And So UZMA Bagged ANOTHER Contract...

I saw the following headline on the Edge: Uzma subsidiary bags another O&G contract

I went 'hmmmmmm'.... 'another'?

I was very aware that last month on 22nd Oct, Uzma made the following announcement. Taken from Bursa website.

• The Company is pleased to announce that its wholly-owned subsidiary company, Uzma Engineering Sdn Bhd (“UESB”) had on 18 October 2010 received a LA dated 14 October 2010 from a national oil company (“NOC”). Pursuant to the LA, UESB has been appointed as one of the contractors for the provision of subsurface studies for routine and enhance oil recovery (EOR) services for an initial period of three (3) years from the date of LA. It should be noted that the Subsurface Contract does not constitute or imply a commitment by the NOC to award any specific volume of works to UESB. The commitment to award any specific volume of works shall be made through issuance of work orders.
  
  The Subsurface Contract will consist amongst others, studies covering the following areas:
  • Review and analyze wells and/or reservoirs data to optimize field production and access hydrocarbon volume for the field
  • Integrate subsurface engineering data to define Area Development Plan which involve more than 1 field.
  • Integrate and analyze field data to optimize depletion plan and identify other development potential to add reserve, including EOR potential. Review data to determine the most suitable EOR method and identify risks to quantify additional reserve addition and cost effectiveness
  • Undertake detail study and resource evaluation and propose development plan for optimum hydrocarbon recovery
  
  The Subsurface Contract will not have material effect on the earnings of the Company for the financial year ending 31 December 2010 until the specific work order is issued. Upon issuance of specific work order, the Company expect the Subsurface Contract to contribute positively to its future earnings.

I was surprised that there was no 'monetary' value mentioned.

Anyway, the Edge wrote the following today...

• Uzma subsidiary bags another O&G contract
  Written by Financial Daily
  Wednesday, 03 November 2010 11:20
  
  KUALA LUMPUR: Uzma Bhd’s subsidiary has secured a RM15 million contract from an oil and gas (O&G) company for addition and extension of the Low Pressure System (LPS).
  
  Uzma yesterday announced to Bursa Malaysia that its unit Uzma Engineering Sdn Bhd’s contract would include the supply of equipment, manpower and consultancy. The contract extension is for two existing LPS units and to supply an additional new LPS unit.
  
  The period for the LPS units under the contract was increased from three months to five months, effective from November 2010 to March 2011.
  
  The oil engineering specialist said the contract was expected to contribute positively to Uzma’s earnings for FY2010 and FY2011 ending Dec 31.
  
  Prior to this, Uzma also announced that the unit, Uzma Engineering, has been appointed as a contractor by a national oil company (NOC) to provide subsurface studies for routine and enhance oil recovery (EOR) services.The contract is for an initial period of three years starting Oct 14, 2010.
  
  However, Uzma noted that the subsurface contract did not constitute or imply a commitment by the NOC to award any specific volume of works to Uzma Engineering.
  
  “The commitment to award any specific volume of works shall be made through issuance of work orders. Upon issuance of specific work order, the company expects the subsurface contract to contribute positively to its future earnings,” it said.
  
  Hence, Uzma does not expect the contract to have any material effect on its earnings for FY2010.
  
  
  This article appeared in The Edge Financial Daily, November 3, 2010.

Alamak!

A 15 million contract and the Edge is banging on the war drums so loud. Yeah, another contract, that's what so important. :P

Here is UZMA's most recent earnings announced on Aug 2010: Quarterly rpt on consolidated results for the financial period ended 30/6/2010 ( Ahem... err... UZMA doing 'well' eh? :P )

Then I realised that I posted on UZMA before!

LOL!

No joke dude!

On 27th May 2010, I posted Comments On Uzma Holdings

*whistle*