...or that PetroChina is increasing theirs? Why would they do that?
In all seriousness, this is a good thing. CP and PC are going to work closely with each other.
CP wants access to some of China's best marine shales, so for them it's a matter of diversifying into quality. Letting the Chinese into the Goldwyer and in return CP gets access to China.
I am truly staggered that BHP has spent 20billion in the US and hardly a penny on AUstralian shale.
It could well have wrapped up the entire continent for a billion dollars worth of farm-ins and set aside the other 19b for further development.
Who knows how the market will take this announcement? IMO it should be a sign of confidence in teh Goldwyer.
NSE Price at posting:
18.0¢ Sentiment: LT Buy Disclosure: Not Held