland Sdn Bhd in the London Stock Exchange next year.

He said the business plan of Ascentland, which is involved in property investment and development, and resort and hotel operations, has been prepared and the group was looking into the other requirements.

Oilcorp posted a higher pre-tax profit of RM153.231 million for its financial year ended Dec 31, 2006, compared to RM132.231 million in the previous year.

Its revenue rose to RM13.382 million from RM11.747 million previously.

-- BERNAMA