Petra Energy (5133) advances, to leverage on Wah Seong (5142) business network

KUALA LUMPUR: Shares of Petra Energy rose on Thursday as interest in oil and gas (O&G) exploration continues while it is expected to leverage on Wah Seong Corporation's business network to seek new contracts.
At 9.46am, Petra Energy was up three sen to RM1.83. There were 84,600 shares done.
The
FBM KLCI fell 8.54 points to 1,632.47. Turnover was 187 million shares
valued at RM120.47mil. Losers beat gainers three to one, with 224
decliners to 85 advancers.
Analysts were positive on Wah Seong's acquisition of Petra Energy's 26.9% stake at RM1.68 per share for RM96.94mil.
They said Petra Energy could leverage on Wah Seong's business network to seek more new jobs moving forward.
They also maintained their positive stance on the Malaysian O&G sector as it believe that the best is yet to come.
They added the PAN Malaysia HUC works which was called for tender in July this year would further excite the industry.
The umbrella project worth in the region of RM10bil comprised of nine contracts which would benefit many local HUC players.
Among the key beneficiaries were Dayang, SapuraKencana and PetraEnergy.
The analysts expected that awards would likely happen in the fourth quarter of this year or early first quarter of 2013.